BCB Holdings Share Discussion Threads

[moreforus] 01/3/2012 15:07

cash is 25-30p...

[hjfe] 01/3/2012 15:06

Not great, though!

[moreforus] 01/3/2012 15:05

beat me!

3rd Quarter Results
Print
Alert
TIDMBCB

RNS Number : 5224Y

BCB Holdings Ltd

01 March 2012

BCB HOLDINGS LIMITED ANNOUNCES INTERIM RESULTS FOR THE

THREE MONTHS AND NINE MONTHS ENDED DECEMBER 31, 2011

Belize City, Belize, March 1, 2012 -- BCB Holdings Limited (London - AIM - BCB; Trinidad and Tobago Stock Exchange - BCBTT; Bermuda - BBHL) (the "Company").

Background

The demerger by BCB Holdings Limited of Waterloo Investment Holdings Limited, which owns BCB Holdings Limited's former non-Belizean businesses, became effective on October 26, 2011 (the "Demerger"). The Demerger was the subject of a Circular to the Company's shareholders dated October 19, 2011 (the "Circular") to which reference should be made.

As a result of the Demerger, the Company's Financial Services division now operates principally through Belize Bank Limited and internationally through British Caribbean Bank International Limited, both of which are based in Belize. Within Belize, Belize Bank is the largest, full service commercial and retail banking operation with a head office in Belize City and thirteen branches extending into each of the six districts of Belize. The principal operations of Belize Bank are commercial lending, consumer lending, deposit-taking and related banking activities.

Waterloo Investment Holdings Limited is now the holding company for the Company's non-Belizean businesses which comprise British Caribbean Bank Limited, a portfolio of other assets (principally loans in the Turks and Caicos Islands) and certain investments in associated companies with interests in edible oil processing and distribution operations and palm seed plantations principally in Costa Rica.

Financial Information

The pro forma financial effects of the Demerger on the Company as at and for the year ended March 31, 2011 are set out in the Circular.

The financial information included in this report, as at and for the periods ended December 31, 2011, reflects the impact of the Demerger, which became effective on October 26, 2011. In accordance with accounting standards, the income statements for the three month and nine month periods ended December 31, 2011 have been presented to separately disclose the results from continuing and discontinued operations. All prior period financial information included in this report has been appropriately restated to present continuing operations and discontinued operations separately in the income statements for all periods and in the balance sheet at March 31, 2011.

Results - three months ended December 31, 2011

On this basis, the Company reported a net loss from continuing operations of $2.4m for the three months ended December 31, 2011 (2010 - net loss $1.3m), the third quarter of fiscal 2012, and a net loss per ordinary share from continuing operations for the quarter of $0.02 (2010 - net loss $0.01).

For the three months ended December 31, 2011, the Company reported a net loss of $13.6m (2010 net income - $3.8m) and a net loss per ordinary share for the quarter of $0.14 (2010 net income - $0.04).

Results - nine months ended December 31, 2011

For the nine months ended December 31, 2011, the Company reported a net loss from continuing operations of $8.7m (2010 - net loss $0.1m). Loss per ordinary share from continuing operations for the nine months ended December 31, 2011 was $0.09 (2010 - $0.00).

For the nine months ended December 31, 2011, the Company reported a net loss of $9.8m (2010 - net income $20.3m) and net loss per ordinary share for the nine months of $0.10 (2010 net income - $0.20).

Balance sheet - at December 31, 2011

At December 31, 2011 total assets were $651.5m (March 31, 2011 - $951.6m) and net assets were $112.3m (March 31, 2011 - $421.3m), each fully reflecting the effects of the Demerger.

Cash flows - nine months ended December 31, 2011

At December 31, 2011, the Company had cash, cash equivalents and due from banks of $44.7m (March 31, 2011 - $43.2m), a positive movement of $1.5m.

Given the cash and non-cash effects of the Demerger, together with their impact on continuing and discontinued operations (as restated), a full cash flow statement split as to operating, investing and financing activities has not been separately disclosed in this interim announcement. The full cash flow impact on the continuing operations of the Company will be fully disclosed in the results announcement and in the audited consolidated financial statements for the year ending March 31, 2012.

For further information contact:

Makinson Cowell BCB Holdings Limited

[phone] UK [phone]

Belize [phone]

Note: This and other press releases are available at the Company's web site:

BCB Holdings Limited

Financial Information

Summarized Consolidated Statements of Income (unaudited)

US dollars in millions except per share data


3 months 3 months ended 9 months 9 months
ended ended ended
December December 31, December December
31, 31, 31,
2011 2010 2011 2010
------------------------------------ ------------- ----------------- ---------- ----------

Financial Services
Interest income 10.1 11.2 31.0 33.6
Interest expense (4.7) (6.7) (16.1) (19.6)
------------------------------------ ------------- ----------------- ---------- ----------

Net interest income 5.4 4.5 14.9 14.0
Provision for loan losses (4.1) (1.4) (11.9) (3.2)
Net non-interest expense (2.4) (2.3) (7.8) (5.8)
------------------------------------ ------------- ----------------- ---------- ----------

Operating (loss) income -
Financial Services (1.1) 0.8 (4.8) 5.0
Corporate expenses (1.3) (2.1) (3.9) (5.1)
------------------------------------ ------------- ----------------- ---------- ----------

Net (loss) - continuing operations (2.4) (1.3) (8.7) (0.1)
Net (loss) income - discontinued
operations (11.2) 5.1 (1.1) 20.4

Net (loss) income (13.6) 3.8 (9.8) 20.3
------------------------------------ ------------- ----------------- ---------- ----------

Earnings (loss) per share:
basic and diluted
Net (loss) - continuing operations $(0.02) $(0.01) $(0.09) $0.00
Net (loss) income - discontinued
operations $(0.12) $0.05 $(0.01) $0.20
Net (loss) income $(0.14) $0.04 $(0.10) $0.20
Number of shares - (basic
& diluted) 100.0m 100.0m 100.0m 100.0m





BCB Holdings Limited

Financial Information

Summarized Consolidated Balance Sheets (unaudited)

US dollars in millions


December 31 March 31
2011 2011
$m $m

Assets
Financial Services
Cash, cash equivalents and due
from banks 44.7 43.2
Interest-bearing deposits with
correspondent banks 102.8 82.2
Government of Belize securities 18.5 28.9
Loans - net 382.5 390.3
Property, plant and equipment
- net 14.8 12.8
Other assets 77.7 77.4
Total Financial Services assets 641.0 634.8
Corporate
Cash and cash equivalents 9.6 --
Other current assets 0.9 0.4
Net assets - discontinued operations -- 316.4
Total assets 651.5 951.6


Liabilities and shareholders'
equity
Financial Services
Deposits 516.3 504.6
Interest payable 7.3 9.0
Other liabilities 5.7 8.9
Long-term debt -- 0.6
Total Financial Services liabilities 529.3 523.1
Corporate
Other current liabilities 6.7 6.0
Long-term liabilities 3.2 1.2
Total liabilities 539.2 530.3
Shareholders' equity
Share capital 0.6 0.6
Additional paid in capital 52.4 52.4
Treasury shares (21.6) (21.6)
Retained earnings 80.9 389.9
Total shareholders' equity 112.3 421.3

Total liabilities and shareholders'
equity 651.5 951.6

-ENDS-

This information is provided by RNS

The company news service from the London Stock Exchange

END

QRTZFLFBLXFEBBX

[simonparker5] 01/3/2012 15:03

Results out and they don't look too bad to me. Net assets of just over $110m which euates to over 70p a share and we are trading at 20p. Some catching up to do here.
Could get some director buying on the back of these.

[ryan83] 01/3/2012 13:02

S5

yeah regards NEW,but wasnt the funding book only closed yesterday? I expect something soon tho! I think 10p is the base there at the mo!

[skanjete2] 01/3/2012 12:15

I don't think we should be too anxious for the results. Most probably another loss will be reported. The situation in Belize hasn't bettered a lot over the past few months.

Anyhow, it doesn't matter since the share price is almost discounting a total loss at the moment.

[simonparker5] 01/3/2012 12:09

ryan83 no reply yet but will let you know if I do.
Normally a delay wouldn't be a good sign butI don't think a day or two really matters. I see we still have had no news on the NEW funding which was promised by the end of February. Wish they would hurry up as I do beleive this is holding back the price.

[moreforus] 01/3/2012 12:05

hmmm now bouncing? news seen??

[ryan83] 01/3/2012 11:53

nice one S5.

Website still says 29 Feb for update also. (Not) a good sign?

[simonparker5] 01/3/2012 09:45

I have emailed them this morning, will let you know if I get a reply.

[moreforus] 01/3/2012 09:39

nope and down on 2k sell

[simonparker5] 29/2/2012 20:36

ryan83 yes I was aware of your NEW holding. I am in NEW as well and have been since the 5p days, have a feeling it will make us a lot money in 2012. All the best.

[ryan83] 29/2/2012 20:25

Lol Simon, a link up with NEW. (my main holding).

I was expecting news on these NEW and MBW today but zilch, maybe the RNS machine has been faulty today

[bogotatrader] 29/2/2012 19:24

Dirctor bought 30,000 share last November at 17.5p so I think they are underpinned at this level......no announcement yet on their website....

[simonparker5] 29/2/2012 17:04

Skyracer I have a few of these and I am tempted to agree. It is rare that a company releases good news late but I guess we will just have to see what they deliver.

[skyracer] 29/2/2012 16:52

Presumably they are going to be awful; big drop in net income, massive provisions.

[bogotatrader] 29/2/2012 16:52

M4...guess we will get the rns in London first thing tomorrow after it has been posted in NYC and Bermuda Stock Exchange hours...

[moreforus] 29/2/2012 16:10

probably get it after the market has closed...

[simonparker5] 29/2/2012 16:00

ryan83 you don't think that the late results are due to some sort of tie up with NEW do you. After all they are both in Belize. Probably just day dreaming! LOL

[ryan83] 29/2/2012 15:39

still nothing....

[moreforus] 29/2/2012 13:34

I thought it was on the website? maybe when US opens?

[hjfe] 29/2/2012 13:12

No Q3 results today?

[ryan83] 23/2/2012 10:29

got mine last week ;-)

[moreforus] 23/2/2012 09:02

buying started for the results