Bermuda Press (Holdings) Ltd Releases 2011 Interim Financials

Hamilton, Bermuda – 04 July, 2011 – Bermuda Press (Holdings) Limited (“BPHL”; Ticker: BPH.BH) has released the unaudited Interim 2011 Financials to 31 March, 2011.

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 2011.

Six Months ended 31st March                                2011                            2010

(in 000’s of Bermuda dollars)

Revenue                                                                     14,737                         16,098

Net income from operations                                       170                              433

Minority interest in net income of subsidiaries            (159)                            (165)

Net income for period                                                 11                                267

Dividends paid, $0.20 per share (2010 - $0.20)         276                              276

Earnings per share                                                      1 cent                          19 cents

The Company has experienced a decline in revenue during the first six months of the 2011 fiscal year.  Net income for the six months ended 31st March, 2011 was $11,000. That compares with $267,000 for the same period in the previous year.  Restructuring of operations within the Group has resulted in employee redundancy costs of $638,000 during the first six months of 2011.

The first six months of fiscal 2011 continued to be impacted by the continued softening of the Bermuda economy.  The decrease in revenue in 2011 has exceeded the cost cutting efforts to date, resulting in a decline in net income for the period.  Your Company’s board is continuously monitoring and responding to the changes in local economic conditions. 

In the current year, the Company has taken further steps in the effort to modernise the traditional print and newspaper business models.  The costs attached to modernising these businesses are being measured against the return on investment and long term business plans. The Board feels that responding based on an appropriate long term strategy is critical to the future success and profitability of your company.

The Board is pleased to advise that Crown House Properties has secured leases for all available tenant space beyond September 30, 2011 and will maintain 100 per cent occupancy.

In February 2011 a press upgrade began at the Royal Gazette.  The new configuration will increase colour capacity, improve registration and simplify the production model.  The project will be completed in August with the installation of a digital registration system.

In March 2011 the restructuring of the Bermuda Press was completed with the installation of new digital print equipment to replace traditional printing presses.  The Bermuda Press is the leader in digital print solutions in Bermuda and still maintains a significant position in traditional lithographic printing.

The dividend is currently being paid quarterly at a rate of 10 cents per share and the Board expects this rate to be maintained through the end of the year.

The total interest of all Directors and Officers of the Company in the shares of the Company at 31st March 2011 amounts to 256,972 (2010 - 256,672) 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.

Further Enquiries

Christine MacIntyre, Chief Financial Officer              (441) 278 0183