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BAS Report From Management For The First Six Months Of Fiscal 2007
Hamilton, Bermuda: 01 November, 2006 -- "The first six months of fiscal 2007 has been truly outstanding. Again, we are able to report record setting results as we make progress toward our long term objectives.
Revenues for the period ending September 30, 2006 were up 3% to $19 million. Whilst income from operations fell 9% to $2.3 million, net earnings of $2.4 million for the group were 26% higher. Expenses for the period ending September 30, 2006 rose 7% to $12.7 million.
These numbers clearly underscore the momentum of Bermuda Aviation Services Ltd. (BAS), and indicate how well positioned we are to continue building on a great organization. They also reflect the strong performance across the entire group of Companies.
Benefiting from increased flight activity earnings at Aircraft Services Bermuda Ltd. (ASB) were 1% better than those posted a year ago. Earnings in the Company for the next six months are expected to moderate.
BAS-Serco earnings were ahead 6% for the period against revenues that were 4% higher. The transfer of the Company's aircraft rescue and firefighting unit to the Bermuda Fire Service is expected to take place in April 2007 and BAS-Serco is assisting government with the transition to ensure a smooth transfer and is optimistic of retaining some of the support services upon completion. Any revenue impact will not be felt until fiscal 2007/08. We are pleased to report that Butterfield Bank has renewed the Company's contract to provide facilities maintenance for a further five years to 2011, as has our contract with the Bermuda Government.
Results in IBC Ltd. were also much improved despite downward pressure from increased fuel surcharges for the carriage of freight and parcels. The steady growth in the Company is very encouraging.
Crow Lane Bakery Ltd. earnings were on plan; however there has been a slight decline in sales due to the closure of the East Broadway outlet. There is still work to be done to reduce other overheads.
Weir Enterprise Ltd had a remarkable first half with revenue being increased 6%. The Company continues to meet the needs of the motoring public for good quality car and truck parts and services resulting in improved earnings.
BAS continues to create value for it shareholders and this strong performance has enabled us to make a further substantial return to our shareholders. Dividends are to be increased 14% or 4 cents per annum effective November 10."
Per Share Amounts
2006 2005
Income per share $0.59 $0.74
Income per share has been calculated on 4,024,512 (2005 - 2,537,041) shares, being the weighted average number of shares after giving retroactive effect to the stock split effective November 15, 2005 and the rights issue of January 31, 2006.
Eugene Bean
Group President