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Bermuda Bakery Limited Six Month Unaudited Financial Results For Period January 1 To June 30, 2004
"The unaudited consolidated net income for the Bermuda Bakery Limited and the Bermuda Bakery (Operations) Limited for the first six months of 2004 compared to last year increased by $847,959 (1042%) to $929,363.
The Bakery Division restructuring that began in September 2003, which included the closure of the Bakery Division and the sale of some of its assets in early June 2004, has now been completed.
The net income of $929,363 reflects the net result of redundancy pay, disposal of assets and inventories, a one-time gain of the sale of the Bank of Bermuda shares ($1,089,904), and the special dividend ($225,282) received after the purchase of Bank of Bermuda by HSBC.
The Belvedere Building, and other holdings and investments of the real estate division, continue to perform well as a result of the significant improvement in the control of costs and the capital investments made to improve energy efficiency over the past two years.
Total Revenue of $2.36 million is $488,826 (17.1%) less than the first six months of 2003 due to the reduced sales of bakery products and the closure of the Bakery Division during this period.
Earnings were $3.24 Per Share for the first half of 2004, an increase of $2.91 (1017%) compared to $0.29 Per Share in the first six months of 2003.
Revenue and profits are expected to increase during the second half of 2004 due to the short-term rental of part of the Bakery property and increased parking revenue. The Company is evaluating its options for the future utilization of the Pitts Bay Road property, which is the largest undeveloped commercial property west of Hamilton.
The Board of Directors thanks all the Shareholders for their patience and support during this challenging time while the Company has gone through a difficult restructuring. The Company is pleased to announce that it will resume its quarterly dividends and a $0.25 Per Share Dividend will be paid as of record on the 10th of August and payable on 20th of August 2004."
2004 2003
Total Revenue $2,364,427 $2,853,253
Net Income $ 929,363 $ 81,404
Earnings Per Share $3.24 $0.29
Signed by:
David A.J. White
Chairman of the Board