BAS swings to $0.6m profit
Bermuda Aviation Services Ltd reported net income of $0.6 million for the year ended March 31, 2019 compared to a net loss from continuing operations of $3.8 million in the prior year.
Total comprehensive income was $0.4 million for the current year compared to a comprehensive loss in the prior year of $4.9 million.
The loss from discontinued operations of $0.2 million during the period relates to the company’s sale of its subsidiary Efficient Technologies Bermuda Ltd, which was completed in June 2018. Income attributable to shareholders of the company was $0.2 million compared to a loss of $5.1 million in the prior year.
The results were announced in a regulatory filing with the Bermuda Stock Exchange. BAS also stated: “During the year ended March 31, 2019, the group discovered that certain amounts had been erroneously reported in prior year consolidated financial statements.
“The errors related to prior periods revenue recognition, classification of intangible assets, and inventory write-offs.
“These errors have been corrected by restating each of the affected financial statement line items for prior periods.”
The restated numbers appear in the notes to the consolidated financial statements, BAS added.
Revenues were $32.4 million for the year, a $1.7 million increase over prior year. Total cost of revenue was $14.2 million, an increase of $1 million; resulting in gross margin of $18.3 million compared to $17.5 million in the prior year.
Other income increased $0.1 million due to increased rental income from one of the group’s properties.
Total operating expenses decreased $2.7 million year over year; adjusted for the one-time cost of restructuring in the prior year, resulting in an improvement of $0.9 million. Management’s efforts to reduce operating expenses have been realised through all expense categories.
The company reduced its bank loan by $0.8 million and paid interest of $0.4 million for the year.
Earnings per share from continuing operations was $0.09 per share, an improvement of $0.90 per share over the comparative period.
The company did not pay dividends during the fiscal year and the board “considered it prudent to temporarily suspend dividend payments while the company executes its strategic plan and strengthens the financial position of the company”, BAS added.
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