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S.A.L. Releases Annual Report to the Shareholders
Hamilton, Bermuda: 26th May 2005 - In fiscal 2005, S.A.L.'s operations responded to the increasing product demands of the construction sector, by supplying the greatest ever volume of goods and materials in the Company's history.
Total sales revenue reached a record level at $ 26.558 million (2004 - $22.325 million) and even allowing for cost challenges on a number of fronts, we have posted a net operating income of $ 4.589 million (2004 - $4.032 million). This represents a 13.81% increase over last year's net operating income. After General & Administrative expenses, net income at $3.055 million (2004 - $2.709 million) rose by 12.77%.
Bottom line net income of $ 5.758 million includes a $ 2.703 million gain from the sale of various lots of land in the Southampton Industrial Park, which were not integral to our operations.
In view of all of the above and taking into account our robust cash flow from operations of $ 1.408 million and our cash balance at year-end at $ 3.232 million, your Directors have voted to declare a final dividend for fiscal 2005 of $ 9.50 per common share. Your directors have again given careful attention to the fact that our growth appears to in no way jeopardize our future financial strength,
The new Concrete Block Factory spoken of in the 2004 Annual Report is presently nearing completion at Wilkinson Quarry. A major component of capital expenditure this year and in the first part of next year relates to the purchase and installation of the physical plant for this new production outlet. The project is on target for a production start-up in June 2005. This new facility will enable the Company to supply an improved quality of product with a significant increase in production capability. In this manner it will offer us the ability to meet the demands of the entire construction industry.
All divisions of the company made significant strides in gaining market share these gains are reflected in the improved trading position. The introduction of Ace Paint to the market, by way of our new and improved paint shop, has been an exciting and successful introduction. We look forward to better things to come in our improved ability to meet the requirements of our customers, whether new or old.
Demand from our contractor base has necessitated the expansion of the contract sales department. This expansion will allow us to introduce more products to reach our goal of supplying materials from the foundation to the roof.
Strategically we are now in a position to build on and benefit from the structural improvements and planning processes that have been put in place during the passed year. Procedures, we believe, that will allow us to be in an even better position to meet the ever-growing demands of the marketplace.
S.A.L. employees led the way to our success, and as we continue to grow we will continue to maximize the potential for our employees to grow with us. By creating new opportunities for people across the company, and developing a team with the experience and expertise to guide us into the future.
As always it is our pleasure to thank our loyal customers for giving us this opportunity to partner in their business needs.
Signed by: