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Masters Limited Advises Of Year End Results And Special Dividend
Hamilton, Bermuda: March 29, 2006 - At a meeting of the Board of Directors held today, March 29th, 2006, the financial statements for the year ended January 31st, 2006 were approved for presentation to the auditors. At that same meeting it was resolved to pay an extra dividend in the amount of $0.25 cents per share to be included with the regular half-yearly dividend in the amount of $0.20 cents per share to shareholders of record as at April 12th, 2006 and payable on April 26th, 2006.
The balance sheet of Masters Limited continues to strengthen. Total assets as at January 31st, 2006 amounted to $24,810,693 compared with $22,931,400 at the same time last year. Current liabilities totaled $1,472,122 as at January 31st, 2006 compared with $1,178,105 a year ago.
Shareholders; equity has increased from $21,690,248 ($16.19 per share) to $23,338,571 ($17.42 per share).
Again we must remind shareholders that the real estate is recorded at written-down value based on historical cost; the investment in the affiliated company (the owner of Clarendon House) is based on fixed assets valued at written-down historical costs. The Board of Directors has not made any estimates of the current realizable value of the Company's real estate holdings. In addition, there are provisions for possible losses on realizing receivables and inventories in the Company's balance sheet; these provisions continue to reflect a conservative valuation of these assets.
Earnings for the year amounted to $2,455,834 ($1.83 per share) compared with $2,015,114 ($1.60 per share) last year. Dividends for the year amounted to $0.60 per share.
During the year the Company managed to buy back only 280 of its own shares (as compared with 11,600 the previous year). The Board of Directors today also renewed the resolution for the Company to buy back up to 100,000 of its own shares; the Company will continue to make an offer for its shares through the Bermuda Stock Exchange at prices which it considers attractive.
The Board of Directors expressed their appreciation for the contribution made by the Management and Staff towards the results for this year.
- Susan D. Wilson, C.A., J.P.,
President and Chief Executive Officer