television stations, has declared its second year-end loss in five years.

In its annual report, released yesterday, the company revealed an operating loss to December 1993 of $91,428, and a net loss of $42,319 when investment income of $49,109 is added.

The loss per share was seven cents, compared to 1992's earnings per share of 26 cents.

Company president, Mr. Fernance Perry, in the annual report told shareholders: "Due to this loss, albeit small, your directors believe it prudent not to recommend a dividend this year''.

The annual report lists a 15 cent a share dividend for 1993, the same paid in 1992. No dividend was paid the year before.

The company's assets were set back 3.5 percent, slipping to $5.67 million from $5.87 million during the course of the year.

The company is listed on the Bermuda Stock Exchange, but its shares were only traded once this year in a small exchange at a price of $4.75.

The company made $3,523,582 off broadcasting and production revenue, which is $42,031 (1.14 percent) less than they made the year before. They made $112,534 out of the rental of 14 apartments at the Devonshire complex.

But while revenue was down expenses were up $121,322, or up by 3.36 percent.

Surprisingly, almost exactly two-thirds of operating expenses were paid out in salaries, wages and related labour costs ($2,483,429 out of $3,727,544).

Mr. Perry said a new labour agreement was negotiated for September 1993 to September 1995, with a three percent increase in the first year and a figure to be later negotiated for the second year.

The company president said radio station "Power 95FM not only continued to maintain a 10 percent revenue increase, but also according to a recent audience survey, was the most popular radio station''. Mr. Perry also noted that ZBM-2 and FM-89 followed in popularity.

The company last lost money in 1990, when they finished up behind by $196,000.

Last year, they were in the black to the tune of $168,000.

The company operates two out of three over-the-air television stations in Bermuda and four out of eight radio stations in Bermuda. They operate out of premises at Fort Hill, Devonshire.

photo Mr. Fernance Perry.