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American Vantage Reports Loss for Q1

9 December 2002

LAS VEGAS--(Press Release)-- American Vantage Cos. (Nasdaq:AVCS) today announced the results of its operations for its 2003 first fiscal quarter ended Oct. 31, 2002.

The 2003 first fiscal quarter net loss totaled $120,000, as compared to $277,000 for the first quarter of fiscal year 2002. At Oct. 31, 2002, the net loss for basic and diluted earnings per share was $(0.03) as compared to $(0.06) for the prior fiscal year's comparable quarter.

STATEMENT OF OPERATIONS DATA
THREE MONTHS ENDED OCT. 31, 2002 AND 2001 (unaudited)
                                         2002          2001
                                    --------------------------
Costs and expenses
  General and administrative
                                    $   355,000   $   486,000

Non-operating income                    211,000       209,000
                                    --------------------------

Loss from continuing operations
 before income tax benefit              144,000       277,000


Income tax benefit                       24,000
                                    --------------------------

Net loss                            $   120,000   $   277,000
                                    ==========================

Net loss per common share --
 basic and diluted                  $      0.03   $      0.06
                                    ==========================

Weighted average number of common
 shares and common share equivalents  4,866,000     4,866,000
                                    ==========================



BALANCE SHEET DATA
OCT. 31, 2002 (unaudited) AND JULY 31, 2002
                                       Oct. 31,      July 31,
                                         2002          2002
                                    --------------------------

Cash and cash equivalents           $ 1,439,000   $ 1,560,000
                                    ==========================

U.S. treasury securities and
 certificates of deposit            $ 7,788,000   $ 7,785,000
                                    ==========================

Refundable income taxes             $ 1,475,000   $ 1,448,000
                                    ==========================

Total assets                        $16,011,000   $16,024,000
                                    ==========================

Current liabilities                 $   231,000   $   189,000
                                    ==========================

Total stockholders' equity          $16,011,000   $16,024,000
                                    ==========================

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