Bermuda First Investment Company Results

Bermuda First Investment Company Limited, a BSX listed investment holding company which owns a number of significant investments in BSX Bermuda listed companies, have announced its results for the year ended June 30, 2014.

Highlights:

• Profit before unrealized loss on investments for the year ended June 30, 2014 of $1.5 million [2013: $1.0 million];
• Revenue of $2.7 million [2013: $1.9 million];
• Market value of investments as at March 31, 2014 of approximately $31.5 million; &
• Final dividend of $0.20 per share [2013: $0.20 per share].

Commenting on the financial results, J. Michael Collier, Chairman of BFIC said: “The value of the Company’s assets during the year has been adversely affected by the decrease in share prices of our two major investments, Ascendant and KeyTech.

“We continue to believe that both companies are significantly undervalued but recognise the difficult macroeconomic environment they currently operate in. We are supportive of the corporate transactions recently completed by KeyTech and we believe they will prove to be transformational.

“We are announcing a final dividend of $0.20 per share which is maintained from the prior year. We believe that the next twelve months will continue to be difficult in Bermuda but the opportunities for a company such as KeyTech are significant and we look forward to their growth over the next few years.”

Financial summary:

For the quarter ended June 30, 2014, the Company reported revenue of $0.5 million and profit of $0.1 million [before an unrealised loss on its investments of approximately $6.2 million, relating to the movement in the value of the Company’s investments between March 31, 2014 and June 30, 2014].

Total expenses were $0.4 million with $0.3 million relating to accrued interest expense on the Company’s unsecured 2019 loan notes. The Company’s diluted loss per share was $3.08. For the year ended June 30, 2014, the Company reported revenue of $2.7 million [2013: $1.9 million] and profit of $1.5 million [2013: $1.0 million] [prior to an unrealised loss on the Company’s investments of approximately $13.6 million].

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