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Bermuda Press (Holdings) Ltd Releases Results to 31 March, 2009
Hamilton, Bermuda - 30 June, 2009 - Bermuda Press (Holdings) Limited (BPH.BH) has released unaudited results for the Company to 31st March, 2009.
The Board of Directors is reporting on certain unaudited financial matters relating to the first six months of your Company's financial year ending 30th September 2009.
Six Months ended 31st Marc 2009 2008
(in Bermuda dollars)
Revenue 16,596,112 17,857,017
Net income from operations 926,849 1,314,595
Minority interest in net income of
subsidiaries (152,923) (147,568)
Net income for period 773,926 1,167,018
Dividends paid, 38 cents per share
(2008 38 cents) 524,493 524,493
Earnings per share 56 cents 85 cents
The Company has experienced a decline in revenue during the first six months of the 2009 fiscal year. Net income for the six months ended 31st March 2009 was $773,926. That compares with $1,167,018 for the same period in the previous year. The first six months of fiscal 2009 have been influenced by the global economic slowdown that is affecting most businesses in Bermuda and by the continued withdrawal of advertising from The Royal Gazette by Government. The Royal Gazette continues to fight for open government and the public's right to know despite the punitive actions taken by Government in the past year.
Efforts are continuing to control operating costs throughout the Company and the decline in revenue during the first half of 2009 has been partially offset by reductions in expenditures. The global economic slowdown has impacted Bermuda's economy during the last twelve months and the Company's subsidiaries are responding to weakening local economic conditions through new product offerings, changing product mixes and exploring areas to enhance existing products and add value to customers.
For the past several years the Company's divisions have countered higher operating costs by exploring areas for greater efficiencies. In the current year the Company has taken further steps and focused in on the growing need to modernise traditional business models and structures. The business models of newspaper and print businesses worldwide are under pressure to modernise and the Board feels that responding based on an appropriate long term plan is critical to the future success of your company.
A strategic review of the Company and its subsidiaries was completed early into the second quarter of 2009 with the assistance of IBM. The Board is presently reviewing the results of the strategic review and developing a new strategic plan for the Company and its divisions.
During the month of May, a successful redesign of the Mid-Ocean News from a broadsheet to a tabloid format was completed. The new design has been well received in the community by both readers and advertisers.
Dividends to shareholders are currently being paid quarterly at a rate of 19 cents per share. This rate is expected to be maintained by the Company as long as satisfactory levels of profitability can be achieved.
The total interest of all Directors and Officers of the Company in the shares of the Company at 31st March 2009 amounts to 259,330 shares. No rights to subscribe for shares in the Company have been granted to or exercised by any director or officer.
The Board of Directors wishes to acknowledge the efforts of the staff to ensure your Company's continued success.
Enquiries
Marilyn A Simmons Company Secretary (441) 295-5881