American Vantage Cos. Reports First Quarter Earnings.Business Editors LAS VEGAS--(BUSINESS WIRE)--Dec. 9, 2002 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 its 2003 first fiscal quarter ended Oct. 31, 2002. The 2003 first fiscal quarter net loss totaled $120,000, as compared to $277,000 for the first quarter of fiscal year 2002. At Oct. 31, 2002, the net 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 $(0.03) as compared to $(0.06) for the prior fiscal year's comparable quarter. 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 The terminology used in the computer and telecommunications field adds tremendous confusion not only for the lay person, but for the technicians themselves. What many do not realize is that terms are made up by anybody and everybody in a nonchalant, casual manner without any regard or . 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 July: see month. 31, 2002 and Form 10-QSB for the quarter ended Oct. 31, 2002. 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.
STATEMENT OF OPERATIONS DATA
THREE MONTHS ENDED OCT. 31, 2002 AND 2001 (unaudited)
2002 2001
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Costs and expenses
General and administrative
$ 355,000 $ 486,000
Non-operating income 211,000 209,000
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Loss from continuing operations
before income tax benefit 144,000 277,000
Income tax benefit 24,000
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Net loss $ 120,000 $ 277,000
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Net loss per common share --
basic and diluted $ 0.03 $ 0.06
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Weighted average number of common
shares and common share equivalents 4,866,000 4,866,000
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BALANCE SHEET DATA
OCT. 31, 2002 (unaudited) AND JULY 31, 2002
Oct. 31, July 31,
2002 2002
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Cash and cash equivalents $ 1,439,000 $ 1,560,000
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U.S. treasury securities and
certificates of deposit $ 7,788,000 $ 7,785,000
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Refundable income taxes $ 1,475,000 $ 1,448,000
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Total assets $16,011,000 $16,024,000
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Current liabilities $ 231,000 $ 189,000
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Total stockholders' equity $16,011,000 $16,024,000
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