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Bermuda Press Holdings Release Interim Six-Month Report
Hamilton, Bermuda: 30th June 2005 - The Bermuda Stock Exchange (BSX) has received an interim financial report from Bermuda Press (Holdings) Limited for the period ended 31 March 2005.
In his report to Shareholders, Company President Roger Davidson states, "Net income from operations for the six months ended 31st March 2005 was $1,079,393 which compares with $1,603,398 for the same period in the previous year. The net income for the period is $1,015,457 less than the previous year, but $491,272 of this shortfall is accounted for by the gain on sale relating to the acquisition of The Bank of Bermuda Limited by HSBC Holdings plc which occurred last year.
The remainder of the shortfall relates primarily to the Commercial Printing Division and the Newspaper Division which have both been affected by the slackening commercial environment in Bermuda.
Subsequent to the merger with Engravers Limited, which was effective 1st February 2005, management has been working on the assimilation of Engravers into our operations and for the two months to 31st March 2005 a small loss has resulted. In the short term, there will be expenses and events associated with the merging of Engravers. However, we hope and expect that there will be long term benefits to your Company.
While revenue was similar to last year, expenses primarily driven by wages, benefits, electricity and paper have increased rapidly. We depend upon our managers, staff and technology to control costs and continuing effort will be made in this regard.
Investments in construction buoyed by current interest rates continue to drive the economy in spite of the potential chilling effect of recent United States legal proceedings against multinational firms which have Bermuda connections.
We anticipate that net profit during the next six months will be lower than the similar period last year but greater than 2003.
The total interests of all directors and officers of the Company in the shares of the Company at 31st March 2005 amount to 104,521 shares. No rights to subscribe for shares in the Company have been granted to or exercised by any director or officer.
The directors and management of your Company are very much aware of the efforts of all employees who make your Company what it is. Your Board of Directors endeavours to provide them with the tools, incentives and environment to achieve results which will be a credit to all involved, and to satisfy the expectations of shareholders whose support we in turn acknowledge."
Report highlights show Revenue at $15,558,581 up from $15,551,274 for the same period last year, Net Income from Operations fell from $1,603,398 to $1,079,393. Minority Interest up from $94,498 to $94,678. Net Income for the period was down from $2,000,172 to $984,715 while earnings per share fell from $1.45 to $0.71 cents. A 37 cents per share dividend was paid for the period, compared to 32 cents last year.
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For more information, on the Bermuda Stock Exchange (BSX), contact Joanne DeRoza at 1-441-292-7212 or jderoza@ bsx.com. Information is also available at www.bsx.com, on Bloomberg at BSX
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