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BAS Reports Unaudited Six Months Results
"We are pleased to report that the first six months of the fiscal year of Bermuda Aviation Services Ltd. (BAS) were very successful, despite the company having to take a significant charge due to our exiting the catering business in June.
The company posted an operating profit from continuing operations of $1.5 million, a 35% improvement on 2003. Revenue increased by $1.0 million or 13% while expenses rose by only $0.6 million or 9%. Despite $262,000 of assets being written off and $274,000 of redundancy costs, both in relation to the closure of the catering division, net earnings were ahead 4% to $1.1 million.
Each of our companies and their divisions performed to plan. A significant increase in the cost of goods over the period did temper income somewhat, but the earnings of Crow Lane Bakery Ltd. were improved 2% as sales in each sector of our client base were increased, particularly during the Easter period. The performance of Weir Enterprises Ltd. also surpassed that of 2003. Like Crow Lane, Weir Enterprises was affected by the cost of goods sold particularly those purchased from the UK and Europe.
An increase in flight activity during the summer period pushed both revenue and earnings in Aircraft Services Bermuda Ltd. (ASB) ahead of the same period a year ago. The performance for the full year in this company is not expected to be as robust as flight activity will be significantly lower going forward.
Income from BAS-Serco is set to surpass that of 2003. We can report that Argus Ltd has recently appointed the company as facility manager for their properties. This additional contract will assist in improving full year earnings. BAS has recently completed negotiations to acquire additional shares from our joint venture partner, Serco Management Services Ltd., increasing our majority ownership in BAS-Serco effective December 1, 2004.
We are optimistic that earnings for the next six months will improve further over these figures. As we continue to rationalized our business and exit unprofitable sections we will be able to stabilize earnings during the winter months.
A good performance with excellent results should be the aim of any company. What might be considered routine could only have been achieved through the efforts of so many in our company. We take this opportunity to congratulate all our managers and staff for their dedication and great effort, without which we would not have results like these."
Signed by: Signed by:
Michael L. Darling Richard S. L. Pearman
Co-Chairman Co-Chairman
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