$395,404 or 37 cents per share, to June 30.

The figures are similar to last year's first quarter figures, said BAS president and CEO, Eugene Bean.

But restructuring costs of $124,388 took a bite out of the $396,659 for the period, leaving a reduced net income of $272,271 or 24 cents a share.

Mr. Bean said of this year's first quarter's result, "It's pretty good. We are pleased. It is flat against last year, but that is what we anticipated.

It's what our budget called for.

"We are optimistic of having a successful year. We have some projects in front of us that we think will support our optimistic view, projects that will create revenue.'' BAS paid shareholders a quarterly dividend on August 16 of eight cents per share.

Shareholders are told in this month's letter: "The newly-implemented Bermuda Stock Exchange regulations require that all published financial forecasts be subject to audit review prior to issuance.

"Management is of the opinion that the additional cost involved in this review exceeds the added value from the inclusion of a forecast along with the quarterly financial release and thus the forecast has been withdrawn, at least for the time being.''