third in its last five years of operation as total assets of the company continue to shrink.

Shareholders on Friday learned of the company's worst bottom line performance since 1990's net lost of $196,000.

For the fiscal year to December 31, 1994, the company is reporting a more modest loss of $104,038, or a loss of $0.16 a share. In the previous year, the loss was $42,000. In 1991 and 1992, the company made $306,000 and $168,000 in profits, respectively.

The company complained about the rising cost of labour and vowed to implement new programmes to curb its sizeable expenditure on salaries, wages and benefits.

Broadcasting and production revenue totaled $3,735,924 for the year. Income for the firm included $111,868 from rentals. There are 14 apartments at the complex.

Income as a result of investments softened the losses. Investment income totaled $19,762 and there were gains on the sale of investments amounting to $45,475.

The firm's investment portfolio worth $1,387,341 consists of mostly stocks, a little more than $335,000 in cash and $7,400 in unquoted investments.

There will be no cash dividend this year for shareholders, even though the previous year the company lost money and still paid out $0.15 a share. The company has paid out a total of $0.60 a share over its last five years of operation including its 1990 financial year.

The $0.12 a share per year average contrasts starkly with the cash dividends of $0.50 a share paid out in the last four years of the 1980's. During those years, the company averaged a bottom line profit of more than $685,000 a year.

The publicly listed company's net loss from operations over the last fiscal year of $169,275 was the worst in at least 10 years. The consolidated balance sheet lists the assets at $5,519,000, the lowest since 1990's figure of $5,472,000. Shareholders' equity is in a similar position at $5,230,000, the lowest going back to 1990's $5,095,000.

Retained earnings at the end of the year were $1,909,974, down from $1,976,320 at the beginning of the year. The year 1994 was the first full year the company was under the management of CEO Mr. Rick Richardson. He was not available for comment yesterday.

The chairman and president, Mr. Fernance Perry reports to shareholders in his annual report that the difficulties came despite strong support from advertisers. Broadcast revenue rose by $212,000 or six percent, but expenses also increased by $289,500, up eight percent.

Mr. Perry said, "In recent years, and this year is no exception, the company has been saddled with increased programme and rising operational costs of which 64 percent is attributed to employee salaries and benefits, a figure that is much too high.

"However, given the nature of our business, which is labour intensive, management has already taken steps to bring about a number of changes which will create savings.'' Salaries, wages and related costs were $2,583,110, representing more than 64 percent of operating expenses. It represented an increase year over year of less than $100,000.

Programming costs jumped more than 63 percent from $280,217 to $455,736. The company operates two television stations (ZBM and ZFB) and owns four radio stations, together with property at Fort Hill, Devonshire.