American Vantage Cos. Announces Quarterly Results.LAS VEGAS--(BUSINESS WIRE)--March 17, 1999--American Vantage Cos. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :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 ) Wednesday Wednesday: see week. announced the results of its operations for the second quarter of Fiscal 1999. Casino-consulting revenues were $2,040,000 for the second quarter of Fiscal 1999, as compared with $2,220,000 in the second quarter of Fiscal 1998. Revenues for the six months ended Jan. 31, 1999 and 1998, were $4,170,000 and $4,530,000, respectively. Net income was $842,000, or 6 cents per basic share and 5 cents per 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, for the second quarter in Fiscal 1999, compared with net income of $551,000, or 4 cents per basic share and 3 cents per diluted share, for the same period in Fiscal 1998. In the second quarter of Fiscal 1998, the company wrote off $861,000 of advances and investment in a proposed Indian casino casino or cassino (both: kəsē`nō). 1 Card game played with a full deck by two to four players. Its origins are obscure though it probably traces back to the Italian game of Scopa. . Net income and earnings per diluted share for the six months ended Jan. 31, 1999, were $1,717,000 and 11 cents, as compared with $1,718,000 and 11 cents for the same period in 1998. Ronald J. Tassinari, president and chief executive officer, said: "We are pleased that net income has remained constant despite a reduction in our consulting revenues. "In May 1999, we will begin to see the culmination of our efforts to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. our operations and sources of revenue when the first WCW WCW World Championship Wrestling WCW Wellesley Centers for Women WCW West Coast Watchers Nitro Grill Grill may refer to: In food:
Excalibur, named for the mythical sword of King Arthur, uses the Arthurian theme in several ways. on the Las Vegas Strip The Las Vegas Strip (also known as The Strip) is a 4 mi (6.7 km) section of Las Vegas Boulevard South, most of which has been designated an All-American Road. opens. Also in the Spring of 1999, our 49 percent owned Border Grill restaurant will open in the exciting new Mandalay Mandalay (măn'dəlā`, măn`dəlā'), city (1983 pop. 532,895), capital of Mandalay div., central Myanmar, on the Ayeyarwady River. Bay Resort & Casino." 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 has a gaming-consulting contract with the Table Mountain 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 for the Table Mountain Casino located near 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. , Calif. The company has the worldwide rights to develop and operate WCW Nitro Grill restaurants. The Border Grill restaurant is being developed with Mary Sue This article is about the concept in modern literary criticism. For either part of the given name or real or fictional people named as such, see Mary and Sue. Mary Sue, sometimes shortened simply to Sue Milliken Milliken is a surname, and may refer to: In places:
SUSAN Sub Saharan African Network SUSAN Smart Ultrasonic System for Aircraft NDE Feniger, the hosts of the "Too Hot Tamales Hot Tamales are a cinnamon candy manufactured by Just Born. They are shaped like Just Born's Mike and Ike candies and were introduced in 1950. They are available in both paper boxes and in plastic bags. " show on the Food Network and the owners/operators of the Border Grill in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . 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, such as the legal status of Indian gaming in the state 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). . 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. . -0-
American Vantage Cos.
Consolidated Statements of Income
Three Months Ended Jan. 31, 1999 and 1998
(Unaudited)
1999 1998
Revenues:
Casino-consulting fees $ 2,040,000 $ 2,220,000
Costs and expenses:
Casino consulting 512,000 376,000
Restaurant operations 121,000 --
Death-care operations -- --
General and administrative 338,000 294,000
Amortization and depreciation 8,000 36,000
Minority interest in net income of
consolidated subsidiary -- 7,000
979,000 713,000
Income from operations 1,061,000 1,507,000
Other income:
Interest 267,000 234,000
Miscellaneous -- 3,000
267,000 237,000
Income before write-off of project
costs and advances and income taxes 1,328,000 1,744,000
Write-off of project costs and advances -- 861,000
Income before income taxes 1,328,000 883,000
Income tax expense:
Current:
State 45,000 51,000
Federal 441,000 281,000
486,000 332,000
Net income $ 842,000 $ 551,000
Earnings per common share:
Basic 6 cents 4 cents
Diluted 5 cents 3 cents
Weighted average number of common shares
and common share equivalents:
Basic 15,119,000 15,063,000
Stock options and warrants 863,000 976,000
Diluted 15,982,000 16,039,000
American Vantage Co.
Consolidated Statements of Income
Six Months Ended Jan. 31, 1999 and 1998
(Unaudited)
1999 1998
Revenues:
Casino-consulting fees $ 4,170,000 $ 4,530,000
Costs and expenses:
Casino consulting 964,000 733,000
Restaurant operations 121,000 --
Death-care operations 31,000 --
General and administrative 726,000 548,000
Amortization and depreciation 16,000 71,000
Minority interest in net income of
consolidated subsidiary -- 14,000
1,858,000 1,366,000
Income from operations 2,312,000 3,164,000
Other income:
Interest 493,000 458,000
Miscellaneous -- 10,000
493,000 468,000
Income before write-off of project
costs and advances and income taxes 2,805,000 3,632,000
Write-off of project costs and advances -- 861,000
Income before income taxes 2,805,000 2,771,000
Income tax expense:
Current:
State 141,000 165,000
Federal 947,000 888,000
1,088,000 1,053,000
Net income $ 1,717,000 $ 1,718,000
Earnings per common share:
Basic 11 cents 12 cents
Diluted 11 cents 11 cents
Weighted average number of common shares
and common share equivalents:
Basic 15,107,000 14,966,000
Stock options and warrants 883,000 1,030,000
Diluted 15,990,000 15,996,000
American Vantage Cos.
Consolidated Balance Sheets
Jan. 31, 1999, and July 31, 1998
Jan. 31, July 31,
1999 1998
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 17,402,000 $ 15,371,000
Consulting fee and other receivables 282,000 180,000
Refundable income taxes -- 311,000
Deferred tax asset 4,000 4,000
Deposits for restaurant operations 314,000 --
Prepaid expenses 81,000 31,000
Total current assets 18,083,000 15,897,000
Note receivable from Table Mountain Tribe 1,318,000 --
Property and equipment, net 200,000 180,000
Land held for investment or development 5,105,000 5,101,000
Other assets -- deposits and other 9,000 9,000
$ 24,715,000 $ 21,187,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 51,000 $ 126,000
Income taxes payable 374,000 10,000
Accrued expenses 327,000 143,000
Total current liabilities 752,000 279,000
Note payable 1,318,000 --
Commitments -- --
Stockholders' equity:
Common stock, $.01 par; 30,000,000 shares
authorized; 15,118,963 and 15,086,463
shares issued and outstanding 151,000 151,000
Preferred stock, $.01 par; 10,000,000
shares authorized; shares issued and
outstanding -- none -- --
Capital in excess of par 3,344,000 3,324,000
Retained earnings 19,150,000 17,433,000
22,645,000 20,908,000
$ 24,715,000 $ 21,187,000
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