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
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Sales $29,669,037 $30,692,813
Cost of Sales 18,785,091 19,576,505
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Gross Profit 10,883,946 11,116,308
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Selling Expenses 5,652,234 5,383,266
General and Administrative Expenses 3,355,074 3,196,274
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Operating Expenses 9,007,308 8,579,540
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Income from Operations 1,876,638 2,536,768
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Other Income (Expense):
Interest Expense (1,264,522) (1,506,921)
Other 62,112 69,145
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(1,202,410) (1,437,776)
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Net Income $674,228 $1,098,992
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Net Income Per Share $0.02 $0.07
