"The un-audited consolidated financial results for the Bermuda Bakery Limited, including its wholly owned subsidiary Bermuda Bakery (Operations) Limited for the first nine months of 2002 show a Net Income of $473,738 compared with $516,415 for the same period last year.
The Rental division continues to perform as expected through the third quarter with overall division profits reflecting a solid tenant base and continuing cost controls. A major capital improvement project has just been completed with the installation of a modern electrical distribution system and new power supply transformer. The completion of this project brings state of the art power supply to the tenants and was completed with no disruption to any office work schedule.
Total revenue, from both divisions for nine months 2002, of $4,5 Million is 1.9% less than the same period of 2001 while Operating expenses are lower by 1.2% in this same period. Earnings per share for the nine months 2002 declined by 8.8% from $1.81 per share in 2001 to $1.65 per share in 2002.
The Company declared $0.25 per share dividend in the last two quarters of 2002 and similarly the Board of Directors have authorized a dividend of $0.25 for the third quarter on those share of record of November 8, 2002 and payable November 15, 2002."
Signed,
James A. Pearman
Chairman and President