do not know who started this thread but it looks real good to me.
They own 2/3 of AASP and nasdaq stock
(not much longer if bid doesn't get up) .
Tuesday November 14, 7:25 pm Eastern Time
Press Release
Sports Entertainment Enterprises
Announces Third Quarter Results
LAS VEGAS--(BUSINESS WIRE)--Nov. 14, 2000--Sports
Entertainment Enterprises, Inc. (OTCBB:SPEN - news) reported revenues for the third quarter of
2000 of $2,179,239, a decrease of 11.9 percent from $2,475,944 in the third quarter of 1999.
Results include revenues from SPEN's subsidiary company All-American SportPark, Inc.
(Nasdaq:AASP - news). SPEN owns approximately two-thirds of AASP.
Although revenues from the AASP's Callaway Golf Center property increased 18.6 percent to
$650,747 in the third quarter of 2000 compared to the same period in 1999, the company's Rainbow
retail store revenues decreased 4.0 percent to $659,692, revenues from AASP's SportPark property
declined 29.6 percent to $867,318 in the third quarter of 2000 compared to the same period in 1999.
The decline at the SportPark is due mainly to: (1) limited advertising since the fourth quarter of 1999
due to cash flow constraints, and (2) fewer operating days in 2000 compared to 1999. Effective Jan.
10, 2000, the SportPark closed to the general public Monday through Wednesday and as of Sept. 5,
2000, closed on Thursdays also. Monday through Thursday is now reserved for group sales and
special events.
Revenues for the nine months ended Sept. 30, 2000 and 1999 were $6,837,869 and $6,879,404,
respectively. Revenues for the Callaway Golf Center were up 21.2 percent in the first nine months of
2000 compared to 1999, revenues for the Rainbow retail store were up 9.1 percent, and revenues for
the SportPark were down 16.4 percent.
Net loss for the third quarter of 2000 was $884,187 or $0.11 per share, a 14.6 percent decrease from
the net loss of $1,035,361 or $0.13 per share recorded in the third quarter of 1999. Net loss for the
nine months ended Sept. 30, 2000 was $2,474,507 or $0.30 per share, a 4.2 percent decrease from
the 1999 net loss of $2,584,027 or $0.32 per share.
Excluding the effects of the minority interests in the losses of AASP and income tax benefits realized
in 1999, the company's net losses decreased in 2000 compared to 1999 by 25.8 percent and 24.3
percent, respectively, for the three and nine month periods ended Sept. 30.
The company and AASP have had success in reducing operating costs and corporate overhead by
20 percent-25 percent which is a major contributing factor to the decreases in the net losses before
minority interests in 2000 compared to 1999.
Voss Boreta, president of the company, stated, ``We are pleased with the strong revenue and
earnings growth of the Callaway Golf Center, the improved operating results of the Rainbow retail
store, and the success of our cost control efforts. Unfortunately, the SportPark has struggled and has
put a strain on the company's resources.
``AASP management has made good progress in resolving the SportPark problems which should
hopefully all be resolved in the very near future. Once the SportPark's problems are resolved, the
company should be in a much better position to generate net profits.''
The company owns 100 percent of the Rainbow golf and tennis retail store. AASP and it's
subsidiaries are the 100 percent owners and operators of the All-American SportPark, a family and
sport-oriented action theme park, and the Callaway Golf Center, located on 65 acres on the south end
of the Las Vegas ``Strip,'' Las Vegas, Nev.
Sport and entertainment major attractions, located in the All-American SportPark, include Major
League Baseball Slugger Stadium, NASCAR SpeedPark and Pepsi's All Sport Arena.
The Private Securities Litigation Reform Act of 1995 provides a ``safe harbor'' for forward-looking
statements. This press release may contain forward-looking statements that involve risks and
uncertainties. Actual results may differ materially from the results predicted and reported results
should not be considered as an indication of future performance. Important factors, which could
cause actual results to differ materially from those in the forward-looking statements, are detailed in
filings with the United States Securities and Exchange Commission made from time to time by
SPEN, including its annual report on Form 10-KSB for the year ended Dec. 31, 1999 and its
quarterly report on Form 10-QSB for the quarter ended Sept. 30, 2000. SPEN undertakes no
obligation to release publicly any revisions to any forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of unanticipated events.
-0-
Sports Entertainment Enterprises, Inc. and Subsidiaries
Consolidated Statements of Operations
For the Three and Nine Months Ended Sept. 30, 2000
Quarter Ended Nine Months Ended
Sept. 30 Sept. 30
2000 1999 2000 1999
Revenues $ 2,179,239 $ 2,475,944 $ 6,837,869 $ 6,879,404
Cost of Revenues 826,486 1,045,416 2,517,567 2,840,622
Gross profit 1,352,753 1,430,528 4,320,302 4,038,782
Operating expenses 1,831,151 2,199,084 5,686,581 6,270,086
Operating loss (478,398) (768,556) (1,366,279) (2,231,304)
Other income (expense) (405,789) (423,637) (1,224,958) (1,191,542)
Income tax benefit -- (156,832) -- (231,719)
Loss before minority
interest (884,187) (1,035,361) (2,591,237) (3,191,127)
Minority interest in
loss of subsidiary -- -- 116,730 607,100
Net loss $(884,187)$(1,035,361)$(2,474,507)$(2,584,027)
NET LOSS PER SHARE:
Basic and Diluted:
Net loss per share $ (0.11) $ (0.13) $ (0.30) $ (0.32)
Contact:
Sports Entertainment Enterprises, Inc.
Kirk Hartle, 702/798-7777
www.sportparkvegas.com |
