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All-American SportPark Announces Third-Quarter Results

15 November 2000

All-American SportPark Announces Third-Quarter Results

    LAS VEGAS--Nov. 14, 2000--All-American SportPark Inc. reported revenues for the third quarter of 2000 of $1,517,685, a decrease of 15.2 percent from $1,788,662 in the third quarter of 1999.
    Although revenues from the company's Callaway Golf Center property increased 18.6 percent to $650,747 in the third quarter of 2000 compared with the same period in 1999, revenues from the company's SportPark property declined 29.6 percent to $867,318 in the third quarter of 2000 compared with 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 reserved for group sales and special events.
    Revenues for the nine months ended Sept. 30, 2000 and 1999, were $4,718,576 and $4,940,580, respectively. Revenues for the Callaway Golf Center were up 21.2 percent in the first nine months of 2000 compared with 1999, while revenues for the SportPark were down 16.4 percent.
    Net loss for the third quarter of 2000 was $802,690 or $0.25 per share, a 13.5 percent decrease from the net loss of $927,887 or $0.31 per share recorded in the third quarter of 1999. Net loss for the nine months ended Sept. 30, 2000, was $2,417,938 or $0.77 per share, a 15.0 percent decrease from the 1999 net loss of $2,844,499 or $0.95 per share.
    The company has had success in reducing operating costs and corporate overhead by 20-25 percent, which is a major contributing factor to the decreases in the net losses in 2000 compared to 1999.
    Ron Boreta, president of the company, stated: "Although the SportPark has struggled with a lack of capital resources, the Callaway Golf Center continues to produce strong revenue and earnings growth. The Callaway Golf Center's growth and profitability, and our ongoing efforts to control costs, are the keys to our company's long-term success once the SportPark problems are resolved.
    "We have made good progress in resolving the SportPark problems and believe that all outstanding issues related to the SportPark will be resolved in the very near future."
    

             ALL-AMERICAN SPORTPARK INC. AND SUBSIDIARIES
                CONSOLIDATED STATEMENTS OF OPERATIONS
   FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999

                         Quarter Ended           Nine Months Ended
                          September 30             September 30
                        2000        1999         2000         1999

Revenues             $1,517,685  $1,788,662  $ 4,718,576  $ 4,940,580
Cost of Revenues        322,068     519,142      966,025    1,270,705
Gross profit          1,195,617   1,269,520    3,752,551    3,669,875
Operating expenses    1,622,375   1,961,971    5,035,926    5,556,073
Operating loss         (426,758)   (692,451)  (1,283,375)  (1,886,198)
Other income 
 (expense)             (375,932)   (392,268)  (1,134,563)  (1,115,133)
Income tax benefit           --    (156,832)          --     (156,832)
Net loss             $ (802,690) $ (927,887) $(2,417,938) $(2,844,499)

NET LOSS PER SHARE:
  Basic and Diluted:
   Net loss 
    per share        $    (0.25) $    (0.31) $     (0.77) $     (0.95)