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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| American Leis | LSE:ALGL | London | Ordinary Share | VGG0294N1078 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 29.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:8198E
American Leisure Group Limited
28 September 2007
American Leisure Group Limited
Unaudited financial information for the six months to 30 June 2007
28 September 2007
American Leisure Group Limited ("the Company") is pleased to announce results
for its underlying subsidiary undertakings, being American Leisure Holdings Inc.
and its subsidiaries ("ALHI") and Azure Property Investments Inc and its
subsidiaries ("Azure") (together "the Subsidiaries") for the six months to 30
June 2007.
The Company was incorporated in 16 May 2007 and its shares were admitted to AIM
on 13 August 2007 ("Admission"). The acquisition of the Subsidiaries was
conditional on Admission.
Basis of preparation
The Financial Information has been prepared on the basis of the Subsidiaries'
consolidated financial statements prepared in US Dollars, making such
adjustments as considered appropriate. The Financial Information has been
prepared under the historic cost convention and in accordance with US GAAP. The
Financial Information has not been audited.
Statement of operations for the six months ended 30 June 2007
ALHI AZURE
Unaudited Unaudited
$'000 $'000
Revenue
Service Revenues 12,778 -
Undeveloped Land Sales - -
Total Revenue 12,778 -
Cost of Service Revenues (12,150) -
Cost of Undeveloped Land Sales - -
Total Costs (12,150) -
Gross Margin 628 -
Operating Expenses:
Depreciation and amortization (467) -
General and administrative expenses (1,821) (2)
Total Operating Expenses (2,288) (2)
Income (Loss) from Operations (1,660) (2)
Interest Income 179 48
Other Income 197 -
Interest Expense (2,007) -
Loss from continuing operations before income taxes (3,291) 46
PROVISIONS FOR INCOME TAXES (5) -
Net loss from continuing operations (3,296) 46
Gain (loss) from discontinued operations - -
NET INCOME (LOSS) (3,296) 46
Balance sheet as at 30 June 2007
ALHI Azure
Unaudited Unaudited
$'000 $'000
ASSETS
CURRENT ASSETS:
Cash 3,497 8
Cash - restricted 0 0
Accounts receivable, net 1,684 330
Other receivable 270 0
Prepaid expenses and other 3,385 0
Total Current Assets 8,836 338
PROPERTY AND EQUIPMENT, NET 8,653 0
LAND HELD FOR DEVELOPMENT 112,424 85,195
OTHER ASSETS
Cash - restricted 8,954 -
Prepaid sales commissions 9,940 5
Prepaid sales commissions - affiliated entity 3,976 2
Goodwill 4,559 0
Trademark 937 0
Other 2,015 0
Total Other Assets 30,382 8
TOTAL ASSETS 160,296 93
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt and notes payable 25,676 3,166
Current maturities of notes payable-related parties 583 5,575
Accounts payable and accrued expenses 7,958 9,902
Accrued expenses - officers 3,238 0
Other 9,409 18
Total Current Liabilities 46,864 18,661
Notes payable - related parties 4,060 15,535
Long-term debt and notes payable 72,491 33,281
Deferred income tax payable 0 1,500
Put liability 985 0
Deposits on unit pre-sales 38,020 20,322
Total liabilities 162,420 89,299
Commitments and contingencies
STOCKHOLDERS' EQUITY:
Preferred stock; 1,000,000 shares authorized; $.001 par
value;
1,000,000 Series "A" shares issued and outstanding at
June 30, 2007 10 -
Preferred stock; 100,000 shares authorized; $.01 par
value: 2,825 Series "B" shares issued and outstanding at
June 30, 2007 - -
Preferred stock, 28,000 shares authorized; $.01 par
value: 27,189 Series "C" shares issued and outstanding
at June 30, 2007 - -
Preferred stock; 50,000 shares authorized; $.001 par
value: 36,588 Series "E" shares issued and outstanding
at June 30, 2007 - -
32,249 Series "E" shares issued and outstanding at
December 31, 2006 - -
Preferred stock; 150,000 shares authorized; $.01 par
value; 0 and 0 Series "F" shares issued and outstanding
at 30 June 2007 - -
10,877,974 shares issued and outstanding at December
31, 2006 11 -
Additional paid-in capital 22,757 1,000
Accumulated deficit (24,903) 3,162
Total Stockholders' Equity (2,125) 4,162
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 160,296 93
Cash flow statement for the six months to 30 June 2007
ALHI Azure
Unaudited Unaudited
$'000 $'000
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) (3,296) 46
Adjustments to reconcile net income (loss) to net cash
provided by / (used in) operating activities:
Depreciation and amortization 620 -
Non-cash interest expense 1,382 -
Non-cash warrant compensation 1,046 -
Changes in assets and liabilities:
Increase (decrease) in restricted cash 1,031 379
Increase (decrease) in accounts receivable and other
receivables 1,465 -
Decrease (increase) in prepaid expenses and other (2,421) -
Increase in prepaid sales commissions (668) 322
Increase in land held for development (40,493) (3,056)
Decrease (increase) in deposits on unit pre-sales 554 (1,157)
Increase in accounts payable and accrued expenses 7,135 1,713
Net cash provided by operating activities (33,645) (1,753)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of fixed assets (90) -
Increase in restricted cash 1,410 (294)
Net cash used in investing activities 1,320 (294)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of debt (22,021) -
Proceeds from notes payable 56,733 1,998
Net cash provided (used) by financing activities 34,712 1,998
Net increase in cash 2,387 (49)
-
CASH AT BEGINNING PERIOD 1,110 56
CASH AT END OF PERIOD 3,497 7
This information is provided by RNS
The company news service from the London Stock Exchange
END
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