Bermuda Press (Holdings) Ltd. reports 2018 consolidated net profit increase for year ended 30 September 2018

Hamilton, Bermuda – February 28, 2019 –: In a filing with the Bermuda Stock Exchange Bermuda Press (Holdings) Limited (“BPHL”; Ticker: BPH.BH) announced consolidated net profit increase for year ended 30 September 2018; The full filing reads:

Hamilton, Bermuda

February 28, 2019

The Bermuda Press (Holdings) Limited (‘BPHL’) today reported 2018 consolidated net profit of $2,149,000 for the year ended 30 September 2018, a $939,000 increase compared with 2017.

Overall revenue decreased to $25,518,000 compared with $26,648,000 in the prior year.  Increased expenses, resulting from payroll tax changes and health insurance premiums have been offset by cost savings in all operating costs as a result of ongoing efforts and improved efficiencies.   Basic earnings per share increased to $1.21 from $0.54 in 2017. The market price for BPHL’s shares traded most recently at $7.00 compared with $6.15 a year ago. 

The Company’s local real estate holdings remain the most profitable segment, with an overall occupancy rate of 97% in 2018, of which more than 57% is occupied by third party tenants.

The Board declared dividends of $0.26 per share to the shareholders during the 2018 fiscal year.  The Board will continue to review the Company’s performance and the ability to further increase dividend payments to shareholders.

During 2018, some of the key areas of focus were: 

·         Closure of the Office Solutions commercial stationery operations 

·         Acquisition of equipment in preparation for the launch of live video into news coverage at the Royal Gazette

·         Continued our efforts to maximize efficiency of the print operations and expand the product offering to include sign printing, including the relocation of equipment from the Bermuda Press Digital to the main print facility on Addendum Lane

·         Launch of the new eMoo platform

·         Acquisition of the minority interest in Crown House Properties

·         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 2018 amounts to 104,165 shares, up from 96,885 shares at 30 September 2017.  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, 22 March 2019 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.

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For more information on the Bermuda Stock Exchange (BSX), contact Nancy Vieira at 1-441-292-7212 or info@bsx.com . Information is also available at www.bsx.com and on Bloomberg at BSX .

Established in 1971 the Bermuda Stock Exchange (BSX) is now the leading fully electronic offshore securities market. The BSX specializes in listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and Insurance Linked Securities.

The BSX, recognised by the US SEC as a Designated Offshore Securities Market, is a member of the World Federation of Exchanges and is located in an O.E.C.D. member nation. The BSX has Approved Stock Exchange status under Australia’s Foreign Investment Fund (FIF) taxation rules; Designated Investment Exchange status by the UK’s Financial Services Authority; Recognised Stock Exchange by the UK HM Revenue and Customs; Designated Exchange status under Canada’s Income Tax Act and is a member of America’s Central Securities Depository Association.