In making the announcement, Devonshire industries general manager, John Carey stated that the company was "pleased to report that earnings improved in the second six months, reducing(the company's) mid-year deficit of $96,000 to $58,000 at year-end.
The company's wholly owned subsidiary, Bermuda paint Company Limited, has recently introduced a new, latest technology, interior/exterior acrylic paint, in conjunction with a new colour system "MILLENNIUM". The "MILLENNIUM" colour system is considered the bench mark in the industry and the initial public acceptance of the new colour system and the new paint has been most positive."
Highlights:
Net Sales 1999 - $2,874,003, 1998 -$3,019,963
Operating Expense 1999 - $907,927, 1998 - $903,098
Net Revenue From Operations 1999 - $354,228,
1998 - $413,377
Other Income 1999 - $103,378, 1998 - $$101,807
Net Income 1999 - $457,606, 1998 - $515,184
Earnings Per Share 1999 $1.03, 1998 $1.18
Dividends Per Share 1999 $1.00, 1998 $0.95
Net Assets 1999 $3,294,223, 1998 $3,273,617