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Kentucky Fried Chicken (Bermuda) Limited - Report To Shareholders
Hamilton, Bermuda: September 11, 2007 -- Net income for the six months ended 31st July 2007 amounted to $112,048 compared with $212,345 in the six months ended 31st July 2006. Sales in the six months ended 31st July 2007 were slightly lower than those for six months ended 31st July 2006 by $21,202. Gross profit decreased by $55,435 over the same period in 2006. This can be attributed to the two-week closure in April 2007 for kitchen renovations and increasing food costs. Operating expenses increased by $39,739 from the same period in the previous year. Repairs and maintenance increased by $12,445 as a result of painting and other repairs carried out during the store closure. Payroll costs have also increased by $32,534 over the same period in the prior year.
At 31st July 2007 cash resources amounted to $1,833,879 compared with $1,817,029 at 31st January 2007. Total liabilities amounted to $299,285 compared with liabilities of $292,233 at 31st January 2007. Shareholders' equity at 31st July 2007 amounted to $2,540,062 or $4.29 per share compared with shareholders' equity of $2,487,603 or $4.20 per share at 31st January 2007.
Dividend payments were as follows:
Payment date Shareholders of record date Amount
1st June 2007 23rd May 2007 $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 have been repurchased in this year to date.
We still have continuing difficulty in hiring competent full time and part-time staff despite our offering of very competitive salaries and benefits, which places additional strain on our management team. On behalf of the Board, I would 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 and our staff for their hard work.
We look forward to the second half of the 2007 fiscal year with optimism and hope that the steps we are taking to improve our facilities will 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