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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


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