American Vantage Cos. Reports Third Quarter Earnings.Business Editors LAS VEGAS--(BUSINESS WIRE)--June 19, 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 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 ) today announced the results of its operations for its 2003 third fiscal quarter ended April 30, 2003. During the three and nine months ended April 30, 2003, the company's net loss totaled $53,000 and $314,000, respectively, as compared to $244,000 and $1,140,000 for the same respective periods ended April 30, 2002. The company's 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 for the three and nine month periods ended April 30, 2003 was $(0.01) and $(0.06), respectively, as compared to $(0.05) and $(0.23) for the prior fiscal year's comparable periods. The 72.5 percent decrease in the comparable nine-month net loss primarily is due to the company's July July: see month. 2002 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). . As previously announced, on April 16, 2003 the company acquired substantially all of the assets and business and assumed certain liabilities of YaYa, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . Included in the company's results were revenues and cost of sales totaling $113,000 and $55,000, respectively, which represent YaYa's results of operations for the period from the acquisition on April 16, 2003 through April 30, 2003. 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 31, 2002, Forms 10-QSB for the quarters ended April 30, 2003, Jan. 31, 2003 and Oct. 31, 2002 and Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. (Date of Report: April 16, 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. CONSOLIDATED con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: STATEMENTS OF OPERATIONS DATA (unaudited)
Three months ended Nine months ended
--------------------- -----------------------
April 30, April 30, April 30, April 30,
2003 2002 2003 2002
---------- ---------- ---------- ------------
Sales and services $113,000 $ $113,000 $
Cost of sales and
services 55,000 55,000
---------- ---------- ---------- ------------
58,000 - 58,000 -
Costs and expenses
General and
administrative -
including related
parties 375,000 1,083,000 1,011,000 2,205,000
Non-operating income 227,000 184,000 468,000 410,000
---------- ---------- ---------- ------------
Loss from continuing
operations before income
tax benefit (90,000) (899,000) (485,000) (1,795,000)
Income tax benefit 37,000 655,000 171,000 655,000
---------- ---------- ---------- ------------
Net loss $(53,000) $(244,000) $(314,000) $(1,140,000)
========== ========== ========== ============
Net loss per common share
- basic and diluted $(0.01) $(0.05) $(0.06) $(0.23)
========== ========== ========== ============
Weighted average number
of common shares and
common share equivalents 5,005,000 4,866,000 4,911,000 4,866,000
========== ========== ========== ============
CONSOLIDATED BALANCE SHEETS consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. DATA (unaudited)
April 30, 2003 July 31, 2002
--------------- --------------
Cash and cash equivalents $6,181,000 $1,560,000
=============== ==============
U.S. treasury securities $2,876,000 $7,785,000
=============== ==============
Accounts receivable $731,000 $
=============== ==============
Goodwill $2,880,000 $
=============== ==============
Total assets $18,592,000 $16,024,000
=============== ==============
Current liabilities $955,000 $189,000
=============== ==============
Total stockholders' equity $17,114,000 $15,835,000
=============== ==============
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion