American Vantage Companies Reports Results for Third Quarter and Sale of Land.Business Editors LAS VEGAS--(BUSINESS WIRE)--June 20, 2001 American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Vantage Companies (Nasdaq:AVCS AVCS Advanced Vehicle Control System AVCS Advanced Vidicon Camera System AVCS Automatic Vehicle Control Systems AVCS Active Vibration Control System AVCS Attitude and Velocity Control Subsystem AVCS Air Vehicle Control System AVCS Active Valve Control System ) announced today the results of its operations for the three months ended April 30, 2001, its third quarter of fiscal 2001. Loss from operations for the period totaled $239,000 as compared to a loss from operations of $298,000 for the third quarter of fiscal 2000. Net loss for the third quarter of fiscal 2001 was $322,000 ($0.07 loss per basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share) versus a net loss of $610,000 ($0.12 loss per basic and diluted share) for the same period in fiscal 2000. The net loss for the nine months ended April 30, 2001, totaled $1,309,000 or $0.27 per basic and diluted share compared to a net loss of $2,228,000 or $0.46 per basic and diluted share for the nine months ended April 30, 2000. The company has begun a corporate restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. itself of its non-core assets as it seeks an acquisition or merger opportunity. As a part of the restructuring, a 20-acre parcel of land owned by the company was sold in June June: see month. 2001 for $2,400,000. The company will recognize a fourth quarter pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta profit of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $895,000 on the sale. In the second quarter of fiscal 2001, the company divested its New York-based employment recruitment recruitment /re·cruit·ment/ (re-krldbomact´ment) 1. the gradual increase to a maximum in a reflex when a stimulus of unaltered intensity is prolonged. 2. operation. The ongoing restructuring may also result in the sale of other land and subsidiaries as the company improves its balance sheet and actively pursues a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. acquisition or merger candidate. This press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , which are subject to risks and uncertainties. The company's actual results may differ materially from those described in any forward-looking statements. Additional information concerning potential risk factors that could affect the company's business and financial results are included in the company's filings with the Securities and Exchange Commission. They can also be found on the company's Web site at www.americanvantage.com and on the Securities and Exchange Commission's Web site at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. .
American Vantage Companies
Consolidated Balance Sheets
April 30, 2001 and July 31, 2000
April 30, July 31,
2001 2000
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $9,569,000 $7,199,000
Accrued interest 61,000 189,000
Mortgage note receivable -- 1,300,000
Refundable income taxes 1,177,000 1,708,000
Deferred income tax asset 138,000 641,000
Prepaid expenses 31,000 60,000
Total current assets 10,976,000 11,097,000
Property and equipment, net 130,000 148,000
Land held for sale 4,894,000 4,894,000
Investment in unconsolidated
restaurant subsidiary 1,842,000 2,038,000
Deferred income tax asset 85,000 92,000
Goodwill, net -- --
Net assets of discontinued restaurant
operation -- 232,000
Net assets of discontinued recruitment
operation -- 431,000
Other assets - principally restricted
cash in 2000 15,000 538,000
$ 17,942,000 $19,470,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 162,000 $ 295,000
Accrued expenses 215,000 300,000
Total current liabilities 377,000 595,000
Commitments and contingency -- --
Stockholders' equity:
Common stock, $.01 par; 30,000,000
shares authorized; shares issued and
outstanding - 4,865,856 and 4,858,256 49,000 49,000
Preferred stock, $.01 par; 10,000,000
shares authorized; shares issued and
outstanding - none -- --
Capital in excess of par 2,940,000 2,941,000
Capital in excess of par - stock
options 278,000 278,000
Retained earnings 14,298,000 15,607,000
17,565,000 18,875,000
$ 17,942,000 $19,470,000
-0-
American Vantage Companies
Consolidated Statements of Loss
Three Months Ended April 30, 2001 and 2000
(Unaudited)
2001 2000
Revenues $ -- $ --
Costs and expenses:
Casino consulting 97,000 130,000
Death care operations 8,000 15,000
General and administrative 509,000 488,000
Amortization and depreciation 6,000 6,000
(Income) loss of unconsolidated
restaurant subsidiary (140,000) 43,000
480,000 682,000
Loss from continuing operations (480,000) (682,000)
Other income:
Interest income 132,000 251,000
Interest expense -- (2,000)
Miscellaneous -- 8,000
132,000 257,000
Loss from continuing operations
before income taxes (348,000) (425,000)
Income tax benefit (expense):
Current:
State -- (9,000)
Federal 658,000 147,000
Deferred:
State (1,000) (1,000)
Federal (548,000) (10,000)
109,000 127,000
Loss from continuing operations (239,000) (298,000)
Discontinued operations:
Discontinued recruitment operation,
net of minority interest ($0-2001;
$40,000-2000) and income tax benefits
($0-2001; $58,000-2000) -- (112,000)
Discontinued restaurant operation, net
of income tax benefits ($43,000-2001;
$103,000-2000) (83,000) (200,000)
Net loss $ (322,000) $ (610,000)
Loss per common share - basic:
Loss from continuing operations $ (0.05) $ (0.06)
Discontinued operations (0.02) (0.06)
Net loss $ (0.07) $ (0.12)
Loss per common share - diluted:
Loss from continuing operations $ (0.05) $ (0.06)
Discontinued operations (0.02) (0.06)
Net loss $ (0.07) $ (0.12)
Weighted average number of common
shares and common share
equivalents:
Basic 4,866,000 4,887,000
Stock options and warrants -- --
Diluted 4,866,000 4,887,000
-0-
American Vantage Companies
Consolidated Statements of Loss
Nine Months Ended April 30, 2001 and 2000
(Unaudited)
2001 2000
Revenues $ -- $ --
Costs and expenses:
Casino consulting 151,000 470,000
Death care operations 24,000 293,000
General and administrative 1,476,000 1,617,000
Amortization and depreciation 19,000 23,000
(Income) loss of unconsolidated
restaurant subsidiary (304,000) 235,000
1,366,000 2,638,000
Loss from continuing operations (1,366,000) (2,638,000)
Other income:
Interest income 496,000 708,000
Interest expense -- (2,000)
Miscellaneous 1,000 9,000
497,000 715,000
Loss from continuing operations
before income taxes (869,000) (1,923,000)
Income tax benefit (expense):
Current:
State 5,000 (3,000)
Federal 838,000 727,000
Deferred:
State -- (49,000)
Federal (510,000) (79,000)
333,000 596,000
Loss from continuing operations (536,000) (1,327,000)
Discontinued operations:
Discontinued recruitment operation,
net of minority interest
($88,000-2001; $56,000-2000), write
off of goodwill ($250,000-2001) and
income tax benefits ($320,000-2001;
$85,000-2000) (621,000) (737,000)
Discontinued restaurant operation,
net of income tax benefits
($79,000-2001; $379,000-2000) (152,000) (164,000)
Net loss $ (1,309,000) $ (2,228,000)
Loss per common share - basic:
Loss from continuing operations $ (0.11) $ (0.27)
Discontinued operations (0.16) (0.19)
Net loss $ (0.27) $ (0.46)
Loss per common share - diluted:
Loss from continuing operations $ (0.11) $ (0.27)
Discontinued operations (0.16) (0.19)
Net loss $ (0.27) $ (0.46)
Weighted average number of common
shares and common share equivalents:
Basic 4,866,000 4,887,000
Stock options and warrants -- --
Diluted 4,866,000 4,887,000
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