Cash flow increased by $819,000 and the balance sheet reflects this and other strong working capital improvements. Receivables and inventories have declined over the prior year while simultaneously accounts payable and accrued liabilities have also been reduced.
In summary, the balance sheet is strong at September 30th, 2000 and it is gratifying to be able to report that shareholder equity and the book value per common share have strengthened.
Whilst the performance for the year is encouraging, and a significant improvement over previous years, it should not be taken as signaling a turnaround. As I have stated in previous reports, commercial printing is a diminishing industry in Bermuda and continued downsizing of our commercial print operation is to be expected going forward. As a result the Board of Directors continues to explore all potential options to enhance and realize shareholder value.
As a public company listed on the Bermuda Exchange it should be noted that the directors and officers of the company hold 235,345 common shares and 41,468 preference shares. No rights to subscribe for shares in the company have been granted to any director or officer and there are no service contracts with any director or officer. No dividend is declared for the year under review."