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Bermuda Press (Holdings) Ltd – Interim 2014 Financial Results
Hamilton, Bermuda – 09 July, 2014 – In a 30 June, 2014, filing, Bermuda Press (Holdings) Limited (“BPHL”; Ticker: BPH.BH) released the unaudited interim financial results to 31 March, 2014. The report, which can also be accessed via www.bsx.com , 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 2014 in accordance with the BSX listing regulations (Section II A, chapter 6.9(2)).
Six Months ended 31st March 2014 2013
(in 000’s of Bermuda dollars)
Revenue 12,102 12,638
Net income before discontinued operations
and extraordinary items 45 844
Less: Income attributable to minority interests 157 169
Income/(Loss) attributable to shareholders before
extraordinary items (112) 675
Less: Extraordinary items and related taxes ‐ ‐
Net income/(loss) attributable to shareholders (112) 675
Dividends paid, 20 cents per share (2013 ‐ 20 cents) 276 276
Basic and fully diluted earnings per share:
‐ Based on income before extraordinary items 3 cents 61 cents
‐ Based on net income attributable to shareholders (8) cents 49 cents
Revenue declined during the first six months of the 2014 fiscal year. Net loss for the six months ended 31st March 2014 was $112,000. That compares with a profit of $675,000 for the same period in the previous year.
The first six months of fiscal 2014 continued to be impacted by the slow and mild economic recovery that Bermuda is experiencing. General consumer spend has shown few signs of growth, a result of a shrinking business community and residential population as well as declining Gross Domestic Product.
The decrease in revenue in 2014 was primarily a result of the slowing down of advertising revenue in The Royal Gazette. Whilst the publication is maintaining healthy levels of readership, its advertisers continue to be cautious with advertising expenditure.
Over the last few months, internal initiatives have been launched to connect better with our clients and understand their advertising needs. The upcoming launch of the Royal Gazette app designed for tablets running IOS and Android, will enhance content delivery and open up further advertising platforms to reach our audience. We are optimistic that the second half of the fiscal year 2014 will be stronger than the first six months.
The commercial printing division has shown signs of improvement in revenue and profitability. The rebranding as Bermuda Press Digital (BPD) and marketing campaigns launch late last year has increased awareness of our digital product offering to local businesses.
Your Company’s board is continuously monitoring and responding to the changes in local economic conditions. The Business plans of the operating companies are under constant review and ensuring the operations are quickly responding to opportunities as they present themselves is a critical success factor.
The Group’s investment properties remain the most profitable with an overall occupancy rate of 98% (2013: 95%) of which 70% (2013:66%) 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 2014 amounts to 283,333 (2013 –283,333) 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.”
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