Business
Antigua Enterprises Inc. Announces Financial Results for Fiscal Year Ended April 30, 2007
Antigua Enterprises Inc. Announces Financial Results for Fiscal Year Ended April 30, 2007.
About this update from Helius Minerals Limited
[{"type":"text","content":"\n\n\n\nPEORIA, ARIZ., August 30 /CNW/ - Antigua Enterprises Inc. (Pink Sheets:\nANTGF) (TSX VENTURE: ANE) reports financial results for the year ended April\n30, 2007.\n\n\nAntigua Enterprises Inc. had a very positive fiscal year from May 2006\nthrough April 2007. The Antigua brand maintained its momentum in the\nmarketplace and the Company added the Slazenger brand and the Dunlop brand to\nits portfolio.\n\n\nSales results for fiscal year 2007 were significantly ahead of previous\nperiods. The sales growth was driven by our Licensed Sports division and our\nGolf division. The Licensed channel grew by 16% or $3.2 million in sales over\nfiscal year 2006. The Golf division grew by 12% or $1.5 million in sales over\nfiscal year 2006. Sales in both divisions have been fueled by new products and\nnew fabrications, continuing focus on outstanding customer service and in\nstock inventory positions.\n\n\nAs a percentage of sales, income before income taxes dipped slightly in\nfiscal year 2007 as compared to prior periods. The decrease was primarily\nattributable to royalty and production costs on licensed sales as well as our\ninvestment in selling and marketing to maintain the positive momentum of the\nAntigua brand and to pre-launch the Slazenger and Dunlop brands. Overall\nprofitability remains strong and the Company is well positioned for future\nperiods.\n\n\nOne result of our positive profitability trend line is the Company's\ndecision to reverse its valuation allowance on future tax assets as it now\nappears that those assets will more likely than not be utilized before\nexpiring. The recognition of this tax benefit had a dramatic one-time impact\non our net income for fiscal year 2007 and is not reflective of future\nresults. Excluding the effect of the tax benefit the Company's net income as a\npercentage of sales and earnings per share are consistent with prior period\nresults.\n\n\nFiscal year 2007 was successful in sales, profits, distribution growth\nand brand awareness growth. Our sights are now set on new opportunities for\nfiscal year 2008 with three distinctive brands to design and distribute.\n\n\nConsolidated Statements of Income for the Fiscal Years ended April 30,\n2007 and April 30, 2006 (in U.S. Dollars):\n\n\nDue to the Company's change in fiscal year end, fiscal year end April 30,\n2006 results are unaudited an...