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Long Botham Boats Releases President's Report
Hamilton, Bermuda: 3rd December 2004 - Long Botham Boats Company Limited (LBB.BH) released the following President's Report to the Bermuda Stock Exchange (BSX).
"The Company recorded a combined net profit of $800,660.00 which represents 23.8% increase on the previous year. The Board wishes to point out to shareholders that the Beach Concession was not renewed and clearly next year's figures will be dramatically impacted by the loss of such revenue. Fortunately, this will, in time, be offset by revenue from the Company's subsidiary, Little John Limited, the owner and operator of the Robin Hood Pub and Restaurant. Further, due to changes in accountancy rules, goodwill is no longer depreciated which has had the effect of "artificially" boosting our net profit.
Tourism spending remains inconsistent and the re-opening of the Fairmont Southampton Princess and Wyndham have not generated the anticipated levels of business. Nevertheless, we remain optimistic the next year, now that the U.S. election is over, will be a better year. In the interim, we are encouraged by the level of local support and consider this a positive sign as we go into the winter months.
The Pantry has improved 23.5% in net profit on last year and remains a constant profit earner. As previously mentioned, the Robin Hood business continues to meet expectations and with the emphasis on beverage, is proving to be a welcome complement to the restaurant.
The Board has determined that it is in the Company's best interest to delist from the Bermuda Stock Exchange. The Company has enjoyed a positive association with the Exchange but given we no longer operate a public facility, some of the reasons for being on the Exchange are no longer valid. Further, the disclosure requirements place us at a competitive disadvantage vis-Ã -vis other food and beverage operators. We have also noted that there is no significant share activity and the Exchange is not our traditional source of capital. Another benefit will be the reduction in audit fees given we are no longer a public company. We must point out that there are certain disadvantages to delisting, most notably, shareholders will lose the benefit of stamp duty exemption on share transfers. Also, shareholders will lose the public market for their securities and the investor protection set out in the Exchange's listing regulations. However on balance, the Board has determined that the reasons in favour of delisting outweigh those against."
Signed, W. Paul King, President and Chief Executive Officer