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Kentucky Fried Chicken (Bermuda) Limited Release Report to Shareholders Six Months Ended 31 July, 2008
Hamilton, Bermuda - 3 October, 2008 - Kentucky Fried Chicken (Bermuda) Limited (Ticker: KFC.BH) announced Net income for the six months ended 31st July 2008 amounted to $139,728 compared with $107,164 in the six months ended 31st July 2007. This can be attributed to the two week closure in April 2007 for kitchen renovations and increases in selling prices.
Sales in the six months ended 31st July 2008 were higher than those for the six months ended 31st July 2007 by $156,189. Gross profit increased by $102,351 over the same period in 2007.
Operating expenses increased by $21,205 from the same period in the previous year. Repairs and maintenance decreased by $14,047 when compared with painting and other repairs carried out during the store closure last year. Payroll costs have decreased by $32,400 over the same period in the prior year due to tighter control over staff costs.
At 31st July 2008 cash resources amounted to $2,116,475 compared with $2,066,322 at 31st January 2008. Total liabilities amounted to $344,324 compared with liabilities of $358,798 at 31st January 2008. Shareholders' equity at 31st July 2008 amounted to $2,652,340 or $4.54 per share compared with shareholders' equity of $2,620,042 or $4.43 per share at 31st January 2008.
A dividend payment of .10¢ per share was paid on 16th July 2008 to shareholders of record 1st July 2008. The directors agreed on 30th September to pay a further dividend of .10¢ per share on 15th October 2008 to shareholders of record 10th October 2008.
The Company repurchased 7,362 of its own shares at $6.50 in July 2008. It is still the Board's intention to continue to repurchase shares at prices we consider attractive to reduce the shares outstanding to a more acceptable level.
Contact:
Cilma A. Lamb, Corporate Secretary Tel: +1 (441) 295-4754
Email: cal@wcs.bm