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Media House Limited Releases Interim Results To 31 March, 2010
Hamilton, Bermuda – 29 June, 2010 –Media House Limited (the “Company”; Ticker: MHL.BH) reports a profit of $2,907,901 for the six month period ending 31 March, 2010.
In a letter to shareholders, the Company President and CEO reports:
“The economic downturn continues to place downward pressure on Company sales. It is felt a Caribbean economic recovery will lag any recovery seen in North American markets.
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 $3,403,787 at March 31, 2009 to $2,149,872 at September 30, 2009). Your Board of Directors (“Board”) and management believe the current accounting policy provides increased reliability and more relevant information to financial statement users.
The Board of Directors was pleased to declare a dividend of $0.50 per common share to its common shareholders of record at the close of business on 19 February, 2010. The common share dividend was payable 08 March, 2010.
Subsequent to the reporting period, it was unanimously resolved by all shareholders represented at the Company’s 2010 Annual General Meeting, in person or by proxy, that the shares of the Company shall be delisted from the Bermuda Stock Exchange (“BSX”). The effective date for the de-listing will be Monday, 12 July, 2010. The last trading day for the Company’s Common Shares will be Tuesday, 6 July, 2010.
On behalf of the Board and management, I would like to thank our company members for their commitment to the Group’s success during these challenging economic times.
Randy French, President and Chief Executive Officer
MediaHouse Limited
28 June, 2010”
Media Contacts – for further information please contact Randy French on (441) 278-1800 or