Antigua Enterprises Inc. Announces Financial Results for Six Months Ended June 30, 2002.Business Editors PEORIA Peoria (pēôr`ēə). 1 City (1990 pop. 50,618), Maricopa co., central Ariz., a suburb of Phoenix; settled 1897, inc. 1954. , Ariz.--(BUSINESS WIRE)--Aug. 1, 2002 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. (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 six months ended June June: see month. 30, 2002. Operating highlights are as follows: -- Net sales totaled $21.1 million compared to $20.5 million in 2001. -- Gross profits were $7.6 million compared to $7.3 million in 2001. -- Operating income was $1.8 million compared to $1.2 million in 2001. -- Net income was $832,489 compared to $181,700 in 2001. The company has significant indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. that matured in May 2000 ($4.1 million) and January January: see month. 2001 ($6.0 million). The company has not paid this indebtedness and has been unable to extend the maturities. The company continues to examine alternative means of repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan , which include additional borrowings from new or existing lenders, conversions of debt to equity or the sale of new equity.
Consolidated Statement of Operations for Six Months Ended
June 30, 2002 & 2001 (in U.S. Dollars)
2002 2001
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Sales $ 21,129,780 $ 20,498,052
Cost of Sales 13,539,872 13,208,021
Gross Profit $ 7,589,908 $ 7,290,031
Selling Expenses 3,662,193 3,441,350
General and Admin. Expenses 2,124,770 2,236,595
Amortization of Goodwill - 373,068
Operating Expenses 5,786,963 6,051,013
Income from Operations $ 1,802,945 $ 1,239,018
Other Income (Expense):
Interest Expense $ (1,015,172) $ (1,115,722)
Other 44,716 58,404
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(970,456) (1,057,318)
Net Income $ 832,489 $ 181,700
Net Income Per Share 0.06 0.01
Weighted Average
Common Shares Outstanding 14,699,722 14,699,722
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