This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.
Bermuda Bakery Limited Six Month Unaudited Financial Results for the Period Ending June 30, 2005
Hamilton, Bermuda: 16th August 2005 - The unaudited consolidated net income for the Bermuda Bakery Limited for the first six months of 2005 was $485,154 compared to $929,362 last year.
The last year's net income of $929,362 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.
Operating income increased by $528,446 or 460.5% to $413,703 compared to an operating loss of $114,743 in year 2004.
The Belvedere Building and investments 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 $1.06 million is $1.3 million less than the first six months of 2004 due to the closure of the Bakery Division in June 2004.
Earnings were $1.68 Per Share for the first half of 2005 compared to $3.24 Per Share in the first six months of 2004.
Total assets increased by 3.6% or $210,602 and Shareholder's equity increased by 5.2% or $296,000 during the first six months of the year compared to the same period in year 2004.
Revenue and profits are expected to increase during the second half of 2005 due to the short-term rental of the rest of the Bakery property and increased parking revenue. The Company is continuing to evaluate its options for the future utilization of the Pitts Bay Road property, which is the largest undeveloped commercial property west of Hamilton.
2005 2004
Total Revenue $1,064,222 $2,364,427
Operating Income $ 413,703 -$ 114,743
Net Income $ 485,154 $ 929,363
Earnings Per Share $1.68 $3.24
David A.J. White
Chairman of the Board