stated that the net income of Bermuda Press (Holdings) Ltd. rose by 44 percent, not 30 percent, in the 1999 financial year. Net operating income for the year rose by 11 percent.

Company buoyed by results By Mairi Mallon Bermuda Press (Holdings) reports: 30 percent rise in net income 10 percent increase in revenue The net income for Bermuda Press (Holdings) Ltd, the owner of The Royal Gazette has risen by over 30 percent this year, according to the figures published today in the company's annual report.

Bermuda Press Holdings saw revenue rise in the year, from $22.262 million to $24.607 million, an increase of nearly ten percent.

Net income for the year 1998 stood at $1.567 million, while this year that figure rose to $2.264 million.

The main revenue for the company came from newspaper publishing -- $13.4 million. Printing brought in $5.8 million and other unspecified activities made up the remaining $5.3 million.

The largest outgoing expense for the company was salaries, which accounted this year for $10.8 million.

W. Roger Davidson, president and director of Bermuda Press Holdings said in the report: "The Bermuda Press (Holdings) Ltd. is a leader in commercial printing and publishing, office equipment and supplies which are related industries facing active competition locally and internationally.

"Increasing technological sophistication and the growing use of the Internet present the company with new opportunities and challenges. Our goal remains to provide efficient, cost-effective, customer-driven services and products, without sacrificing quality.'' Bermuda Press Holdings is incorporated in Bermuda and owns not only The Royal Gazette , but also the Stationery Store in Reid Street, Artcetera in Burnaby Street, Office Solutions in Addendum Lane South in Pembroke, the property holding company Crown House Properties Ltd, commercial and retail printers The Bermuda Press Ltd, commercial and retail printers pronto print Ltd and the directory publishers Bermuda Directories Ltd.

According to Mr. Davidson, during the year the total number of pages published by The Royal Gazette and its sister publication The Mid-Ocean News increased, reflecting the growth in advertising space sold.

Mr. Davidson also announced that the Internet service and on-line editions of The Royal Gazette and the Mid-Ocean News , the GazetteNet will be upgraded as a basis for future expansion.

The multi-media publication, Bermuda Communications Directory, in which the company has a controlling interest, was published for the second time this year and had 20 percent more pages than last year. Parts of the publication were available on the Internet and Mr. Davidson announced that in future it would be available on compact disk.

He said: "The Directory takes an unusual approach to the information, presenting it with text and illustrations which set Bermuda in context for the overseas reader or the local who may not be familiar with all the specialist services available on the Island. Response has been most favourable.'' Mr. Davidson also pointed to both Bottom Line and RG magazines as publications that were doing well.

He added that the company was now set to publish new editions of Bermuda Wedding and Honeymoon Guide. The first edition of what is intended as an annual magazine was published this year and distributed to North America as well as the home market.

According to the report both The Stationery Store and Artcetera continue to expand their share of the local office and art supplies sector.

Office Solutions, which markets Canon and Hewlett Packard office equipment and supplies has also continued to perform well.

Mr. Davidson also pointed to last year's purchase of a state-of-the-art five colour press, which is capable of 15,000 impressions per hour has helped the company work more efficiently and take on more business.

Details of a new six-storey building next to The Royal Gazette and Mid-Ocean News offices on Par-la-Ville Road were also revealed in the annual report.

"The construction represents a significant milestone for the company and will provide a meaningful revenue stream in the years ahead,'' said Mr. Davidson.

"The company will retain the ground floor of Crown House, with the balance rented on a long term basis to a single substantial tenant.'' He did not say who that tenant would be, but added that building was due for completion in July 2000. Mr. Davidson said that he was confident that the computer systems in the company were ready for the year 2000, but added the company relied on external suppliers for certain sectors.

He said: "In common with other Bermuda Businesses, we believe that the advent of the year 2000 will not materially disrupt life in Bermuda.'' At the end of his director's report, Mr. Davidson said: "In closing, we must thank the company's managers, editors and everyone one of our staff members for their efforts during the year. The financial results we produce and the company's growth stem from their hard work and commitment. We know that we speak for all our shareholders when we extend our sincere thanks. We should also like to thank our customers and shareholders for heir continued support.'' Ambitious: Above is the computer image of the way Crown House on Par-la-Ville Road will look on completion next year. On the left, the site currently has all six storeys built. The building will provide more income for the company.

NEWSPAPER NJ