CasinoCityTimes.com

Gurus
News
Newsletter
Search News Subscribe
Stay informed with the
NEW Casino City Times newsletter!
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!

Gaming News

 

American Vantage Reports Loss for 2002

19 November 2002

LAS VEGAS--(Press Release)-- American Vantage Cos. (Nasdaq:AVCS) today announced the results of its operations for the fiscal year ended July 31, 2002.

Net loss for Fiscal 2002 totaled $2,138,000 as compared to $1,007,000 for Fiscal 2001. Fiscal 2002 income (loss) for basic and diluted earnings per share were $(0.45) for continuing operations and $0.01 for discontinued operations. This compared to a loss for basic and diluted earnings per share of $(0.07) and $(0.14) for Fiscal 2001's continuing and discontinued operations, respectively. Included in the net loss for Fiscal 2002 is a one-time corporate restructuring charge of $1,539,000.

The board of directors approved a restructuring program, effective July 29, 2002, to downsize and minimize corporate overhead. As a result of the restructuring program, the company retained only its chief executive officer as a full-time employee.

"Prior to fiscal year end, the board of directors appointed a Special Committee to focus on potential acquisition candidates, merger partners and investment opportunities consistent with the company's stated growth strategy," said Board Vice Chairman Stephen K. Bannon. "Our strong balance sheet coupled with the current climate for private equity funding and IPOs, has positioned AVCS to receive numerous proposals from acquisition, merger and joint venture candidates that could provide immediate and sustainable revenue growth in our areas of interest in the gaming, entertainment, media and lifestyle industries."

< Gaming News