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Bermuda Press (Holdings) Ltd – Interim Financial Results
Hamilton, Bermuda – 26 June, 2012 – Bermuda Press (Holdings) Limited (“BPHL”; Ticker: BPH.BH) has released the unaudited interim financial results to 31 March, 2012. The report can also be accessed via www.bsx.com A filing with the Bermuda Stock Exchange reads:
The Board of Directors (of BPHL) is reporting on certain unaudited financial matters relating to the first six months of your Company’s financial year ending 30th September 2012.
Six Months ended 31st March 2012 2011
(in 000’s of Bermuda dollars)
Revenue 13,028 14,737
Net income from operations (47) 297
Share of losses of affiliates - (113)
Gain on sale of assets 34 66
Income before minority interests (13) 250
Minority interest in net income of subsidiaries (189) (239)
Net (loss) income for period (202) 11
Dividends paid, 20 cents per share (2011 - 20 cents) 276 276
Earnings per share (11) cents 1 cent
The Company has experienced a decline in revenue during the first six months of the 2012 fiscal year. The net loss for the six months ended 31st March 2012 was $202,000. That compares with income of $11,000 for the same period in the previous year.
As anticipated, the Group has experienced a decline in revenue due to the sustained challenges in the Bermuda economy and restructuring operations. Management continue to reduce operating costs to offset the impact of declining revenues and the business plans are under constant review to ensure the operations are competitive in the future.
The results for the current six month period include the consolidation of the eMoo Bermuda Limited operations that were acquired November 10, 2011. We have now fully integrated these operations and now offer a broader complement of services to our customers.
In March 2012 we consolidated three divisions, Office Solutions, Bermuda Press and eMoo Bermuda, into one building at Addendum Lane. In future periods cost savings will be made as a result of consolidating operational and administrative functions.
Beginning April 1, 2012 we have secured a third party tenant at Mills Creek property that will generate additional rental revenue. At present, the Group has an occupancy rate of 95% for all of its properties, of which 49% is occupied by third parties.
The above results have been prepared in accordance with Canadian generally accepted accounting practices for both the current and comparative period. The company is currently working on the transition to International Financial Reporting Standards (“IFRS”). The Company’s first set of financial statements prepared under IFRS will be for September 30 2012 with restatement for the comparative year. Estimates of any impact on the earnings as presented above due to the conversion cannot yet be determined. A full reconciliation of any differences will be presented in the year end financial statements as a result of the change in accounting standards.
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 financial year.
The total number of shares owned or influenced by Directors and Officers of the Company at 31st March 2012 amounts to 384,687 (2011 – 369,731) 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 and management during these challenging times.
Enquiries
Ms. Sabrina Simmons Company Secretary (441) 295-5881