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Polaris Holding Company Ltd. Releases 2011 Results
Hamilton, Bermuda - 07 November, 2011 – In a filing with the Bermuda Stock Exchange (“BSX”), Polaris Holding Company Ltd. (Ticker: POLAR.BH) today released the audited financial results for the year ended 31 March, 2011. Mr. Raymond Medeiros, Chairman of the Board, addressed shareholders in a letter that stated:
“Dear Shareholder,
Results for the financial year ending 31st March 2011 are reflective of the local economic down turn which has seen cargo volumes continue to decline.
The comparative figures for the previous years are noted below. Shareholders are reminded that the 2010 income figures are after a one time charge of $2.8M in employee benefits for the winding-up of the Defined Benefit Pension Plan.
|
|
31-Mar-11 |
31-Mar-10 |
31-Mar-09 |
|
Container Moves |
37,078 |
39,951 |
43,642 |
|
Stevedoring Revenue |
$10,114,756 |
$10,359,247 |
$10,302,207 |
|
Operating Expenses |
$9,579,413 |
$11,267,581 |
$9,982,051 |
|
Net Income |
$582,381 |
($840,430) |
$399,578 |
|
Shareholder’s Equity |
$8,948,463 |
$8,237,415 |
$8,970,631 |
|
Earnings Per Share |
$0.47 |
($0.68) |
$0.32 |
Container volumes have decreased by approximately 8% over the preceding year and down 9% over 2008/2009. Combined with the decrease in general cargo it is estimated that the total decrease in cargo volume over the past two years is approximately 10% per year or 20% in total.
Recent indicators suggest that import volumes will continue to decrease even further in 2011 as the local economy continues to decline with no immediate signs of recovery. Despite this, we remain cautiously optimistic that with the right Government incentives and oversight that we could see signs of recovery late in Q4 2011.
We are pleased that the Terminal Operator’s Agreement was successfully renegotiated and extended with the Corporation of Hamilton which ensures the continuation of the operation for the immediate future.
The corporate restructuring of Stevedoring Services Limited was successfully completed in Q4 2010 giving the group added flexibility as we move forward into these uncertain times. These changes will be fully realized in the first quarter of the fiscal year between April and June 2011.
The Management Team continues to reduce expenses and realize better efficiencies through these challenging times. Efforts are also continuing to negotiate more favorable terms with the unionized work force as we look for greater flexibility.
Despite these challenges the Company continues to persevere and managed to declare a dividend which was payable on the 30th June 2011.
On behalf of the Board, I would like to thank the management and staff who worked diligently during the past year.”
Raymond Medeiros, F.C.A., J.P.
Chairman