Antigua Enterprises Inc. reported net sales for the first half of 2003 totaled $19.8 million compared to $21.1 million in 2002. Net income for the half was $432,501 compared to $832,489 in 2002.
On April 30, 2003, the company completed the sale of a controlling interest in the company for $10.25 million. The company used the proceeds to repay all of its outstanding debt that was past due and payable.
Consolidated Statement of Operations for Six Months Ended June 30, 2003 & 2002 (in U.S. Dollars):
2003 2002
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Sales $19,774,550 $21,129,778
Cost of Sales 12,475,565 13,539,871
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Gross Profit 7,298,985 7,589,907
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Selling Expenses 3,707,296 3,662,193
General and Administrative Expenses 2,317,429 2,124,771
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Operating Expenses 6,024,725 5,786,964
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Income from Operations 1,274,260 1,802,943
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Other Income (Expense):
Interest Expense (882,864) (1,015,174)
Other 41,105 44,720
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(841,759) (970,454)
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Net Income $432,501 $832,489
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Net Income Per Share $.02 $.06
