American Vantage Cos. Reports Third Quarter Results.LAS VEGAS Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. -- 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 three and nine months ended Sept. 30, 2005. The company reported a net loss of $3,230,000 and $3,919,000 for the three and nine months ended Sept. 30, 2005, respectively, compared to a net loss of $1,083,000 and $1,705,000 for the 2004 three- and nine-month periods. The company's reported net loss for the nine months ended Sept. 30, 2005, includes results from 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. . Net losses for the three and nine months ended Sept. 30, 2004, also includes results 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 , including a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gain of $3,423,000 from the sale of land, and the discontinued operations. 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 March 21, 2005, the company sold American Vantage Media Corp. ("AVMC AVMC Aquatic Veterinary Medicine Committee (American Veterinary Medical Association) "), a then 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. , to Genius Products Genius Products (also known as Genius Entertainment) is a home video company based in Santa Monica, California. On December 5, 2005, Genius Products, Inc. announced a distribution joint venture with The Weinstein Company called Genius Products, LLC,[1], and Inc. ("Genius genius, in Roman religion, guardian spirit of a man, a family, or a state. In some instances, a place, a city, or an institution had its genius. As the guardian spirit of an individual, the genius (corresponding to the Greek demon) was largely the force of one's " or "GNPI GNPI Gross Net Premium Income "). Consideration received by the company included 7,000,000 shares of GNPI common stock and five-year warrants to purchase an additional 1,400,000 shares of GNPI common stock, half at an exercise price of $2.56 per share and half at an exercise price of $2.78 per share. In conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the sale of AVMC, a gain of $6,536,000 was recorded by the company at Sept. 30, 2005. During June June: see month. 2005, the company placed 2,500,000 shares of the Genius common stock and 225,000 warrants to purchase shares of Genius common stock, at an exercise price of $2.56 per share, for gross proceeds of $4,375,000. Related to the placement of such Genius securities, the company surrendered to Genius for cancellation cancellation (See: cancel) CANCELLATION. Its general acceptation, is the act of crossing a writing; it is used sometimes to signify the manual operation of tearing or destroying the instrument itself. Hyde v. Hyde, 1 Eq. Cas. Abr. 409; Rob. 225,000 warrants to purchase shares of Genius common stock, at an exercise price of $2.56 per share. The company recorded a loss of $2,041,000 in connection with such placements and warrant surrenders. During August 2005, the company placed an additional 3,125,000 shares of the Genius common stock for gross proceeds of $4,688,000 and recorded a loss of $2,601,000 in connection with such placement. Of the remaining 1,375,000 shares of the Genius common stock received by the company as consideration for the sale of AVMC, 700,000 shares are not subject to escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. or pledge A Bailment or delivery of Personal Property to a creditor as security for a debt or for the performance of an act. Sometimes called bailment, pledges are a form of security to assure that a person will repay a debt or perform an act under contract. agreements and are available for sale by the company. For the three months ended Sept. 30, 2005, the company's revenues from continuing operations, its Film and TV Production segment, totaled $37,000, as compared to $75,000 for the comparable 2004 period. The Film and TV Production segment revenues are primarily generated from co-executive producer fees generated from the television series "The O.C." Such fees were decreased for the 2005 television season. For the three months ended Sept. 30, 2005, the company's net loss from continuing operations and net loss per share from continuing operations for 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. shares totaled $(3,436,000) and $(0.60), respectively. Included in the $3,436,000 loss is the $2,601,000 loss from the August 2005 sale of the Genius stock and a $209,000 unrealized loss Unrealized Loss A loss that results from holding onto an asset rather than cashing it in and officially taking the loss. Notes: Let's say you own a stock that is down 50%, but you haven't sold it to realize the loss yet. This is said to be an unrealized loss. due to the change in the fair value of the Genius warrants at Sept. 30, 2005. In addition, included in the company's net loss from operations is the company's equity income from a 49% interest in the Border Grill Grill may refer to: In food:
The comparable net loss for the three months ended Sept. 30, 2004, from continuing operations and net loss per share from continuing operations for basic and diluted shares totaled $(296,000) and $(.05), respectively. For the three-month period ended Sept. 30, 2004, the net loss of $1,083,000 was primarily generated from discontinued operations of AVMC. The company is pursuing potential acquisition and merger transactions, which are in various stages of discussion. However, no assurance can be given that the company will successfully acquire other businesses or, if acquired, such businesses will prove to be profitable. 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 Dec. 31, 2004, and Forms 10-QSB for the three months ended Sept. 30, 2005, June 30, 2005, and March 31, 2005. 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 STATEMENTS OF OPERATIONS HIGHLIGHTS
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2005 2004 2005 2004
------------ ------------- ------------ ------------
Revenues, net $37,000 $75,000 $281,000 $353,000
============ ============= ============ ============
Gross profit $20,000 $38,000 $167,000 $145,000
============ ============= ============ ============
Selling, general
and
administrative $890,000 $858,000 $2,853,000 $2,855,000
============ ============= ============ ============
Operating loss $(870,000) $(820,000) $(2,686,000) $(2,710,000)
============ ============= ============ ============
Loss on sale of
stock $(2,601,000) $- $(4,642,000) $-
============ ============= ============ ============
Gain on sale of
land $- $- $- $3,423,000
============ ============= ============ ============
Nonoperating
(expense) income $(2,756,000) $(4,000) $(4,853,000) $3,479,000
============ ============= ============ ============
Income tax
benefit
(provision) $76,000 $143,000 $235,000 $(537,000)
============ ============= ============ ============
Equity in income
of
unconsolidated
investees, net $114,000 $385,000 $509,000 $792,000
============ ============= ============ ============
(Loss) income
from
discontinued
operations:
(Loss) income
from
discontinued
operations
(including
gain on
disposal of
$6,536,000) $318,000 $(1,166,000) $4,546,000 $(4,108,000)
============ ============= ============ ============
Income tax
(provision)
benefit $(112,000) $379,000 $(1,670,000) $1,379,000
============ ============= ============ ============
Net loss $(3,230,000) $(1,083,000) $(3,919,000) $(1,705,000)
============ ============= ============ ============
Net (loss) income
per common share
-- basic and
diluted:
Continuing
operations $(0.60) $(0.05) $(1.18) $0.18
Discontinued
operations 0.04 (0.14) 0.50 (0.48)
------------ ------------- ------------ ------------
$(0.56) $(0.19) $(0.68) $(0.30)
============ ============= ============ ============
Weighted average
number of common
shares and
common share
equivalents 5,729,000 5,704,000 5,729,000 5,702,000
============ ============= ============ ============
CONSOLIDATED BALANCE SHEETS HIGHLIGHTS
Sept. 30, Dec. 31,
2005 2004
------------ ------------
Cash and cash equivalents $2,909,000 $1,944,000
============ ============
Restricted cash and cash equivalents $2,500,000 $2,500,000
============ ============
Equity securities, available for sale, at
fair value, net of long-term $1,896,000 $-
============ ============
Investment in derivative securities $941,000 $-
============ ============
Accounts receivable, net, current portion $90,000 $4,758,000
============ ============
Film inventory, net $- $8,218,000
============ ============
Capitalized film costs, net $- $3,362,000
============ ============
Equity securities, available for sale, at
fair value, long-term $648,000 $-
============ ============
Total assets $10,289,000 $30,170,000
============ ============
Current liabilities $757,000 $12,378,000
============ ============
Notes payable $523,000 $4,523,000
============ ============
Total liabilities $1,280,000 $16,901,000
============ ============
Total stockholders' equity $9,009,000 $13,269,000
============ ============
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