This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.
Bermuda Press (Holdings) Ltd. announces twelve-month results to September 30th, 2017
Hamilton, Bermuda – February 23, 2017 – In a filing with the Bermuda Stock Exchange Bermuda Press (Holdings) Limited (“BPHL”; Ticker: BPH.BH) announced twelve-month results to September 30th, 2017. The filing reads:
The Bermuda Press (Holdings) Limited (‘BPHL’) today reported 2017 consolidated net profit of $1,210,000 for the year ended 30 September 2017, a $54,000 decrease compared with 2016.
Overall revenue increased to $26,648,000 compared with $26,617,000 in the prior year. Increased expenses, resulting from staff changes, progressive payroll tax and the increases in health insurance premiums in March 2017 have been offset by reductions to administrative costs and materials as a result of ongoing cost cutting efforts and improved efficiencies. Basic earnings per share decreased to $0.54 from $0.58 in 2016. The market price for BPHL’s shares traded most recently at $6.15 compared with $7.10 a year ago.
The Company’s local real estate holdings remain the most profitable segment, with an overall occupancy rate of 98% in 2017, of which more than 57% is occupied by third party tenants.
The Board declared and paid dividends of $0.20 per share to the shareholders during the 2017 fiscal year. The Board is pleased to announce that in March 2018 the dividend will increase to $0.07 per share and the Board will continue to review the Company’s performance and the ability to further increase dividend payments to shareholders.
During 2017, some of the key areas of focus were:
· The hiring of a new Sales Director, with over 20 years of experience in digital and print media sales, to lead the sales efforts of our print and online publishing business
· Launched a new RG Mags website to host online editions of RG Magazine and other publications produced by your Company
· Ensured that your Company’s print and online publications were the primary sources of news and other information about the 35th America’s Cup sailing championship both locally and around the world
· Continued our efforts to maximize efficiency of the print operations and expand the product offering to include sign printing
· Reviewed the office supply operations and adjusted staffing levels to align the business model to changing customers’ needs and market conditions
· Ongoing review and redesign of the eMoo website with improved functionality and monetization opportunities with a relaunch date targeted for Q3 2018.
· No shares have been purchased to date in association with the $1 million share buyback announcement of 1 March 2016
The total number of shares owned or influenced by Directors and Officers of the Company at 30 September 2017 amounts to 96,885 shares, down from 269,086 shares at 30 September 2016. No rights to subscribe for shares in the company have been granted to, or exercised by any Director or Officer.
BPHL’s Annual General Meeting is scheduled for 10:30am on Friday, 23 March 2018 at The Royal Gazette building, 2 Par-la-Ville Road, Hamilton.
BACKGROUND
The Bermuda Press (Holdings) Limited is the parent company of The Royal Gazette Limited, Office Solutions Limited, the Bermuda Press Limited, Island Press Limited, E-MOO (Bermuda) Limited, Bermuda Directories Limited, real estate operations and the group includes a number of other Bermuda-based companies.