"The un-audited, consolidated, financial results of the Bermuda Bakery Limited for the first six months of 2001 compared to last year, show a positive trend in Net Income for the company. The sales of bakery products remain flat and reflect the increased competition in the retail sector. At the same time, declining tourism numbers have had a corresponding impact on the food service industry. Cost containment and efficiency programs have been set in place and the results are starting to be seen on the bottom line.
The real estate division performed well especially as a result of the significant improvement in the control of costs and operations.
Total revenue of $3,02 million is 1.4 % ($43,213) less than the first 6 months of year 2000.
Net Income for the period increased $59,012 to $268,897 or an improvement of 28.1 %, due to cost savings in operating expenses. Operating expenses are expected to decline for the balance of the year as new cost savings programs are implemented.
Earnings per share were up $0.20 or 27% and amounted to $0.94 per share for the first half of 2001 compared to $0.74 per share in the first six months in 2000.
The company paid $0.22 per share dividend in the first quarter of the year.
The Board has similarly declared a dividend of $0.22 per share for the second quarter payable on those shares of record of August 8th, 2001 and payable August 15th, 2001."
Chairman of the Board
James A. Pearman