American Vantage Companies Reports Results for Third Quarter.Business Editors LAS VEGAS--(BUSINESS WIRE)--June 13, 2002 American Vantage Companies (NASDAQ:AVCS AVCS - Active Vibration Control System AVCS - Advanced Vehicle Control System AVCS - Advanced Vidicon Camera System AVCS - Air Vehicle Control System AVCS - Attitude and Velocity Control Subsystem AVCS - Automatic Vehicle Control Systems) announced today the results of its operations for the three months ended April 30, 2002, its third quarter of Fiscal 2002. Net loss for the third quarter of Fiscal 2002 was $244,000 ($0.05 loss per basic and diluted share) versus a $322,000 loss ($0.07 loss per basic and diluted share) for the same period in Fiscal 2001. The net loss for the nine months ended April 30, 2002 totaled $1,140,000 or $0.23 per basic and diluted share compared to a net loss of $1,309,000 or $0.27 per basic and diluted share for the nine months ended April 30, 2001. Costs and expenses increased in the three and nine month periods in Fiscal 2002 due to financial consulting services and legal fees related to due diligence in connection with merger and acquisition activity. This press release may contain forward-looking statements, 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 Securities and Exchange Commission's website at www.sec.gov.
American Vantage Companies
Consolidated Balance Sheets
April 30, 2002 and July 31, 2001
April 30, July 31,
2002 2001
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $11,151,000 $11,565,000
Accrued interest 8,000 23,000
Refundable income taxes 688,000 1,024,000
Prepaid expenses 23,000 43,000
Total current assets 11,870,000 12,655,000
Property and equipment, net 18,000 125,000
Land held for sale 3,544,000 3,544,000
Investment in unconsolidated restaurant
subsidiary 1,659,000 1,861,000
Other assets 13,000 15,000
$17,104,000 $18,200,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 28,000 $ 153,000
Accrued expenses 335,000 180,000
Total current liabilities 363,000 333,000
Deferred income taxes - long term 14,000 -
Commitments and contingency - -
Stockholders' equity:
Common stock, $.01 par; 30,000,000
shares authorized; shares issued
and outstanding - 4,865,856 and
4,865,856 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 2,940,000
Capital in excess of par - stock
options 278,000 278,000
Retained earnings 13,460,000 14,600,000
16,727,000 17,867,000
$17,104,000 $18,200,000
American Vantage Companies
Consolidated Statements of Loss
Three Months Ended April 30, 2002 and 2001
(Unaudited)
2002 2001
Revenues $ - $ -
Costs and expenses:
Casino consulting 24,000 105,000
General and administrative 1,054,000 509,000
Amortization and depreciation 5,000 6,000
Income of unconsolidated restaurant
subsidiary (137,000) (140,000)
946,000 480,000
Loss from continuing operations (946,000) (480,000)
Other income:
Interest income 47,000 132,000
47,000 132,000
Loss from continuing operations
before income taxes (899,000) (348,000)
Income tax benefit (expense):
Current:
State - -
Federal 669,000 658,000
Deferred:
State (1,000)
Federal (14,000) (548,000)
655,000 109,000
Loss from continuing operations (244,000) (239,000)
Discontinued operations:
Discontinued recruitment operation,
net of income tax benefit - $43,000 - (83,000)
- (83,000)
Net loss $(244,000) $(322,000)
Loss per common share - basic and
diluted:
Loss from continuing operations $ (0.05) $ (0.05)
Discontinued operations - (0.02)
Net loss $ (0.05) $ (0.07)
Weighted average number of common
shares and common share equivalents:
Basic 4,866,000 4,866,000
Stock options and
warrants - -
Diluted 4,866,000 4,866,000
American Vantage Companies
Consolidated Statements of Loss
Nine Months Ended April 30, 2002 and 2001
(Unaudited)
2002 2001
Revenues $ - $ -
Costs and expenses:
Casino consulting 117,000 151,000
General and administrative 2,074,000 1,500,000
Amortization and depreciation 14,000 19,000
Income of unconsolidated restaurant
subsidiary (198,000) (304,000)
2,007,000 1,366,000
Loss from continuing operations (2,007,000) (1,366,000)
Other income:
Interest income 212,000 496,000
Miscellaneous - 1,000
212,000 497,000
Loss from continuing operations
before income taxes (1,795,000) (869,000)
Income tax benefit (expense):
Current:
State - 5,000
Federal 669,000 838,000
Deferred:
State -
Federal (14,000) (510,000)
655,000 333,000
Loss from continuing operations (1,140,000) (536,000)
Discontinued operations:
Discontinued restaurant operation,
net of income tax benefit - $79,000 - (152,000)
Discontinued recruitment operation,
net of minority interest - $87,000;
writeoff of goodwill - $250,000 and
income tax benefit - $319,000 - (621,000)
- (773,000)
Net loss $ (1,140,000) $ (1,309,000)
Loss per common share - basic and diluted
Loss from continuing operations $ (0.23) $ (0.11)
Discontinued operations - (0.16)
Net loss $ (0.23) $ (0.27)
Weighted average number of common shares
and common share equivalents:
Basic 4,866,000 4,866,000
Stock options and warrants - -
Diluted 4,866,000 4,866,000
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