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American Vantage Cos. Reports Loss

12 March 2003

LAS VEGAS--(Press Release)-- American Vantage Cos. (NASDAQ:AVCS) today announced the results of its operations for its 2003 second fiscal quarter ended Jan. 31, 2003.

During the three and six months ended Jan. 31, 2003, the company's net loss totaled $141,000 and $261,000, respectively, as compared to $619,000 and $896,000 for the same respective periods ended Jan. 31, 2002. At Jan. 31, 2003, the company's net loss for basic and diluted earnings per share for the three- and six-month periods was $(0.03) and $(0.05), respectively, as compared to $(0.13) and $(0.18) for the prior fiscal year's comparable periods. The 70.9% decrease in the six-month net loss at Jan. 31, 2003, as compared to Jan. 31, 2002, is primarily due to the company's July 2002 corporate restructuring.

In a separate statement, the company announced that on March 5, 2003, the California Supreme Court denied the Table Mountain Rancheria's "Petition for Review." The Rancheria's "Petition for Review" was filed in response to the October 2002 ruling by the California Appeals Court that reversed a Fresno County Superior Court order dismissing the case for lack of jurisdiction. As a result, this action will return to the Fresno County Superior Court for further proceedings on the merit.

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