profit of $15,086 for fiscal 1993, compared with a loss of $122,236 the year before.

The company's revenue fell by 12.4 percent ($1.816 million) to $12.86 million during the 12 months to March 31, 1993.

Operating expenses dropped by 11.7 percent ($1.69 million) to $12.71 million.

The company actually made an operating profit of $154,767, but $139,681 was spent on redundancy payments as the company reacted to the downturn in the world's airline industry.

These redundancies led to a 9.5 percent ($88,148) drop in wages and benefits to $8.356 million.

In other areas of expenditure, direct expenses and overheads went down by 17.3 percent ($794,300) to $3.8 million, depreciation and amortisation was virtually unchanged at $579,945 and net interest payments came to $28,020. The company's assets fell by 11.4 percent ($853,078) to $6.632 million, while its liabilities dropped by 38 percent ($650,600) to $1.062 million. BAS has no long-term debt.

BAS and its subsidiary ASB provide several services to the airline industry, including the provision of meals for passengers, ramp, technical, baggage, cargo, passenger and screening services.

In his address to shareholders, BAS chairman Mr. Neville Conyers lamented 1992-93 as a year of "price wars and financial buy-ins'' among the airlines, which suffered heavy losses. "All airlines have put extreme pressure on BAS/ASB to reduce our cost to them, resulting in very tight contract negotiations,'' he said.

The withdrawal from Bermuda of United Airlines was a blow, but he said he was optimistic about the effect of British Airways increasing the frequency of its flights from two per week last summer to three per week this year.

"These increased flights should help a great deal but we feel there needs to be a direct flight between Continental Europe and Bermuda,'' he said.

He said the company's Inflite Catering division produced 69,000 fewer meals during fiscal 1993.

1993 RESULTS PROFIT $15,086 REVENUE $12.86 M EXPENSES (INCL. REDUNDANCIES) $12.845 M ASSETS $6.632 M LIABILITIES $1.062 M.