The annual accounts of Bermuda Aviation Services Ltd. were approved by the Board of Directors at a meeting held on June 27th. Chairman of the Board was very satisfied with the company's performance as net income of $580,068 or $.54 per share was reported for the fiscal year ending March 31, 1997. Revenue for the period was up 4% from $11,719,344 to $12,175,508, however income from operations declined 24% to $624,511 as expenses were 6% higher, the higher expenses were largely attributed to the accelerated depreciation and redundancy costs associated with the closure of the company's airport restaurants.
