We report high-resolution angle-resolved photoemission spectroscopy (ARPES) on [Formula presented]. The band structure determined by ARPES shows a 1 eV energy gap at the [Formula presented] point between the valence and the conduction bands. We found a small electron pocket at the [Formula presented] point, whose carrier number is estimated to be [Formula presented], in good agreement with the Hall resistivity measurement with the same crystal. The experimental results are discussed in comparison with band structure calculations and theoretical models for the high-temperature ferromagnetism. © 2003 The American Physical Society.