Take a look at nuoa. It looks like they are getting there act together and there casion in Tunisa is going to make it . They are suppNuOasis Resorts, Inc. Reports First Quarter Results
NEWPORT BEACH, Calif--(BUSINESS WIRE)--March 23, 1998--NuOasis
Resorts, Inc. (OTC BB: NUOA) announced today the unaudited results for
the three months ended September 30, 1997.
The Company reported gross revenues of $251,049 for the quarter
ended September 30, 1997 as compared to gross revenues of $351,371 for
the same period last year, primarily resulting from unrenewed and
expired co-packing agreements of the Company's wholly-owned
subsidiary, Fantastic Foods International, Inc.
Revenues of the Company's hotel management subsidiary,
Cleopatra's World, Inc., were noted as earnings in equity investments
of $223,098; there were no such earnings in equity investments for the
comparable period last year.
A net loss of $441,158 or $.01 per share was reported for the
first quarter fiscal 1998 versus a net loss of $1,225,106 or $.03 per
share for the same quarter fiscal 1997.
Cash and cash equivalents rose 39% to $803,046 at September 30,
1997 from $576,734 at June 30, 1997. The Company reported a nominal
improvement in total assets to $10,385,500 at September 30, 1997 from
$10,127,908 at June 30, 1997. Total stockholders' equity at September
30, 1997 was $5,007,980 as compared to $5,449,524 at June 30, 1997.
NUOASIS RESORTS, INC.
(formerly Nona Morelli's II, Inc.)
Condensed Consolidated Balance Sheet
As of September 30, 1997 (unaudited)
ASSETS
Total current assets $3,092,877
Total assets $10,385,500
LIABILITIES & STOCKHOLDERS' EQUITY
Total current liabilities $3,647,863
Total liabilities $3,793,743
Total stockholders' equity $5,007,980
-0-
NUOASIS RESORTS, INC.
(formerly Nona Morelli's II, Inc.)
Condensed Consolidated Statements of Operations
For the Three Months Ended September 30, 1997 and 1996 (unaudited)
Three Months Ended September 30
1997 1996
Food sales revenue $ 251,049 $ 351,371
Total revenue 251,049 351,371
Gross profit 74,193 81,795
Operating income (loss) (657,233) (1,204,935)
Earnings in equity investments
223,098 -
Net income (loss) $ (441,158) $ (1,225,106)
Net income (loss) per common share $ (.01) $ (.03)
Weighted average number of common
shares outstanding used to compute
net loss per common share 48,824,300 45,048,500
-0-
leisure and entertainment holding company with operations and
development-stage activities in international gaming, food
manufacturing, and commercial real estate. The Company's wholly-owned
subsidiary, NuOasis International, Inc., holds a 70% equity interest
in Cleopatra Palace Limited, the operator of the Cleopatra Palace
Casinos in Hammamet and Cap Gammarth, Tunisia. The subsidiary also
holds a 50% equity interest in Cleopatra's World, Inc., operator of Le
Palace Hotel at the Cleopatra Palace Resort in Cap Gammarth.
Note: Certain statements made herein that are not historical are
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995. Investors are cautioned that all
forward-looking statements involve risks and uncertainties. Investors
who seek more information about the Company's business and relevant
risk factors may wish to review the Company's periodic reports filed
with the Securities and Exchange Commission including, but not limited
to, its most recent Annual Report on Form 10-K/SB and Quarterly Report
on Form 10-QSB.
CONTACT:
OTC Financial Network
Mario "Ike" Iacoviello, 888/356-2390
ike@otcfn.com
www.otcfn.com/nuoa
OR
NuOasis Resorts, Inc., 714/833-5381
KEYWORD: CALIFORNIA
BW1212 MAR 23,1998
ose to get another casino going this summer. |
