Antigua Enterprises Inc. Announces Financial Results for Fiscal Year Ended April 30, 2007.PEORIA Peoria (pēôr`ēə). 1 City (1990 pop. 50,618), Maricopa co., central Ariz., a suburb of Phoenix; settled 1897, inc. 1954. , Ariz. -- Antigua Noun 1. Antigua - the largest of the islands comprising Antigua and Barbuda Antigua and Barbuda - a country in the northern Leeward Islands Antiguan - a native or inhabitant of Antigua Enterprises Inc. (Pink Sheets: ANTGF) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE: ANE) reports financial results for the year ended April 30, 2007. Antigua Enterprises Inc. had a very positive fiscal year from May 2006 through April 2007. The Antigua brand maintained its momentum in the marketplace and the Company added the Slazenger Slazenger is a British sports equipment brand name sold throughout world, involving a variety of sporting categories. Established in 1881 it can trace its roots to 1810 and today is one of the oldest surviving sporting brand names. brand and the Dunlop brand to its portfolio. Sales results for fiscal year 2007 were significantly ahead of previous periods. The sales growth was driven by our Licensed Sports division Sports Division was one of the biggest sports retailers in the United Kingdom during the 1990s. In 1998 it was sold to its main competitor, JJB Sports for approximately £295 Million. It was set up by Sir Tom Hunter in 1984, to sell trainers, see article about him for more information. and our Golf division. The Licensed channel grew by 16% or $3.2 million in sales over fiscal year 2006. The Golf division grew by 12% or $1.5 million in sales over fiscal year 2006. Sales in both divisions have been fueled by new products and new fabrications, continuing focus on outstanding customer service and in stock inventory positions. As a percentage of sales, income before income taxes dipped slightly in fiscal year 2007 as compared to prior periods. The decrease was primarily attributable to royalty and production costs on licensed sales as well as our investment in selling and marketing to maintain the positive momentum of the Antigua brand and to pre-launch the Slazenger and Dunlop brands. Overall profitability remains strong and the Company is well positioned for future periods. One result of our positive profitability trend line is the Company's decision to reverse its valuation allowance on future tax assets as it now appears that those assets will more likely than not be utilized before expiring ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. . The recognition of this tax benefit had a dramatic one-time impact on our net income for fiscal year 2007 and is not reflective Refers to light hitting an opaque surface such as a printed page or mirror and bouncing back. See reflective media and reflective LCD. of future results. Excluding the effect of the tax benefit the Company's net income as a percentage of sales and earnings per share are consistent with prior period results. Fiscal year 2007 was successful in sales, profits, distribution growth and brand awareness growth. Our sights are now set on new opportunities for fiscal year 2008 with three distinctive brands to design and distribute. Consolidated Statements of Income for the Fiscal Years ended April 30, 2007 and April 30, 2006 (in U.S. Dollars): Due to the Company's change in fiscal year end, fiscal year end April 30, 2006 results are unaudited and presented only for comparison to current results. [TABLE OMITTED] |
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