Cinema Ride Announces First Quarter 2000 Results.Business Editors STUDIO CITY, Calif.--(BUSINESS WIRE)--May 19, 2000 Cinema Ride, Inc., (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :MOVE) announced its first quarter results today. Revenues for the quarter increased by $147,027, or 28.7% as compared to the same quarter last year. The company attributes the increase to both the opening of its newest facility at the Jersey Gardens Mall and increased revenue from its facility at The Forum Shops at Caesars in 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. . Selling, general and administrative expenses increased by $105,362. The increase was largely attributable to operations at the new facility and $74,421 in start-up costs for the new facility recorded in the quarter. The Company reported a net loss for the quarter of $192,804, including depreciation and amortization of $96,420. "Cinema Ride opened its newest facility this January in the new Jersey Gardens Mall, just outside of Manhattan," said Mitch Francis, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We have received rave reviews about our all 3-D attractions and about the exciting facility we created. I am confident that Jersey Gardens will be an excellent addition." Cinema Ride develops, owns and operates motion simulation theater attractions at leading destination tourist sites in the US and Canada. The Company's fifteen seat motion simulation capsules feature six-axis, military-quality flight simulator flight simulator, device providing a controlled environment in which a flight trainee can experience conditions approximating those of actual flight. A simulator generally consists of an enclosure housing a working replica of the interior of the cockpit of an hardware that is computer-programmed to move in concert with action viewed on a motion picture screen. The Cinema Ride facilities were the first to feature 3-D ride films and utilize the company's patented 3-D technology. The Company's library includes such titles as "Atlantis Submarine submarine, naval craft capable of operating for an extended period of time underwater. Submarines are almost always warships, although a few are used for scientific or business purposes (see also submersible). Race," "Runaway Coasters," "Haunted haunt v. haunt·ed, haunt·ing, haunts v.tr. 1. To inhabit, visit, or appear to in the form of a ghost or other supernatural being. 2. Graveyard Run" and "Warren Miller's Ski Ride." NOTE: Except for the historical information contained herein, the statements made in this release constitute 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 involve certain risks and uncertainties. Certain factors may cause actual results to differ materially from those contained in the forward-looking statements, and the other risks detailed from time to time in the Company's reports on file at the Securities and Exchange Commission. |
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