P/E of about 3. working capital of 21 cents. trades at 28 cents. antiguasportswear.com
Antigua Enterprises Inc. Announces Second Quarter Financial Results
PEORIA, Ariz.--(CCNMatthews - Aug 30, 2005) -
Antigua Enterprises Inc. (Pink Sheets: ANTGF) (TSX: ANE) reports
financial results for the second quarter ended June 30, 2005.
/T/
Consolidated Statement of Operations (in U.S. Dollars):
Three Months Ended Six Months Ended
June 30 June 30
------------------------ -----------------------
2005 2004 2005 2004
----------- ------------ ---------- ------------
Sales $13,191,825 $12,812,206 $22,601,670 $21,642,076
Cost of Sales 8,115,642 7,864,756 14,039,554 13,505,306
----------- ------------ ---------- ------------
Gross Profit 5,076,183 4,947,450 8,562,116 8,136,770
----------- ------------ ---------- ------------
Selling Expenses 2,363,742 2,182,674 4,605,977 4,283,456
General &
Administrative
Expenses 1,246,078 1,158,284 2,268,219 2,227,646
----------- ------------ ---------- ------------
Operating Expenses 3,609,820 3,340,958 6,874,196 6,511,102
----------- ------------ ---------- ------------
Income from Operations 1,466,363 1,606,492 1,687,920 1,625,668
----------- ------------ ---------- ------------
Other Income
(Expense):
Interest Expense (345,042) (368,777) (657,402) (711,254)
Other 19,101 23,759 37,665 47,537
----------- ------------ ---------- ------------
(325,941) (345,018) (619,737) (663,717)
----------- ------------ ---------- ------------
Income Before Income
Taxes 1,140,422 1,261,474 1,068,183 961,951
Provision for Income
Taxes 160,228 - 160,228 -
----------- ------------ ---------- ------------
Net Income $980,194 $1,261,474 $907,955 $961,951
----------- ------------ ---------- ------------
----------- ------------ ---------- ------------
Net Income Per Share $0.02 $0.03 $0.02 $0.02
Weighted Average
Common Shares
Outstanding 42,587,190 41,999,202 42,293,196 41,999,202
/T/
During the second quarter, the company determined its procedures to
expense certain selling and marketing costs during interim periods were
not correct. Previously, costs were expensed in the periods management
believed would receive the benefit of the expenditures. The correct
procedure is to expense the costs when incurred. Operating income shown
above has been restated to reflect the correct procedures.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Antigua Enterprises Inc., Peoria
Gerald K. Whitley, 623-523-6000 |
