In the document dated, 22 June 2001, company President Roger Davidson states, "With Bermuda operating in a deteriorating international economic climate your Company has fared reasonably well during the past six months. During the period Crown House became revenue producing and there was growth in Office Solutions, our Canon office equipment division. Revenue for the six months ended 31st March 2001 increased by 4.3% but net income from operations fell from $900,137 to $802,918. However net income before minority interest increased from $900,137 to $926,519 after realizing a gain on the sale of a depreciated printing press. Net income for the period increased 12.9%.
While your Company is more diversified compared to ten years ago, we are still tied to the Bermuda economy. It is vital that interest in Tourism re-attaches itself to every resident to ensure success. Every business and individual can contribute in some way to its success. The accumulation of many small efforts will continue to impress our visitors who appreciate politeness, concern for their well-being and excellent products and services at a reasonable price. The pressure for Tourism to succeed in our short season, together with the softening in the construction industry places increasing reliance on viable international and financial sectors. Negative changes in the North American economy may be counteracted locally by a decrease in interest rates and by politicians making wise decisions which do not lead to a loss of business confidence.
Our efforts to keep your Company on a sound economic footing include the recent investment in a new Heidelberg printing press at The Bermuda Press Limited which recently came on line and in new computer systems at The Royal Gazette Limited. We anticipate that these investments in equipment and our employees will maximize customer satisfaction while enhancing the opportunity for our employees to learn new skills and develop personally. The investment will improve productivity. Prospects for the second six months of the year are somewhat uncertain due to the softening economy in the publishing and commercial printing sections of our business although some stability will be provided by the Crown House development.
The total interests of all directors and officers of the Company in the shares of the Company at 31st march 2001 amounted to 164,461 shares. No rights to subscribe for shares in the Company have been granted to or exercised by any director or officer.
Finally I will take this opportunity to thanks our customers, shareholders and staff for their contribution towards the potion shown in this interim report."
Report highlights show revenue at $13,712,625, up from $13,145,941 for the same period last year. Net income for the period was also up from $832,738 to $940,495 while earnings per share rose from 59 cents to 68 cents. Included in this year's net income was a gain on disposal of capital assets of $123,601.