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WEST HAMILTON LIMITED (Formerly Known As Bermuda Bakery Limited) Unaudited Financial Results
Hamilton, Bermuda, August 2, 2006 -- WEST HAMILTON LIMITED (Formerly known as Bermuda Bakery Limited) Six Month Unaudited Financial Results For Period January 1st to June 30th, 2006. The shareholders of The Bermuda Bakery, Limited in their Annual General Meeting on July 11 2006 have approved a resolution to change the Company's name to
West Hamilton Limited.
The change of name was approved and registered by the Registrar of Companies on the 14th of July 2006. The Company's address and phone numbers will remain the same as The Bermuda Bakery Limited.
The Shareholders and the Board feel that the old name did not reflect the Company's current activities and its future plans to develop the Pitts Bay Road site, which is the largest undeveloped commercial property west of Hamilton. More information about the new development will be announced in the near future.
The unaudited net income for the Company for the first six months of 2006 was $587,793 compared to $480,608 last year, an increase of 22%. Operating income increased by $88,093 or 21% to $501,710 compared to $413,617 last year.
Total Revenue of $1.26 million increased by $198,972 or 19% during the first six months of 2006 due to increased revenue from the old Bakery Building and parking.
Total assets have increased by 13% or $796,890 and Shareholder's equity increased by 13% or $793,941 from June 30, 2005.
Earnings were $2.04 Per Share for the first half of 2006 compared to $1.67 Per Share in the first six months of 2005. Dividends paid amounted to $202,146 or $0.70 per share in the first six months of this year compared to $0.50 per share in the same period in year 2005.
2006
2005
Total Revenue
$1,263,195
$1,064,221
Operating Income
$501,710
$413,617
Net Income
$587,793
$480,608
Earnings Per Share
$2.04
$1.67
David A.J.G. White