Antigua Enterprises Inc. reported that net sales for the nine months ended Sept. 30, 2003 totaled $29.7 million compared to $30.7 million in 2002. Gross profits were $10.9 million compared to $11.1 million in 2002. Operating income was $1,876,638 compared to $2,536,768 in 2002. Net income was $674,228 compared to $1,098,992 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 Nine Months Ended Sept. 30, 2003 & 2002 (in U.S. Dollars):
2003 2002 ------------ ------------ Sales $29,669,037 $30,692,813 Cost of Sales 18,785,091 19,576,505 ------------ ------------ Gross Profit 10,883,946 11,116,308 ------------ ------------ Selling Expenses 5,652,234 5,383,266 General and Administrative Expenses 3,355,074 3,196,274 ------------ ------------ Operating Expenses 9,007,308 8,579,540 ------------ ------------ Income from Operations 1,876,638 2,536,768 ------------ ------------ Other Income (Expense): Interest Expense (1,264,522) (1,506,921) Other 62,112 69,145 ------------ ------------ (1,202,410) (1,437,776) ------------ ------------ Net Income $674,228 $1,098,992 ============ ============ Net Income Per Share $0.02 $0.07