Antigua Enterprises Inc. reported financial results for the three months ended March 31, 2005. Sales for the company rose 6.6% to $9.4 million from $8.8 million for the same period of 2004. Gross margin as a percentage of sales increased 90 basis points to 37%. SG&A expenses fell 50 basis points to 31.6% of sales. Net income for Antigua soared 411% to $.189 million from $.037 million in the year-ago quarter.
Consolidated Statement of Operations for Three Months Ended March 31, 2005 &
2004 (in U.S. Dollars):
2005 2004
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Sales $9,409,845 $8,829,870
Cost of Sales 5,923,912 5,640,550
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Gross Profit 3,485,933 3,189,320
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Selling Expenses 1,902,348 1,786,231
General and Administrative Expenses 1,067,931 1,047,521
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Operating Expenses 2,970,279 2,833,752
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Income from Operations 515,654 355,568
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Other Income (Expense):
Interest Expense (312,360) (342,477)
Other 18,564 23,778
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293,796 (318,699)
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Income Before Income Taxes 221,858 36,869
Provision for Income Taxes (33,280) -
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Net Income $188,578 $36,869
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Net Income Per Share $- $-
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Weighted Average
Common Shares Outstanding 41,999,202 41,999,202
