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Kentucky Fried Chicken (Bermuda) Limited Report to Shareholders Six Months Ended - July 31, 2006
Hamilton, Bermuda, December 19, 2006 - Net income for the six months ended 31st July 2006 amounted to $208,102 compared with $267,962 in the six months ended 31st July 2005. Sales in the six months ended 31st July 2006 were slightly lower than those for six months ended 31st July 2005 by $3,117. Due to modest price increases on certain food items and control over the cost of the menu items, gross profit increased by $24,166 over the same period in 2005. Payroll costs have increased by $28,974 over the same period in the prior year. Operating expenses increased by $10,617 from the same period in the previous year, largely due to the net result of a $14,765 increase in electricity costs.
Dividend payments were as follows:
Payment date Shareholders of record date Amount
15th April 2006 31st March 2006 $0.20 per share
15th July 2006 30th June 2006 $0.10 per share
While it is still our intention to repurchase shares from time to time to reduce the shares outstanding to a more acceptable level, none were repurchased this year to date.
At 31st July 2006 cash resources amounted to $1,708,298 compared with $1,675,791 at 31st January 2006. Total liabilities amounted to $314,671 compared with liabilities of $315,073 at 31st January 2006. Shareholders' equity at 31st July 2006 amounted to $2,421,497 or $4.09 per share compared with shareholders' equity of $2,390,965 or $4.04 per share at 31st January 2006.
On behalf of the Board I would like to pay tribute to all our staff for their hard work. I would particularly like to thank Frank Seuss, General Manager, Tracy Robinson, Assistant General Manager, and Jerome Talbot, Operations Manager, who have worked hard to improve sales and earnings. I would also like to express our appreciation to Graham Redford, Marketing Consultant, for his help and advice.
We look forward to the second half of the 2006 fiscal year with optimism and hope that the steps we are taking to improve our facilities will continue to generate increased sales and profits in the future.
My thanks to Llewellyn Petty and my fellow Executive Directors, Crayton Greene, Susan Wilson, Bill Thomson and Kevin Gunther for their contribution and assistance during the past six months.
Donald P. Lines, OBE, FCA, JP
Chairman