;
Home / Knowledge / News / Apparel/Garments / Antigua posts financial results for fiscal year ended April 30
Antigua posts financial results for fiscal year ended April 30
09
Sep '08
Antigua Enterprises Inc announces financial results for the year ended April 30, 2008.

Like many companies, Antigua's operating results and financial condition in 2008 were negatively affected by the unfavorable economic climate of the past fiscal year, resulting in a net loss of $1.9 million (which becomes net income of $0.9 million when adjusted for non-cash charges). However, Antigua effectively maintained the presence of its brand in the marketplace and increased its top line revenue over fiscal year 2007.

Antigua's sales for fiscal year 2008 were $53.6 million versus $51.4 million in 2007, an increase of 4.2%. The sales growth was driven by the Golf and Licensed Sports divisions. Golf division sales grew $1.1 million, or 8%, over 2007. Licensed division sales grew $1.6 million, or 7%, over 2007. Unfortunately, these gains were partially offset by a $1.0 million decline in sales for the Corporate division, which was 8.7% below 2007.

Antigua's sales grew during the first half of fiscal year 2008, but slowed in the second half of the year as customers tightened inventory buys in response to the economic downturn.

The Company undertook an impairment review which resulted in a write off of goodwill and a non-cash charge of $4.6 million. This charge resulted in a net loss of $1.9 million for fiscal 2008.

Excluding the effects of the goodwill impairment, adjusted earnings were $0.9 million. Although significant, this goodwill impairment non-cash charge did not affect Antigua's cash flows from operations, liquidity, or debt covenants, and is not expected to impact Antigua's future operations.

Antigua Enterprises Inc


Must ReadView All

Japanese capital pouring into textile, garments in Vietnam

Apparel/Garments | On 12th Dec 2018

Japanese capital pouring into textile, garments in Vietnam

Several Japanese companies, including Itochu and Sakai Amiori, are...

Chanel bans fur, exotic animal skins in its products

Fashion | On 12th Dec 2018

Chanel bans fur, exotic animal skins in its products

French fashion retailer Chanel recently announced it will stop using...

Apparel, footwear brands failing to tackle exploitation

Apparel/Garments | On 12th Dec 2018

Apparel, footwear brands failing to tackle exploitation

Apparel and footwear firms are failing to tackle exploitation of...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

It will take some time for the people to change their buying choices

Saket Garg, Garg Corporation

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Cyril Pereira, Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Vikram Saria,

Vikram Saria

Shanghai-based Aura Designs Ltd is a leading manufacturer of textile and...

John Kelley,

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Rajat Jaipuria,

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Eric Scholler, Groz-Beckert

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Marten Alkhagen, Swerea IVF AB

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Mr Hartmann Huth, Trevira GmbH

Mr Hartmann Huth
Trevira GmbH

Trevira GmbH is an innovative European manufacturer of high-value branded...

Akta Adani, India Boulevard

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Adriano Goldschmied, AG Jeans

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


December 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search