"The financial statements for the year ending 30th June, 20001 show a profit of $665,752.00, which is an increase of $136,743.00 on the previous year.
The Board recognizes that the Company enjoyed a reasonably successful year with the Restaurant showing positive gains, improving from $202,654.00 in 2000 to $364,634.00 in 2001. We are fortunate to have excellent staff and Mr. John Ferris continues to steer the Restaurant back to profitability. At this juncture the Board wishes to take the opportunity to thank Mr. Ferris and his staff for a successful year.
In respect of the Pantry, we are fortunate to have an employee of over 15 years' standing in Mr. Anthony Faries under whose management the Pantry continues to perform consistently. The Beach under the management of Mr. Louis Ooi improved on the cost of sales and with the additional investment in inventory, we anticipate this will result in an improved bottom line.
Whilst earnings in the last year have improved, we cannot ignore the consequences of the diabolical acts of September 11th. Subsequent to year-end, July and August posted excellent figures giving rise to the hope that this would be a banner year. However, we must advise that our projections are off by as much as 40% subsequent to September 11th which has resulted in the Board deferring any decision on declaration of dividends until Spring of next year. The Board is cognizant that dividends are paid on the previous year's earnings but the Board remains concerned by the grim forecast for tourism recently annunciated by the Government Economic Advisor. Accordingly, prudence dictates the Company maintain its cash reserves, especially over the winter months in the hope that there will be positive indicators in the Spring.
We anticipate holding our AGM in the first week of February, 2002 and you will be advised of the specific date.
In closing, the Board considers it appropriate to express our appreciation to all staff who, in these uncertain times, continue to put on a brave face and maintain positive service standards."
Signed, W. Paul King, President and Chief Executive Officer.
Accompanying financial statements note Earnings Per Share to be 1.33 for 2001 as apposed to 1.05 in 2000.