American Vantage Cos. Announces Fiscal-Year Results.Business Editors & Gaming Writers LAS VEGAS--(BUSINESS WIRE)--Oct. 31, 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 Cos. (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 ) (the "company") today announced the results of its operations for the fiscal year ended July July: see month. 31, 2001 ("Fiscal 2001"). During Fiscal 2000, the company began 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). , which was continued through Fiscal 2001. Although it is not finalized See finalization. , the company intends to sell certain of its principal assets in order to maximize shareholder value and better enable it to acquire, merge into or make an investment in an existing business or businesses. During Fiscal 2001, the company recognized a gain on the sale of a 20-acre parcel of land and recognized losses Recognized Loss The amount of loss reported for income tax purposes. Notes: You can defer recognizing some losses and then deduct the losses for the following year(s). on the closure of the WCW WCW World Championship Wrestling WCW Wellesley Centers for Women WCW West Coast Watchers Nitro Grill Grill may refer to: In food:
The company's net loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the , before discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. , for Fiscal 2001 was $320,000 ($0.07 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. loss per share), compared to a net loss from continuing operations, before discontinued operations, for Fiscal 2000 of $1,433,000 ($0.29 basic and diluted loss per share). Net loss was $1,007,000 ($0.21 basic and diluted loss per share) and $3,852,000 ($0.79 basic and diluted loss per share) for Fiscal 2001 and Fiscal 2000, respectively. The company filed a lawsuit lawsuit: see procedure; tort. in the U.S. District Court, Eastern District of California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). ("District Court") against the Table Mountain Band of Indians INDIANS. The aborigines of this country are so called. 2. In general, Indians have no political rights in the United States; they cannot vote at the general elections for officers, nor hold office. ("Tribe tribe [Lat., tribus: the tripartite division of Romans into Latins, Sabines, and Etruscans], a social group bound by common ancestry and ties of consanguinity and affinity; a common language and territory; and characterized by a political and economic ") to recover damages as a result of the Tribe's premature termination of its consulting agreement with the company, and the Tribe had filed a counter claim against the company. In September September: see month. 2000, the lawsuit was dismissed dis·miss tr.v. dis·missed, dis·miss·ing, dis·miss·es 1. To end the employment or service of; discharge. 2. from the District Court for lack of subject matter jurisdiction and not based on the merits on the merits adj. referring to a judgment, decision or ruling of a court based upon the facts presented in evidence and the law applied to that evidence. A judge decides a case "on the merits" when he/she bases the decision on the fundamental issues and considers of the case. The company has appealed the District Court's order to the Ninth Circuit Court of Appeals, which has yet to rule on the appeal. The company filed a virtually identical suit against the Tribe in the Fresno Fresno (frĕz`nō), city (1990 pop. 354,202), seat of Fresno co., S central Calif.; inc. 1885. Settled in 1872 as a station on the Central Pacific RR, Fresno profited from irrigated farming as early as the 1880s. County Superior Court of the State of California ("Superior Court"). In April 2001, the Superior Court dismissed the company's civil action for lack of subject matter jurisdiction, based on the Superior Court's determination that federal law completely preempts the field of Indian gaming. The Superior Court, however, made no ruling on the merits of the action. In July 2001, the company filed an appeal with the California State Court of Appeals, Fifth District, which has also not yet ruled. The company continues to actively pursue its legal claims against the Tribe. This news 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 be found 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 COS.
CONSOLIDATED BALANCE SHEETS
JULY 31, 2001 AND 2000
ASSETS 2001 2000
Current assets:
Cash and cash equivalents $ 11,565,000 $ 7,033,000
Accrued interest 23,000 189,000
Mortgage note receivable -- 1,300,000
Refundable income taxes 1,024,000 1,708,000
Deferred income tax asset -- 641,000
Prepaid expenses 43,000 60,000
Total current assets 12,655,000 10,931,000
Property and equipment, net 125,000 148,000
Land held for sale 3,544,000 4,894,000
Investment in unconsolidated
restaurant subsidiary 1,861,000 2,038,000
Deferred income tax asset -- 92,000
Net assets of discontinued
restaurant operation -- 232,000
Net assets of discontinued
recruitment operation -- 597,000
Other assets - principally
restricted cash in 2000 15,000 538,000
$18,200,000 $19,470,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 153,000 $ 295,000
Accrued expenses 180,000 300,000
Total current liabilities 333,000 595,000
Commitments and contingencies -- --
Stockholders' equity:
Common stock, $.01 par; 30,000,000
shares authorized; 4,865,856 and
4,858,256 shares issued and outstanding 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 14,600,000 15,607,000
17,867,000 18,875,000
$18,200,000 $19,470,000
AMERICAN VANTAGE COS.
CONSOLIDATED STATEMENTS OF OPERATIONS
YEARS ENDED JULY 31, 2001 AND 2000
2001 2000
Revenues: $ -- $ --
Costs and expenses:
Casino consulting 209,000 485,000
Death care operations 33,000 301,000
General and administrative 2,090,000 2,103,000
Amortization and depreciation 26,000 32,000
(Income) loss of unconsolidated
restaurant subsidiary (523,000) 103,000
1,835,000 3,024,000
Loss from continuing operations (1,835,000) (3,024,000)
Other income:
Interest income 616,000 940,000
Gain on sale of land held for sale 897,000 --
Miscellaneous -- 3,000
1,513,000 943,000
Loss from continuing operations before
income taxes and discontinued operations (322,000) (2,081,000)
Income tax benefit (expense):
Current:
Federal 735,000 793,000
Deferred:
State -- (49,000)
Federal (733,000) (96,000)
2,000 648,000
Loss from continuing operations before
discontinued operations (320,000) (1,433,000)
Discontinued operations:
Loss from operations of discontinued
restaurant operation, net of income tax
benefits ($0 - 2001; $498,000 - 2000) -- (968,000)
Loss on discontinuation of restaurant
operation, including provision in 2000 of
$101,000 for operating losses during the
phase-out period, less applicable income
tax benefits ($35,000 - 2001; $577,000 -
2000) (69,000) (1,119,000)
Loss from operations of discontinued
recruitment operation, net of minority
interest ($88,000 - 2001; $118,000 - 2000),
write off of goodwill ($250,000 - 2001)
and income tax benefits ($187,000 - 2001;
$169,000 - 2000) (362,000) (332,000)
Loss on disposal of discontinued
recruitment operation, net of
income tax benefit of $132,000 (256,000) --
Net loss $(1,007,000) $(3,852,000)
Loss per common share - basic:
Loss from continuing operations $ (0.07) $ (0.29)
Discontinued operation (0.14) (0.50)
Net loss (0.21) (0.79)
Loss per common share - diluted:
Loss from continuing operations $ (0.07) $ (0.29)
Discontinued operation (0.14) (0.50)
Net loss $ (0.21) $ (0.79)
Weighted average number of common shares
and common share equivalents:
Basic 4,866,000 4,880,000
Stock options and warrants -- --
Diluted 4,866,000 4,880,000
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