The accompanying un-audited Consolidated Statement of Income noted revenue was at $1,366,715, as apposed to $1,382,478 for the same period last year. Net Income for the six-month period was $167,029, as compared to $169,298 in 1999. Earnings per share were $0.38, down from last year's figure of $0.39. Dividends per share declared and paid for the period remained the same, $0.50.
Company Chairman M. E. H. Outerbridge also noted "Mr. Danny Fagundo. A long time director, resigned from the Board and we wish to thank Mr. Fagundo for his many years of service and for his contributions to the Board. Mr. John D. Pereira recently joined the Board, replacing Mr. Fagundo.
"Your Directors are concerned that the market price of our shares has fallen by almost 50%, from their high a few years ago. Your company has been able to maintain a consistent dividend, despite only slightly reduced volume, due mainly to hotel closures. The Board has authorized that the Finance Committee may repurchase some of our shares, as deemed appropriate, in the future. A repurchase option may provide future investment opportunities on behalf of the shareholders, depending on the circumstances prevailing at the time."