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Stevedoring Services Ltd - Chairmans Report For Fiscal Year-End 2009
Hamilton, Bermuda - 16 October, 2009 - Stevedoring Services Ltd (STVD.BH) has today released the Annual Report for Fiscal Year Ended 31 March, 2009, with letter to Shareholders from the Chairman of the Board, Mr J Henry Hayward.
Dear Shareholder,
Results for the financial year ending 31st March 2009 are reflective of the worldwide economic down turn which finally came to rest on Bermuda's shore this fiscal year but will not be fully realized until the current year. Despite this current economic status and other challenges, Stevedoring Services Ltd proved again it has the ability to operate effectively in a difficult environment.
The comparative figures for the previous years are noted below (Investment income not included).
|
|
31-Mar-09 |
31-Mar-08 |
31-Mar-07 |
|
Container Moves |
43,642 |
44,489 |
45,048 |
|
Stevedoring Revenue |
$10,302,207. |
$11,780,609. |
$11,550,454. |
|
Operating Expenses |
$9,982,051. |
$10,945,547. |
$11,351,894. |
|
Net Income |
$399,578. |
$1,077,585. |
$327,546. |
|
Shareholders Equity |
$8,970,631. |
$9,237,023. |
$7,891,232. |
|
Earnings Per Share |
$0.32 |
$0.87 |
$0.26 |
Although container volume has decreased by approximately 2% over the preceding year reports indicate that the import volumes have decreased even further in Q1 and Q2 of 2009/2010. Other significant factors attributing to lower revenue are due to lower than expected ship arrivals and the loss of stripping revenue.
Our focus on reducing cost and gaining efficiency across the company is being executed and is showing positive results. We will continue to aggressively oversee the operations as we steer through these difficult times.
The leadership of Stevedoring Services Ltd, having been reviewed and in some cases altered is very secure. In February 2009, we welcomed
Although there has been continued talk of moving the port, this has now been overshadowed by a recent Government announcement that they intend to dissolve the Corporation of Hamilton and St. Georges. This has obvious implications for the Company as our licensing agreement is with the Corporation of Hamilton.
It is expected that the year ahead will be just as challenging with declining container volumes and lower ship arrivals. Management is also faced with addressing the Defined Benefit Plan deficit which is approximately at $3.4 million dollars. The settlement of the Defined Benefit Plan will require the Company to take a one-time charge of approximately $3.4 million dollars during the 2010 fiscal year.
Despite a challenging year and perhaps less than favorable forecasts, Stevedoring Services Ltd is resolute in our belief that we have and will continue to serve the importing community and meet the expectations of our customers.
On behalf of the Board I would like to thank the management and staff who have worked as diligently during the past year.
J. Henry Hayward, M.B.E., J.P.
Chairman
Enquiries to : Peter L. Aldrich, General Manager