American Vantage Cos. Reports 2003 Earnings.Business Editors LAS VEGAS--(BUSINESS WIRE)--Oct. 20, 2003 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 ) today announced the results of its operations for the fiscal year ended July July: see month. 31, 2003. As previously disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). , on April 16, 2003 the company acquired substantially all of the assets and business and certain of the liabilities of YaYa LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . Concurrent At the same time. It implies that multiple processes are taking place simultaneously. See concurrent operation. with the acquisition of the YaYa LLC assets, YaYa Media Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of the company, was formed specifically to continue YaYa LLC's business and operations. Fiscal 2003 revenues, generated from YaYa Media operations, totaled $576,000. The net loss for fiscal 2003 totaled $774,000 as compared to $2,138,000 for fiscal 2002. The fiscal 2003 loss for basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of was $0.15. This compared to a (loss) income for basic and diluted earnings per share of $(0.45) and $0.01 for fiscal 2002's continuing and discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. , respectively. Included in the net loss for fiscal 2002 was a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. corporate restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $1,539,000. Ronald J. Tassinari, president and chief executive officer, said, "The acquisition of the YaYa LLC operations has provided an initial component in our continuing acquisition, merger and joint venture strategy. We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that continuing efforts to leverage our balance sheet with the objective of identifying and integrating appropriate gaming, entertainment, media and lifestyle industry companies into a single synergistic synergistic /syn·er·gis·tic/ (sin?er-jis´tik) 1. acting together. 2. enhancing the effect of another force or agent. syn·er·gis·tic adj. 1. entity will provide AVCS with sustainable revenue and earnings growth." Certain statements in this press release are "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. " within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by words such as "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should" or "will" or the negative of these terms or other comparable terminology. Such statements and all phases of American Vantage Cos.' operations are subject to known and unknown risks, uncertainties and other factors, including overall economic conditions and other factors and uncertainties as are identified in American Vantage Cos.' Form 10-KSB for the year ended July 31, 2003. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . American Vantage Cos.' actual results, levels of activity, performance or achievements may be materially different from any future results, levels of activity, performance or achievements expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by these forward-looking statements. The company undertakes no obligation to update the forward-looking statements in this press release.
Year ended Year ended
July 31, July 31,
2003 2002
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Statement of Operations Data:
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Sales and services $576,000 $-
Cost of sales and services 337,000 -
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Gross margin 239,000 -
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Costs and expenses
General and administrative 2,120,000 2,610,000
Corporate restructuring - 1,539,000
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2,120,000 4,149,000
Non-operating income 788,000 669,000
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Loss from continuing operations before income
tax benefit 1,093,000 3,480,000
Income tax benefit 319,000 1,308,000
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Loss from continuing operations 774,000 2,172,000
Income from discontinued operations - 34,000
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Net loss $774,000 $2,138,000
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Income (loss) per common share - basic and
diluted
Continuing operations $(0.15) $(0.45)
Discontinued operations - 0.01
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Net loss $(0.15) $(0.44)
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Weighted average number of common shares and
common share equivalents 5,106,000 4,866,000
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July 31, July 31,
2003 2002
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Balance Sheet Data:
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Cash and cash equivalents $8,454,000 $1,560,000
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U.S. treasury securities $- $7,785,000
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Accounts receivable, net $767,000 $-
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Goodwill $2,926,000 $-
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Total assets $18,133,000 $16,024,000
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Current liabilities $902,000 $189,000
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Long-term debt $523,000 $-
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Total stockholders' equity $16,708,000 $15,835,000
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