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Bermuda Press (Holdings) Ltd – Interim 2013 Financial Results
Hamilton, Bermuda – 31 May, 2013 – Bermuda Press (Holdings) Limited (“BPHL”; Ticker: BPH.BH) has released the unaudited interim financial results to 31 March, 2013. The report can also be accessed via www.bsx.com A filing with the Bermuda Stock Exchange reads:
The Board of Directors is reporting on unaudited financial matters relating to the first six months of your Company’s financial year ending 30th September 2013 in accordance with the BSX listing regulations (Section II A, chapter 6.9(2)).
Six Months ended 31st March 2013 2012
(in 000’s of Bermuda dollars)
Revenue 12,638 13,028
Net income/(loss) before discontinued operations
and extraordinary items 844 (13)
Less: Income attributable to minority interests 169 189
Income or loss attributable to shareholders before
extraordinary items 675 (202)
Less: Extraordinary items and related taxes - -
Net income/(loss) attributable to shareholders 675 (202)
Dividends paid, 20 cents per share (2012 - 20 cents) 276 276
Basic and fully diluted earnings/(loss) per share 61 cents (10)cents
The Company has made considerable changes to its cost base and despite a decline in revenue during the first six months of the 2013 fiscal year we yielded a positive result for the shareholders. The net profit for the six months ended 31st March 2013 was $844,000 compared with a loss of $13,000 for the same period in the previous year.
It was anticipated that the Group may experience a decline in revenue during 2013 due to the substantial challenges presented by the Bermudian economy. As previously reported, managements focus has been on restructuring operations and reducing operating costs to offset the decline in revenue. While management continues to seek operating efficiencies, their core focus has shifted to rebuilding the traditional revenue streams and growing new sources of revenue. The Business plans of the operating companies are under constant review and ensuring the operations are quick to respond to opportunities as they present themselves is a critical success factor.
The Royal Gazette division underwent substantial work to improve its cost base and rejuvenate products to meet audience and advertiser preferences. The most significant new product introduced by the Royal Gazette this year was the ‘Kiosk’, the platform of the new-look ‘e-edition’, an exact replica of The Royal Gazette. This new digital platform offers several new areas for revenue growth.
The commercial printing division continues to compete in an industry significantly influenced by a decline in demand and price competition from local printers. Its operations and financial results are being closely monitored by management to ensure its operating strategy is aligned with revenue opportunities in the local market.
The Group’s investment properties remain the most profitable with an overall occupancy rate of 95% (2012: 95%) of which 66% (2012:49%) is occupied by third party tenants.
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 2013 amounts to 284,687 (2012 –322,687) 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