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Media House Limited Releases Results To 31 March 2009
Hamilton, Bermuda - 25 June, 2009 - Media House Limited (MHL.BH or the "Company") releases its report for the six month period ending 31 March, 2009.
The Directors Report to Shareholders reads:
Media House Limited (MHL.BH or the "Company") is reporting a profit of $3,403,787 for the six monthperiod ending March 31, 2009.
During this period, the global economic recession has dominated the economy. Although there have been many negative influences associated with this downturn and the Company's results are down from the prior year, MHL's results for the opening six months of fiscal 2009 remain positive. MHL has aggressively worked to maintain its revenue targets while controlling its expenses.
Consistent with prior periods, the timing of revenue recognition results in proportionally more directory revenue being recognized in the opening six months of the current fiscal year versus the closing six months of the current fiscal year (the previous year's net income fell from $3,927,764 at March 31, 2008 to $2,698,362 at September 30, 2008). Your Board of Directors ("Board") and management believe the current accounting policy provides increased reliability and more relevant information to financial statement users.
Subsequent to this reporting period, the Board of MHL declared a dividend of $0.50 per common share to shareholders of record at the close of business on 14 April, 2009. This decision reflects of the Board's optimistic outlook toward the Company's future.
As in prior periods, the Company continues to explore new business development opportunities both in print and on‐line.
During this period of economic downturn, the Board and management remain optimistic and they are encouraged by the Company's success. The Board would like to thank all its investors and company members for their continued support and commitment.
Randy French, President and Chief Executive Officer
MediaHouse Limited
Sales 29,308,242 30,490,077
Cost of sales 11,147,149 11,281,942
Gross profit 18,161,093 19,208,135
General and administrative
expenses 12,224,883 12,478,125
Amortization 379,791 343,834
Income from operations 5,556,419 6,386,176
Interest expense (220,457) (233,251)
Rental and other income 234,012 259,390
Net profit before taxation 5,569,974 6,412,315
Taxation (1,575,246) (1,841,274)
Net profit after taxation 3,994,728 4,571,041
Minority Interest (590,941) (633,277)
Net profit attributable to
shareholders $3,403,787 $3,937,764
Net profit per common share $6.89 $7.97
Contact:
Randy French, President and Chief Executive Officer
MediaHouse Limited