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BAS Reports Unaudited Six Months Results
"The six months results for our company are good, but with the recent catastrophic event that affected all of Bermuda, and the resulting loss of revenues, they are below those of the same period a year ago.
The majority of the decline in revenue can be attributed to Hurricane Fabian, which caused the closure of the airport for several days and greatly reduced the number of flights operated for many weeks. 90% of the $0.4m decline in revenue for the six months was experienced during the month of September.
With consolidated revenue for the first six months down 4% or $0.4m, expenses decreased slightly by 0.5%, resulting in an operating profit from continuing operations of $1.2m which was 24% lower than that of the same period in 2002. Net income for the period was down $0.4m or 29% to $1.1m.
Revenue in our aircraft services segment increased 3% for the period, resulting in a 4% increase in its contribution to operating earnings. The food service segment however, saw a decline of $0.5m or 13% in revenue and an operating loss of $0.3m. Included within this segment is Crow Lane Bakery Ltd. which, despite experiencing only a 1% increase in revenue, increased its operating profit by 57% over 2002. The performance of Weir Enterprises Ltd. remains solid with its contribution to operating profit matching that of 2002.
As we move to divest of our interest in the business of D. E. Mortimer & Co. Ltd., we have ceased to recognize the income of this company and show it as a discontinued operation. Revenues realized from the continued administration of the company are recognized as other income.
As a result of flight schedules having been reduced earlier and more severely than usual our aviation business will experience a reduction in earnings for the full year. Performances in all other businesses are expected to meet or exceed plan. We do expect our financial results for the full year although lower, to be solid."
Signed by:
J. Patricia Lynn
Vice Chairman