American Jewelry Corp. Reports Results of Operations for 2000

Apr 17, 2001, 01:00 ET from American Jewelry Corp.

    NEW YORK, April 17 /PRNewswire/ --
 American Jewelry Corp. (OTC Bulletin Board:   AMJY), a premier designer,
 manufacturer and distributor of fine jewelry, today reported the filing of its
 Form 10KSB for its year ended December 31, 2000 containing results of
 operations for the fiscal year then ended.
     Revenues for the year ended December 31, 2000 were $9 million compared to
 $7 million in 1999. Income from operations for FY 2000 were $1.5 million
 reduced by non cash charges for stock compensation and imputed interests of
 $25.8 million.  In FY 2000 working capital has increased by $9.6 million and
 stockholders' equity increased by $9 million to balances at December 2000 of
 $8.2 million, each.
     Isaac Nussen, President and CEO, stated, "We are pleased with the increase
 of 30% in sales and the resulting income from operations of $1.5 million.  We
 have kept our expenses level for the year, effectively reducing costs as a
 percentage.
     "We are aware of shareholder concerns regarding the charges to income of
 $25 million.  These are 'expenses' that have been offset in their entirety by
 corresponding contributions to paid-in capital, which, for accounting purposes
 cannot be presented on statement of income but only in the equity part of our
 balance sheet.  The equity, in total has increased by $9 million, due to our
 income from operations and elimination of substantial debt that existed in
 1999, clearing our way for a practically debt-free company.
     "We have had several significant events in 2000, including the relocation
 of operations and acquisition of NIGT, Inc.  These and other efforts improved
 our access to our industry and investors' communities as well as cut costs by
 global outsourcing, where possible.  We expect to continue these efforts in
 2001."
     AMJY, a Delaware corporation is a jewelry designer, manufacturer, and
 distributor.  The Company's product line includes a wide assortment of 14-
 karat gold jewelry along with diamond, pearl and platinum jewelry lines.
     The press release contains forward-looking statements made pursuant to the
 safe harbor provisions of the Private Securities Litigation Reform Act of
 1995.  Expression of future goals and similar expressions reflecting something
 other than historical fact involve risks and uncertainties.  The actual
 results the Company achieves may differ materially from any forward-looking
 statements due to such risks and uncertainties.
 
 

SOURCE American Jewelry Corp.
    NEW YORK, April 17 /PRNewswire/ --
 American Jewelry Corp. (OTC Bulletin Board:   AMJY), a premier designer,
 manufacturer and distributor of fine jewelry, today reported the filing of its
 Form 10KSB for its year ended December 31, 2000 containing results of
 operations for the fiscal year then ended.
     Revenues for the year ended December 31, 2000 were $9 million compared to
 $7 million in 1999. Income from operations for FY 2000 were $1.5 million
 reduced by non cash charges for stock compensation and imputed interests of
 $25.8 million.  In FY 2000 working capital has increased by $9.6 million and
 stockholders' equity increased by $9 million to balances at December 2000 of
 $8.2 million, each.
     Isaac Nussen, President and CEO, stated, "We are pleased with the increase
 of 30% in sales and the resulting income from operations of $1.5 million.  We
 have kept our expenses level for the year, effectively reducing costs as a
 percentage.
     "We are aware of shareholder concerns regarding the charges to income of
 $25 million.  These are 'expenses' that have been offset in their entirety by
 corresponding contributions to paid-in capital, which, for accounting purposes
 cannot be presented on statement of income but only in the equity part of our
 balance sheet.  The equity, in total has increased by $9 million, due to our
 income from operations and elimination of substantial debt that existed in
 1999, clearing our way for a practically debt-free company.
     "We have had several significant events in 2000, including the relocation
 of operations and acquisition of NIGT, Inc.  These and other efforts improved
 our access to our industry and investors' communities as well as cut costs by
 global outsourcing, where possible.  We expect to continue these efforts in
 2001."
     AMJY, a Delaware corporation is a jewelry designer, manufacturer, and
 distributor.  The Company's product line includes a wide assortment of 14-
 karat gold jewelry along with diamond, pearl and platinum jewelry lines.
     The press release contains forward-looking statements made pursuant to the
 safe harbor provisions of the Private Securities Litigation Reform Act of
 1995.  Expression of future goals and similar expressions reflecting something
 other than historical fact involve risks and uncertainties.  The actual
 results the Company achieves may differ materially from any forward-looking
 statements due to such risks and uncertainties.
 
 SOURCE  American Jewelry Corp.