Bermuda-based BCS Investments Limited this week reported earnings just above $3,000 compared to stiff losses verging on $60,000 during the previous period.

BCS Investments Limited said its income, after it sold off most of the operation last year, was derived of returns from investments and for consulting services. The company sold Bermuda Computer Services Limited in October but continued with one staff member, and also netted some income off investments.

The company's earnings report, which was for the six months through April 30, said the company had made a total of $3,252 compared with a loss from continuing operations of $59,250 for the ten months ended October 31, 2003.

The company changed its year-end reporting period to October 31 last year, a move it said enabled it to provide shareholders with a clearer picture of its financial position up to the date of the sale of the subsidiaries on 3 October 2003 and its present position.

Total investment income for the six period was $12,455 compared with investment income of $18,459 for the ten months ended October 31, 2003. Consulting services revenue was said to come from work done for a related company by the sole remaining employee of BCS Investments Limited.

The company said this stream of revenue would be short lived as it was anticipated that this last employee will leave BCS Investments in June and no further income of this nature will be generated.

Pending shareholder approval, the company said it was its directors recommendation to pay out in June a dividend of $7.50 per share ? of a gross sum of $2.25 million ? to shareholders of record on 7 June. Thereafter, the company said it expected to earn only minimal investment income.

Total assets at the end of the period stood at $2.75 million including cash and short-term deposits of $2,700,522.

Total liabilities were said to add up to $46,195 for the same period.

Shareholders' equity at the end of April was reported as $2.7 million, as it was at the end of October.

The company changed its name to to BCS Investments Limited last year to avoid confusion with the continuing operations of Bermuda Computer Services Limited.

The June dividend to shareholders, if approved, would follow partial distribution of the proceeds of the sale of the operations of Bermuda Computer Services Limited made last November. At that time, a total of $3 million ? or $10 per share ? was released to shareholders of record at the end of October.

In accordance with the terms of the amalgamation agreement, BCS Investments was required to keep $2 million on deposit until March 31 of this year.

The purchaser had until this date to make any claim against BCS Investments Limited for certain warranties. No claims were in fact made by the purchaser, the company's earnings statement said, and that $2 million was redeposited by the company in April.