In spite of a year of unprecedented change in the Telecommunications Industry, KeyTech Limited has delivered to its shareholders a Net Income of $15.1 million in 2002.This represents basic and fully diluted earnings per share of $7.04 and an Increase of 14% over 2001. This increase was achieved through another solid operating performance of its subsidiaries and an increase in other income being the return of surplus assets from the pension fund partially offset by provisions against investments and a loan to a joint venture. Income attributable to minority interests was $7,832. Total expenses were $7.7 million higher in 2002. Of that increase $5.6 million was related to operating and $2.2 million to amortization expenses. Investment losses were $71,120.
General Operating revenues were $2.9 million higher in 2002 at $89.5 million. At the same time, there was a decline in revenues from international interconnection fees which has meant lower long distance rates for consumers. "The Company has responded and adapted to this change by seizing opportunities to diversify and grow revenues in areas other than the traditional mainstay revenue streams", says KeyTech CEO Sheila Manderson.
2002 was marked by the introduction of several new products and services. Further, BTC Mobility was granted a Class B Wireless Network License to operate as a separate Company, by the Minister of Telecommunications and E-Commerce and began implementation of a GSM Mobile wireless network which will become operational in the Fall of 2002.
The Company's balance sheet and cash position remain strong. Share book-value is $49.5 and the Return on Equity was 15%.
The Directors are pleased to announce a dividend for the final quarter of the year of 50 cents per share. Total dividends for the year are $2 per share.
Mrs. Manderson concludes, "We are working to ensure continued positive financial performance and are committed to working with all KeyTech Companies to ensure timely and effective service delivery to their customers".