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American Vantage Cos. Reports Loss

During the three and nine months ended April 30, 2003, the company's net loss totaled $53,000 and $314,000, respectively, as compared to $244,000 and $1,140,000 for the same respective periods ended April 30, 2002. The company's net loss for basic and diluted earnings per share for the three and nine month periods ended April 30, 2003 was $(0.01) and $(0.06), respectively, as compared to $(0.05) and $(0.23) for the prior fiscal year's comparable periods.

The 72.5 percent decrease in the comparable nine-month net loss primarily is due to the company's July 2002 corporate restructuring.

As previously announced, on April 16, 2003 the company acquired substantially all of the assets and business and assumed certain liabilities of YaYa, LLC. Included in the company's results were revenues and cost of sales totaling $113,000 and $55,000, respectively, which represent YaYa's results of operations for the period from the acquisition on April 16, 2003 through April 30, 2003.

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