Antigua Enterprises Inc. Announces Financial Results for Fiscal Year Ended April 30, 2007

    PEORIA, ARIZ., August 30 /CNW/ - Antigua Enterprises Inc. (Pink Sheets:  
ANTGF) (TSX VENTURE: ANE) reports financial results for the year ended April
30, 2007.

    Antigua Enterprises Inc. had a very positive fiscal year from May 2006
through April 2007. The Antigua brand maintained its momentum in the
marketplace and the Company added the Slazenger brand and the Dunlop brand to
its portfolio.

    Sales results for fiscal year 2007 were significantly ahead of previous
periods. The sales growth was driven by our Licensed Sports division and our
Golf division. The Licensed channel grew by 16% or $3.2 million in sales over
fiscal year 2006. The Golf division grew by 12% or $1.5 million in sales over
fiscal year 2006. Sales in both divisions have been fueled by new products and
new fabrications, continuing focus on outstanding customer service and in
stock inventory positions.

    As a percentage of sales, income before income taxes dipped slightly in
fiscal year 2007 as compared to prior periods. The decrease was primarily
attributable to royalty and production costs on licensed sales as well as our
investment in selling and marketing to maintain the positive momentum of the
Antigua brand and to pre-launch the Slazenger and Dunlop brands. Overall
profitability remains strong and the Company is well positioned for future

    One result of our positive profitability trend line is the Company's
decision to reverse its valuation allowance on future tax assets as it now
appears that those assets will more likely than not be utilized before
expiring. The recognition of this tax benefit had a dramatic one-time impact
on our net income for fiscal year 2007 and is not reflective of future
results. Excluding the effect of the tax benefit the Company's net income as a
percentage of sales and earnings per share are consistent with prior period

    Fiscal year 2007 was successful in sales, profits, distribution growth
and brand awareness growth. Our sights are now set on new opportunities for
fiscal year 2008 with three distinctive brands to design and distribute.

    Consolidated Statements of Income for the Fiscal Years ended April 30,
2007 and April 30, 2006 (in U.S. Dollars):

    Due to the Company's change in fiscal year end, fiscal year end April 30,
2006 results are unaudited and presented only for comparison to current

                           ANTIGUA ENTERPRISES INC.

                      Consolidated Statements of Income
          For the Years Ended April 30, 2007 and December 31, 2005,
                   and the Four Months Ended April 30, 2006
                              (in U.S. dollars)

                                                             Year Ended
                                             Year Ended    April 30, 2006
                                           April 30, 2007   (Unaudited)
                                           --------------  --------------

    Sales                                    $ 51,958,926     $47,896,142
    Cost of Sales                              33,124,918      29,897,630
                                           --------------- ---------------
          Gross profit                         18,834,008      17,998,512
                                           --------------- ---------------
    Selling and Marketing Expenses             10,178,050       9,484,447
    General and Administrative Expenses         5,064,471       4,867,758
                                           --------------- ---------------
                                               15,242,521      14,352,205
                                           --------------- ---------------
    Income before other income (expense)
     and provision for income taxes             3,591,487       3,646,307
    Other Income (Expense):
      Interest expense                         (1,404,095)     (1,424,598)
      Income from investment subject to
       significant influence                      144,977         211,760
      Other                                        94,729          81,090
                                           --------------- ---------------
                                               (1,164,389)     (1,131,748)
                                           --------------- ---------------
    Income Before Income Taxes                  2,427,098       2,514,559
      Benefit (provision) for income taxes      2,542,857        (134,000)
                                           --------------- ---------------
    Net Income                               $  4,969,955     $ 2,380,559
                                           --------------- ---------------
    Basic and diluted earnings per share:
      Net Income                             $       0.12     $      0.06
                                           --------------- ---------------
    Weighted Average Common Shares
      Basic and diluted                        42,368,236      42,839,185
                                           --------------- ---------------

For further information:

For further information: Antigua Enterprises, Inc., Peoria Michael T.
Olges, 623-523-6000

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