than $600,000 during fiscal 1992, according to figures released prior to a public offering of 15 percent of the firm's shares.

During a period when most of Bermuda's restaurateurs have complained of awful trade, the misleadingly-named Long Botham Boats Company Ltd. actually increased its profit by 25 percent.

Long Botham's financial results have been made public for the first time by First Bermuda Securities, which is underwriting an issue of 75,000 of the company's shares.

Shares are due to go on sale in February for $8.50 each (for a total of $637,500), valuing the company at $4.25 million. It is intended for the company to be listed on the Bermuda Exchange.

Long Botham also owns Henry's Pantry, a retail liquor outlet which operates from the same South Shore site and which contributes about 15 percent of the company's sales.

Long Botham's operating results have seen an increase in turnover from $2.99 million in 1988 to $4.08 million for the 12 months to June 30, 1992, said FBS, which did not give results for the intervening years.

"Projected net earnings for the year to June 30, 1992, based on actual results to December, 1992, should be in keeping with the previous year,'' according to a FBS financial summary of the company.

It goes on: "In September, 1991, the company acquired the title to the buildings, then under capital lease, for an amount equal to the present value of future minimum lease payments at that time, which was replaced by a bank mortgage loan.

"Shareholders' equity has increased from approximately $700,000 as at June 30, 1988, to around $1.5 million at June 30, 1992.'' Long Botham has, historically, declared and paid a dividend on its results, said FBS. "The average dividend for the nine years to June 30, 1992, represented 86 percent of net income.

"The directors intend to continue this practice and pay a dividend of 20 cents per share each quarter -- some $400,000 per annum, commencing with the quarter to March, 1993.'' A Special Dividend would be paid whenever practicable, said FBS in a financial summary which is a forerunner to a full prospectus being filed.

The summary states: "The Price/Earnings ratio, given the offering of $8.50 per share, on the basis of 1992 earnings of $1.32 per share, equates to 6.43.'' Long Botham, which employs 44 full-time and part-time staff, is owned by Mr.

Andy Allan, Mr. John Ferris and Ms Philippa Metschnable.

No dates for the issue of a prospectus and the closing of the subscription list were available yesterday.