Bermuda Aviation Services Ltd. announced net earnings from continuing operations for the financial year jumped 64 percent to $2 million on continuing revenues that grew 54 percent to $21.7 million.

In his report to the Bermuda Stock Exchange, BAS co-chairman Michael Darling said: ?This past year was truly a remarkable year for Bermuda Aviation Services Ltd. and a rewarding one for our shareholders as earnings per share reached $1.91. No better result has been recorded except that of 2000 when earnings of $1.99 were achieved.?

Shareholder equity for this fiscal year improved 11.3 percent to $13.7 million. Operating income from continuing operations for the year was up 143 percent, or $1.8 to $3 million, while expenses increased 46 percent or $5.9 million.

Four events significantly impacted the company?s performance in 2004. Mr. Darling said that while the closure of the BAS catering business and the Airport bar had a negative impact on income of more than $600,000, the company was able to move forward a stronger and more stable operation with the successful integration of International Bonded Couriers Bermuda Ltd. within the group last November.

The addition of the successful and well run company which fits well with other BAS operations helped achieve diversity within the group, Mr. Darling said. The December acquisition of additional shares from Serco Management Services Inc. has resulted in BAS now holding 82.5 percent of the company.

?By taking these steps to increase our overall size and at the same time dispose of unprofitable operations we have positioned the company to go forward with increased profit potential and greater diversity,? Mr. Darling said, adding that the outlook for the next 12 months is also bright.

?We believe we have put together a group of great companies that can work together.

?The additional income will enable us to go forward with the expectation of improved earnings especially as we have disposed of those divisions that were no longer able operate profitably.?

He also announced the departure of two directors ? C.N.A. Butterfield and Mark Morabito. He said Mr. Butterfield was one of the longer serving members of the board representing one of the founding families of the company.