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 Container Line Announces 2000 Results

22 May 2001

Hamilton, Bermuda: 22 May 2001 - Bermuda Container Line is pleased to announce its results for 2000. Net earnings were $3,764,000, an increase of $649,000 over the 1999 figure of $3,115,000. Operating profit for 2000 at $3,008,000 was down $107,000 from the 1999 figure of $3,115,000 but the 2000 net earnings were increased by a one-off item, net gain on termination of relocation activity of $756,000. Net earnings per share in 2000 were $1.25 compared to $1.04 in 1999.

The fall in operating profit was due to a small decline in overall cargo volume with freight revenue down $356,000 to $26,824,000 for the year. The decline in cargo volume was due to a fall-off in RO/RO cargo volume. Fuel cost did increase dramatically during the year due to high world oil prices but this was partly offset by the introduction of a fuel surcharge part way through the year. Dividends paid out in 2000 amounted to $960,000 (32 cents per share) compared to $1,440,000 (48 cents per share) in 1999; the 1999 dividends included a special 20th anniversary dividend of $600,000 (20 cents per share).

The Directors set up a newbuilding reserve and transferred $5,000,000 of retained earnings to this reserve in 2000. The purpose is to begin building up reserves in order to be able to replace the present ship in due course. Total shareholders' equity at the end of 2000 amounted to $20,200,000; the 1999 figure was $17,397,000. The annual general meeting of the Company is scheduled to be held on Tuesday 26th June 2001.