This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.
Island Press Holdings Issues Interim Six-Month Report
In a statement issued with the report, President and Chief Executive Officer Randolph French stated:" The period ended March 31, 2003 has been an exciting time for the Company. During the past twelve months, the Company acquired Caribbean Publishing Company Ltd. which publishes telephone directories in the Caribbean and in United States and incorporated Industrial Electrics & Controls Ltd. in Bermuda to install, maintain, repair and replace sophisticated electrical control systems. Unfortunately, in 2002 the contract to publish the Bermuda Telephone Directory was not renewed. These six month results indicate the major changes that the Company has experienced.
Sales for the six months ended March 31, 2003 include Caribbean Publishing Company and are $8,575,845 compared with $5,115,757 for the same period last year which included the results of publishing the Bermuda Telephone Directory.
Gross profit is $3,941,280 or 46% of sales compared with $2,675,582 or 52% of sales for the previous period. The result represents the different costs associated with doing business in the Caribbean and Bermuda as opposed to doing business only in Bermuda.
General and administrative expenses are $3,484,965 compared with $1,963,247 for the previous year. A net headcount increase of approximately 80 people is the major contributor to this increase since the Company now has operations in United States, on 12 islands in the Caribbean, as well as operations in Bermuda. The Company is in a growth mode and included in these costs are post-acquisition and development costs associated with the expansion of the Company's operations into new markets in Bermuda and other jurisdictions. The Company expects to achieve significant revenues from these expenditures in future periods.
Net profit is $362,425 for the period ended March 31, 2003 compared with $566,885 for the same period in 2002 and net profit per common share is $0.73 and $1.10 respectively.
The Company is very proud of these results. Times of change and transition are challenging. The Company has accepted the change in its business in Bermuda and has moved forward aggressively to grow into new markets. At the same time, the Company has continued to be a major producer of commercial print in Bermuda, publishes the Bermuda Sun twice weekly and Preview Magazine. The Company thanks all company members, customers and shareholders for their continued enthusiasm and support."