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Long Botham Boats Releases President's Report
"The Company recorded a profit of $651,695.00, which represents a modest decline of $14,057.00 on the previous year. Having regard to the difficulties experienced in Tourism, post 9/11/01/ the Board is satisfied with the Company's performance as such decline was dramatically less than projected. While there was a significant reduction in income, Management was able to offset this decline with a substantial reduction in expenditure and excellent cost management. The Company also benefited greatly from the Government initiated payroll tax relief, which proved to be a blessing in this difficult year. On a brighter note, the Company's long term debt has been reduced by $615,822.00 from $1,573,267.00 in 1999 to $957.445.00 as a 30th June 2002.
In closing, we would advise that business remains steady for the first quarter."
Signed, W. Paul King, President and Chief Executive Officer