"The un-audited, consolidated, financial results of the Bermuda Bakery Limited and the Bermuda Bakery (Operations) Limited for the first six months of 2002 show a Net Income of $347,073 compared with $288,048 for the same period last year.
The Bakery Division (Operations) continues to show a loss in the first six months as the company comes under heavy pressure from many small bakeries and a competitive retail sector. Total Sales declined by 3.2% in this period, however price increases, cost controls and reduced operating expenses partially offset the effect of the lower sales volume
The Rental Division continued to perform well for the first six months. This reflects a modest increase in rents combined with continuing improvements in the efficiency of building controls and capital investments designed to improve energy efficiency.
Total revenue, from both divisions, for six months 2002 of $3 million is 0.7% ($22,090) less than the first 6 months of year 2001 while Operating expenses have improved by 2.9% in this same period. Earnings per share for six months 2002 rose $0.20 or 20% to $1.21 per share compared to $1.01 per share in 2001.
The company declared $0.25 per share dividend in the first quarter of the year. Similarly the Board of directors has authorized a dividend of $0.25 per share for the second quarter on those shares on record of August 9th, 2002 and payable August 16th, 2002."
Signed
David A.C. White
Vice Chairman of the Board
Bermuda Bakery Ltd.