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West Hamilton Announces Results Of First Quarter
Hamilton, Bermuda, April 20, 2007 - In an announcement made to the Bermuda Stock Exchange (BSX) West Hamilton Limited (WHL.BH) announces results for the First Quarter, dividends for the period and a reorganization of the share capital of the company.
First Quarter 2007 Highlights:
Revenue for the quarter was $648,988 compared to $630,560 in the first quarter of 2006 an increase of 3.1%. The result for the first quarter is in line with our forecast and is expected to be on track for the remaining portion of the year.
Net Income for the quarter was $133,448 a reduction compared with last quarter and on track with the forecast for the period. The reduction in net income is attributed, in part, to the professional planning fees for the design of the multi-use buildings included in the company's development plans.
Dividend
The Board of Directors approved the payment of a dividend to shareholders of record on April 27th, payable May 11th 2007 and suspend any further dividends until the property development plan is completed. The suspension of quarterly dividends will preserve free cash generated from current operations and will be used to support the funding requirements of the company's property development strategy.
During the fiscal period, the company will issue detail prospectus to the providers of capital funds, including current shareholders, to finance development of the property around the Belvedere building. The estimated cost of this development is $80 million which is expected to be phased over several years. The development includes the construction of four new buildings around Belvedere Place and will yield approximately 105,000 square feet of office space, 40,000 square feet of residential space, 8,000 square feet of retail space and underground parking for 215 cars.
Reorganization of the share capital.
The Directors have approved a resolution to reduce the par value of the authorized share capital of the company from $5.00 par value to $1.00 par value. During this quarter, the company will follow the necessary corporate procedures to cause an exchange of each $5.00 par value share issued to the shareholders for 5 new shares of $1.00 par value.
About the company
West Hamilton Limited, formerly Bermuda Bakery Limited, was for many decades in the business of making bread and related products, until 2004 when the company ceased to be a bakery and changed its name to West Hamilton Limited. Henceforth, the primary assets comprising of real estate holdings with an estimated value of approximately $24 million was incorporated in a reengineered business strategy, focusing on the development of the real estate to create value for shareholders.