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Hamilton, Bermuda:  10^th, March 2022 – In a filing with the Bermuda Stock Exchange, The Bermuda Press (Holdings) Limited (“BPHL”: Ticker:  BPH.BH) reported a consolidated net profit for the year ending 30^th, September 2021.  The full filing stated:

 

Hamilton, Bermuda

March 10, 2022

 

The Bermuda Press (Holdings) Limited (‘BPHL’) today reported 2021 a consolidated net profit of $228,000 for the year ended 30 September 2021, a $3,208,000 increase compared with 2020.

 

Overall revenue increased to $19,095,000 compared with $18,704,000 in the prior year.  For a second consecutive year the pandemic significantly impacted our operations.  Through the dedication of its employees and decisions taken by management, the group was able to return to profitability despite lockdown measures, the shift to working from home and the decline in tourism which forced businesses, advertisers and subscribers to find ways to reduce their operating expenses.

 

The Company continued to restructure operations and reduce expenses to offset the rising costs of raw materials and local inflationary pressures.  The group returned to profitability based on these restructuring efforts and the positive contribution and strength of our real estate holdings.   Overall, operating expenses decreased to $18,840,000 as compared to $19,804,000 in the prior year.

 

The Board remains grateful for all the sacrifices made by staff and the cooperation of our union partners in accepting wage reductions during the pandemic which allowed the Company to adapt and survive the downturn.  The Board was very pleased that through these shared sacrifices that the Company was able to return all staff to their full wages and benefits in 2021.  

Basic earnings per share increased to $0.12 from a loss of $2.08 in 2020. The market price for BPHL’s shares traded most recently at $4.50 compared with $4.26 a year ago. 

 

The Company’s local real estate holdings remain the most profitable segment, with an overall occupancy rate of 94% in 2021, of which more than 56% is occupied by third party tenants.

Due to the financial impact of the COVID-19 pandemic, the Board took the prudent decision to preserve capital by suspending the payment of a dividends.  With the company returning to profitability and the Company staff returning to full wages and benefits the Board was pleased to declare a dividend of $0.07 per share to the shareholders of record at December 31, 2021. The Board will continue to review your Company’s performance with the goal of maintaining quarterly dividend payments to shareholders.

During 2021, some of the key areas of focus were: 

 

·         Launched the “digging for the truth” and “get the whole story” campaigns to educate the community on the need for reliable independent journalism.

·         The Stationery Store launched a second location Stationery Store Plus to expand its STEAM and art supply offering, with notable success.

·         The Royal Gazette continued to invest in the people and systems to meet the Digital First challenge.  The Company made additional investments during the year to improve its journalistic content and its delivery to both its digital and print audience.

·         Bermuda.com re-launched under an advertiser membership model to assist the tourism industry to market its products and offerings in an affordable and scalable way.

·         Office Solutions successfully transitioned to a new operating system for its retail and equipment service business.  These platforms will continue to allow the business to enhance its service offering to its clients.

·         The Company continued to review and restructure the operations at Bermuda Press to reduce administration costs and implement a strategy for sustained success in the post pandemic environment.

 

The total number of shares owned or influenced by Directors and Officers of the Company at 30 September 2021 amounts to 114,058 shares, up from 110,751 shares at 30 September 2020.  No rights to subscribe for shares in the company have been granted to, or exercised by any Director or Officer. No shares have been purchased to date in association with the $1 million share buyback announcement of 1 March 2016.

BPHL’s Annual General Meeting is scheduled to be held by video conference for 10:30am on Friday, 25 March 2022.  Please email Sabrina Simmons by email at sls@bphl.bm or alternatively, please call 1-441-278-0102 for details. 

BACKGROUND

The Bermuda Press (Holdings) Limited is the parent company of The Royal Gazette Limited, Office Solutions Limited,  the Bermuda Press Limited, Island Press Limited, E-MOO (Bermuda) Limited, Bermuda Directories Limited, real estate operations and the group includes a number of other Bermuda-based companies.

 

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For more information on the Bermuda Stock Exchange (BSX), contact James Best at 1-441-292-7212 or jbest@bsx.com . Information is also available at www.bsx.com and on Bloomberg at BSX.

 

Established in 1971 the Bermuda Stock Exchange (BSX) is now the leading fully electronic offshore securities market. The BSX specializes in listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and Insurance Linked Securities.

 

The BSX, recognised by the US SEC as a Designated Offshore Securities Market, is a member of the World Federation of Exchanges and is located in an O.E.C.D. member nation. The BSX has Approved Stock Exchange status under Australia’s Foreign Investment Fund (FIF) taxation rules; Designated Investment Exchange status by the UK’s Financial Services Authority; Recognised Stock Exchange by the UK HM Revenue and Customs; Designated Exchange status under Canada’s Income Tax Act and is a member of America’s Central Securities Depository Association.