In the report President and CEO W. Paul King states that the Company has recorded a profit of $529,009, an increase of $286,801 on the previous year.
The report goes on to state, " Obviously, the Board is pleased with this year's performance and earrings from both the Beach and Pantry have remained consistent. The Restaurant in particular is experiencing a remarkable turnaround and special mention must be made of the sterling efforts of Mr. John Ferris and staff. The combination of good food, excellent service and lively entertainment to follow, continues to appeal to resident and visitors alike.
"Further, the Board considers it reasonable to reward the shareholders with a modest dividend of .20 cents per share to shareholders of record as at 20th December, 2000 and which will be paid out on the 10th January 2001.
"Earnings for the first quarter of this year are comparable with earnings for the same period last year. It must be noted that our business is heavily dependent upon hotel guests and assuming Bermuda remains an attractive destination, we anticipate another profitable year."