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BCS Investments Limited Issues Report For The Half-Year Ended 30th April 2004
"The company's name was changed to BCS Investments Limited (as was reported earlier), to avoid confusion with the continuing operations of Bermuda Computer Services Limited. The year-end of the company was also changed to 31st October to allow us to provide shareholders with a better understanding of the financial position of the company and its operations up to the date of the sale of the subsidiaries on 3rd October 2003 and its present position.
In November 2003 the Directors approved the payment of a partial distribution of the proceeds of the sale of the operations of Bermuda Computer Services Limited in the amount of $3,000,000 ($10 per share) to shareholders of record on 31st October 2003.
In accordance with the terms of the amalgamation agreement, BCS Investments was required to keep $2,000,000 on deposit until March 31st, 2004. The purchaser had until this date to make any claim against BCS Investments Limited for certain warranties. No claims were in fact made by the purchaser, and the $2,000,000 was released and re-deposited by the company on 1st April 2004.
Financial Results:
Earnings of the company for the six months ended 30th April 2004 amounted to $3,252 compared with a loss from continuing operations of $(59,250) for the ten months ended 31st October 2003.
Revenue consists of investment income and consulting services. Total investment income for the six months ended 30th April 2004 was $12,455 as compared with investment income of $18,459 for the ten months ended 31st October 2003. Consulting services revenue arises from work done for a related company by the sole remaining employee of BCS Investments Limited. It is anticipated that this last employee will leave BCS Investments in June and no further income of this nature will be generated. Assuming the shareholders approve the directors recommendation to pay on 15th June a dividend of $7.50 per share ($2,250,000) to shareholders of record on 7th June, the company is expected in future to earn minimal investment income.
Total assets at 30th April 2004 amounted to $2,757,038 including cash and short-term deposits of $2,700,522 compared with total assets of $6,132,015 at 31st October 2003, which included cash and short-term deposits of $6,085,736. Total liabilities amounted to $46,195 at 30th April 2004 compared with total liabilities at 31st October 2003 of $3,424,424, which included the dividend payable of $3,000,000. Shareholder's equity at 30th April 2004 was $2,710,843 compared with $2,707,591 as at 31st October 2003."
Company Chairman, Mr. Donald P. Lines, OBE, FCA, JP submitted the report