Antigua Enterprises Inc.
TSX VENTURE : ANE
Pink Sheets : ANTGF

Antigua Enterprises Inc.

October 28, 2005 17:14 ET

Antigua Enterprises Inc. Announces Third Quarter Financial Results

PEORIA, Ariz.--(CCNMatthews - Oct 28, 2005) -

Antigua Enterprises Inc. (Pink Sheets: ANTGF) (TSX: ANE) reports financial results for the third quarter ended Sept. 30, 2005.



Consolidated Statements of Operations (in U.S. Dollars):

Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
------------------------- -------------------------
2005 2004 2005 2004
------------ ------------ ------------ ------------
Sales $12,240,061 $12,302,435 $34,841,731 $33,944,511
Cost of Sales 7,770,916 7,797,780 21,810,470 21,303,086
------------ ------------ ------------ ------------
Gross Profit 4,469,145 4,504,655 13,031,261 12,641,425
------------ ------------ ------------ ------------

Selling Expenses 2,493,108 2,481,841 7,099,085 6,765,297
General &
Administrative
Expenses 1,246,814 1,100,182 3,515,033 3,327,828
------------ ------------ ------------ ------------
Operating Expenses 3,739,922 3,582,023 10,614,118 10,093,125
------------ ------------ ------------ ------------

Income from
Operations 729,223 922,632 2,417,143 2,548,300
------------ ------------ ------------ ------------
Other Income
(Expense):
Interest Expense (356,758) (348,672) (1,014,160) (1,059,926)
Other 21,750 26,461 59,415 73,998
------------ ------------ ------------ ------------
(335,008) (322,211) (954,745) (985,928)
------------ ------------ ------------ ------------
Income Before
Income Taxes 394,215 600,421 1,462,398 1,562,372
Provision for
Income Taxes 59,132 - 219,360 -
------------ ------------ ------------ ------------

Net Income $335,083 $600,421 $1,243,038 $1,562,372
============ ============ ============ ============

Net Income Per
Share $0.01 $0.01 $0.03 $0.04

Weighted Average
Common Shares
Outstanding 42,839,185 41,999,202 42,714,572 41,999,202



During the second quarter, the company determined its procedures to expense certain selling and marketing costs during interim periods were not correct. Previously costs were expensed in the periods management believed would receive the benefit of the expenditures. The correct procedure is to expense the costs when incurred. Operating income shown above has been restated to reflect the correct procedures.

Contact Information

  • Antigua Enterprises Inc., Peoria
    Gerald K. Whitley, 623-523-6000