Champions Sports Inc. Reports Profit for Fourth Consecutive Year.ARLINGTON Arlington, county, United States Arlington, county (1990 pop. 170,936), N Va., across the Potomac River from Washington, D.C. Arlington is a residential and commercial suburb of Washington. , Va.--(BUSINESS WIRE)--July 29, 1998--Champions Sports Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). Symbol:CSBR CSBR Center for Sustainable Building Research ), licensee licensee n. a person given a license by government or under private agreement. (See: license, licensor) LICENSEE. One to whom a license has been given. 1 M. Q. & S. 699 n. of CHAMPIONS Sports Bar Restaurants and a supplier of sports memorabilia The term sports memorabilia usually refers to anything that can be directly connected to a sports event or personality. These items are generally gathered by fans of the particular sport, athlete or team that the item signifies or by collectors who find value in the rarity , Wednesday reported net income of $354,182 for fiscal year ended April 30, 1998 compared to $283,280 the previous year. For the fiscal year ended April 30, 1998 the net income available to common stockholders was $286,892 or $0.03 per common share compared to $215,990 or $0.03 per share the previous year. This is the company's fourth consecutive profitable year. Net income from operations was $71,481 in the current year compared to $67,388 the previous year, and increase of 6.1%. In the fiscal year ended April 30, 1998, the company had a gain of $290,641 from the sale of the CHAMPIONS name and service mark to Marriott International Marriott International, Inc. (NYSE: MAR) is a worldwide operator and franchisor of a range of value and luxury hotels and related lodging facilities. Marriott currently has 2,300 accommodation properties in North America alone. Inc. -0-
Selected Financial Data
-----------------------
Years Ended April 30
1998 1997
---- -----
Total Revenues $2,327,778 $2,162,264
Operating Income $ 71,481 $ 67,388
Income tax benefit
(expense) ($7,490) $215,892
Gain on sale of name
& service mark $290,641 --
Net Income $354,182 $283,280
Less preferred stock
dividends ($67,290) ($67,290)
Net income available to
common stockholders $286,892 $215,990
Basic earnings per
share: $0.03 $0.03
Earnings per
common share --
assuming full dilution $0.03 $0.03
-0- Champions Sports Inc. with its joint venture partner, George Naddaff and his Business Expansion Capital Corp., is actively pursuing merger or acquisition candidates to meet its longer term liquidity needs. There is no assurance that the company will be able to structure such a merger or acquisition on terms satisfactory to the company. Champions Sports Inc. is a licensee of CHAMPIONS Sports Bar Restaurants and an exclusive supplier of sports memorabilia and a consultant to all new managed Marriott and Renaissance Hotel Sports Bar/Restaurants worldwide. Marriott International Inc. purchased the rights to the Champions brand, from Champions Sports Inc., in the fall of 1997. Certain statements contained herein 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. that are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements involve known and unknown risks and uncertainties which may cause the company's actual results in future periods to differ materially from what is currently anticipated. Those risks include, among others, risks associated with the timing and cost associated with general business and new business development, changes in global and domestic business and economic conditions, general competitive factors and a change in acceptance of the company's services.
CONTACT: Champions Sports Inc.
James Martell, 703/526-0400
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