Antigua Enterprises Inc. reported earnings of $92,800 in the second quarter ended Oct. 31, rebounding from a loss of $15,804 a year ago. Sales for the golf and sports licensing apparel company dipped 11.1% to $10.4 million from $11.7 million.

In the Golf division, sales slid to $2.6 million from $2.66 million. Gross profit declined to $776,000 from $883,000. Operating profits were $135,000, up from $41,000. The Golf division includes Antigua and Slazenger golf apparel.

In the sports licensed products division, revenue slid to $5.5 million from $6.2 million. Gross profit eased to $1.43 million from $1.64 million. Operating earnings reached $946,000 from $1.09 million. The division has licenses with MLB, NBA, NHL and numerous colleges.

In the Corporate division, sales slid to $1.97 million from $2.5 million. Gross profits gave back to $719,000 from $1.03 million. Operating earnings slid to $250,000 from $393,000.

The improved bottom line primarily reflects a reduction in interest expense to $148,936 from $322,605, according to a filing with the Toronto Stock Exchange. Income before taxes slid to $154,645 from $201,950. Overall gross margins in the quarter eroded to 30.4% from 31.8% while SG&A expense was reduced to 24.8% of revenues from $28.8% a year ago.

In the six months, sales slid to $19.6 million from $23.8 million. Net earnings fell to $167,686 from $326,633.

The Peoria, AZ company trades and files its figures with the Toronto Stock Exchange but reports in U.S. dollars.

The filing also noted that the company is a 67.9 % owned subsidiary of Ashley NA, which is under control of Sports Direct International PLC,  the owner of the U.K.-based Sports World chain as well as the owner of the Slazenger brand. Combined individual holdings in the company of all persons and entities under common control as Ashley are 79.9%.

The filing noted that the company's special committee of independent directors had received correspondence from Ashley stating that Ashley is preparing to make an offer to the company’s minority shareholders. The move would make Antigua Enterprises a privately-owned subsidiary of Ashley. The Dec. 22 filing said an insider bid is expected to be made formally by Ashley before the end of 2009.