Bermuda Aviation Services Limited (“BAS”) Earnings Release for the year ended March 31, 2015

Hamilton, Bermuda – 07 July, 2015 – In a filing to the Bermuda Stock Exchange (“BSX”), Bermuda Aviation Services Limited (the “Company” or “BAS”; Ticker: BAS.BH) announced its earnings for the year ending March 31, 2015.  The filing stated:

Bermuda Aviation Services Limited announced today a net profit attributable to shareholders of $471,000 and earnings per share of $0.10.  This compares with the prior year net income of $624,000 and earnings per share of $0.14.

Ian Cook, BAS President & CEO comments: “BAS has proven once again to be resilient, agile and confident as we faced the challenges of fiscal 2015. We entered the year anticipating a modest upturn in our markets and earnings only to experience slower growth than before.” 

Mr. Cook adds: “Last year it was reported that the defined benefit pension plan was to be wound up as of March 31, 2014 whereas the actual payments and final accounting did not occur until September 2014.  As a result an additional expense of $731,000 was recognised in the current year when the pension obligations were finalised. This represents the last impact of the defined benefit pension plan that will be felt by BAS.  Without this expense the BAS Group would have realised a profit of $1.2M.”

Total revenue of $53.9 million is down by approximately $2.3 million from fiscal 2014. This negative swing in revenue comes off the back of large projects completed in fiscal 2014. Correspondingly, gross profit declined by $760,000 to $24.4 million as a result of tightened margin pressures in the current business climate.  Operating expenses of $23 million have decreased by $1.1 million from the prior year as Management has controlled costs in line with the revenues that were generated.

Although the recessionary constraints of Bermuda’s economy have made business operations somewhat difficult, the Board of Directors and Management are confident that the operational sustainability and profitability of the core group of companies is strong. The diversified and complementary portfolio of businesses within the Group will allow it to compete in the marketplace at a more efficient level and also create increased customer satisfaction through the “bundling” of services.  Our launch of BAS Group Solutions has solidified our position as a complete solutions provider not just a product and service provider.

Mr Cook concludes: “We are confident that the Company has a solid foundation and is poised to  pursue competitively any opportunities that arise.  We will remain focused on our potential, delivering world-class solutions for our customers.”

-ENDS-

Note to Editor: Bermuda Aviation Service (BAS) Limited and its subsidiaries, commonly known as the BAS Group, started as a single entity operation that was formed in 1947 to provide ground and passenger handling at the L.F. Wade International Airport, and has grown into a holding company with multiple subsidiaries providing a myriad of services that are distinct in nature, but are also strategically complimentary and synergistic. BAS has become a full-fledged total solution service company.

Disclaimer:  This press release contains certain forward-looking statements regarding plans, expectations and objectives for BAS.  Such forward-looking statements, by their nature, are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in the forward looking statements as a result of various factors. 

For further information visit www.bas.bm

Contacts for media:   

Ian Cook, Chief Executive Officer – 294-3401 / icook@basg.bm

Andrew Griffith, Chief Financial Officer – 299-4880 / agriffith@basg.bm