"The un-audited, consolidated, financial results of the Bermuda Bakery Limited for the nine months of 2001 compared to last year, show a continuing positive trend in Net Income for the company. The sales of bakery products experienced a small (2.5%) decline and reflect the slowdown in the hospitality, retail and food service sectors.
Cost containment and efficiency programs, set in place early in the year, are showing positive results and have resulted in reduced operating costs throughout the company. In the third quarter both the real estate division and the bakery had a positive net result.
Total revenue for the nine months of 2001 of $4,6 million is almost at the same level as in year 2000. Net Income for the period increased by $230,066 to $495,984 or an improvement of 86.5 %, reflecting cost savings in operating expenses and a modest increase in rental revenue. Operating expenses are expected to decline for the remainder of the year as the cost savings programs continue to take effect. Bakery sales are expected to remain unchanged for the next quarter.
Earnings per share were up $0.81 or 87% and amounted to $1.74 per share for the nine months of 2001 compared to $0.93 per share in the nine months in 2000.
The company paid $0.22 per share dividend in the first and second quarter of the year.
The Board has similarly declared a dividend of $0.22 per share for the third quarter payable on those shares of record of November 9th, 2001 and payable November 16th, 2001."
Chairman of the Board
James A. Pearman