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BELIZE HOLDINGS REPORTS ANOTHER YEAR OF RECORD ACHIEVEMENT AND DEVELOPMENT

 BELIZE HOLDINGS REPORTS ANOTHER YEAR
 OF RECORD ACHIEVEMENT AND DEVELOPMENT
 NEW YORK, July 16 /PRNewswire/ -- Belize Holdings Inc. (BHI) (NASDAQ: BZHKF), a holding company with banking and financial service operations in Belize, as well as investments in telecommunications and citrus, reported in its earnings statement today that 1992 income before taxes increased to $4,603,000, a 59 percent increase from 1991 and earnings per ordinary share increased to 91 cents, a 21 percent increase over 1991.
 The company has declared a cash dividend of 11 cents per ordinary share which will be paid on Sept. 4, 1992 to shareholders on the register on Aug. 14, 1992. It is intended that a second dividend of similar amount will be declared for payment in March 1993 following completion of the interim results to Oct. 31, 1992 and on the basis that it remains prudent to do so. This, together with the first dividend, will provide an increase of approximately 10 percent over the cash dividends declared in the year ended April 30, 1992.
 During the year, the capital base of the group was further increased by the issue of ordinary shares which raised $4.9 million, mostly from foreign capital sources. This, together with retained earnings of $3.0 million, resulted in a two-fold increase in shareholders' equity from $7.4 million to $15.3 million. Total assets of the group now amount to over $110 million.
 Commenting on the results, Michael A. Ashcroft, chairman, said:
 "The year to April 30, 1992, has been another year of record achievement and development for Belize Holdings with increased income before taxes and earnings per share. A significant event during the year was the listing of BHI's shares on the NASDAQ Stock Market, making BHI the first Belizean company to obtain a listing of its shares on an international stock market."
 "BHI's objectives are to seek further investment opportunities in Belize and, where appropriate, elsewhere with the object of further enhancing shareholder value. The group's track record to date provides an excellent foundation upon which to build further investment growth."
 Belize
 Belize, formally British Honduras, is located on the Caribbean Coast of Central America, bordering Mexico to the north and Guatemala to the west and south. Belize has been an independent nation since 1981. Belize's international memberships include The Organization of American States (OAS), The Caribbean Common Market (CARICOM) and The British Commonwealth. Belize is an English speaking democratic country with a legal system based on English law. The United Kingdom continues to maintain a significant defense force in the country comprising Army and Royal Air Force personnel numbering 1,500.
 Total population is estimated at 200,000 spread across some 9,000 square miles of largely undeveloped land. The major exports are sugar, citrus, bananas, garments and marine products. Belize also has a significant tourist industry, particularly ecotourism based increasingly on Belize's natural attractions (coral reefs and rain forests).
 The Belize dollar is fixed to the United States dollar at a fixed exchange rate of BZ$2 equals US$1. This rate has remained unchanged since 1976, prior to which it was fixed to the pound sterling. Belize's inflation rate is approximately 5 percent.
 Review of Results
 An analysis of income before taxation follows (U.S. dollars in thousands):
 Year ended April 30: 1992 1991 Percent change
 Net operating income from
 banking and financial
 services 3,256 2,200 +48
 Investment income:
 Telecommunications 985 481
 Citrus (105) --
 Debenture interest 321 180
 Other (79) 52
 Total 1,122 713 +57
 Other income(A) 225 --
 Non-operating interest expense -- (24)
 Income before taxation 4,603 2,889 +59
 (A) -- Amortization of surplus arising on acquisition of subsidiary company.
 Banking and Financial Services
 Retail banking services in Belize are provided by BHI's wholly owned subsidiary, The Belize Bank Limited. These operations continue to represent the most significant contribution to group earnings. Net operating income for the year amounted to $3,505,000, a growth of 65 percent against the prior year result of $2,125,000. Lending to customers grew by 31 percent during the year spread over most geographical and industry sectors served by the bank.
 The new branches established in early 1991 in Punta Gorda and Dangriga have performed well and this year's results now reflect a full year's contribution from them. The bank remains the only bank in Belize to provide a full nationwide service through its 11 branch network.
 The outlook for the coming year is one of continued growth in lending to all sectors against the background of a diversified Belizean economy which continues to maintain a steady growth.
 The group also provides a variety of financial services to overseas
clients. These include offshore company formation and related accounting and secretarial services. Belize has one of the most up-to- date legislations in this field including innovative new trust legislations. The contribution to group income from these services has, to date, been modest but the group is now well placed to further develop these services with the professional and clerical services available to it as well as good international communications.
 Belize Telecommunications Limited
 In February 1992, the group increased its interest in Belize Telecommunications Limited (BTL) from 10.94 percent to 24.99 percent through the acquisition of a further 4,499,999 C ordinary shares.
 BTL is the sole supplier of telecommunications services within Belize and provides a full range of national and international services. Its communications equipment includes the latest technology in this rapidly changing environment and the company has built one of the most modern networks in the region. New services are being developed to cater for the increasing communication demands of customers.
 In the year to March 31, 1992 BTL's net income attributable to ordinary shareholders amounted to $8,851,000, a 19 percent increase over the prior year. The group's equity share of this result for the year ended April 30, 1992 amounted to $985,000. The prospects for BTL for the coming year are good and the group will benefit from a full year's contribution at the group's present equity level.
 Belize Food Holdings Limited
 The group owns a 20 percent interest in Belize Food Holdings Limited which, through its wholly owned subsidiary Belize Food Products Limited, is engaged in citrus farming and processing in the Stann Creek District of Belize. Citrus ranks second in value to sugar in terms of Belize exports but is increasing at a faster rate and the fortunes of the citrus industry have an increasingly significant impact on the Belizean economy. Belize Food Product Limited accounts for approximately half of Belize's citrus exports.
 The group's share of results for the period to April 30, 1992 amounted to a net loss of $105,000 due to weak export prices on the world market as well as a poor crop. It is anticipated that the returns from this investment will improve over the coming months as citrus operations expand against a background of improved prices. Plans are in place to significantly expand the company's acreage under production.
 The group also holds $2 million of secured floating rate debentures issued by Belize Food Holdings Limited on which $321,000 of interest income was earned during the year.
 Other Investments
 During the year the group acquired a 31 percent interest in Great Belize Production Limited (GBP). GBP has operated for ten years as a video and film production company and commenced television broadcasting in Belize in December 1991 having been granted a license under the Broadcasting Act of Belize. GBP is the first privately owned commercial television station in Belize to provide its own daily news service and local programming. The group's share of GBP losses for the year amounted to $43,000. The losses arose largely as a result of television start-up expenses.
 The group also owns 50 percent of Belize International Services, a joint venture established by the group to provide company and shipping registration services. The group's share of the first year losses amounted to $36,000.
 BELIZE HOLDINGS INC.
 Consolidated Balance Sheet
 (U.S. dollars in thousands)
 April 30 1992 1991
 Assets
 Cash and due from banks $ 8,092 $ 6,380
 Interest-bearing deposits 8,420 10,447
 Government of Belize securities 7,627 10,146
 Loans (net of unearned interest) 68,696 52,446
 Less: allowance for loan losses (1,896) (1,563)
 Net premises and equipment 5,539 4,624
 Long-term investments 12,656 6,879
 Other assets 1,380 1,083
 Total assets 110,514 90,442
 Liabilities and Shareholders' Equity
 Deposits:
 Demand 13,094 12,381
 Savings 21,814 16,580
 Certificates of deposit 47,915 44,124
 Total 82,823 73,085
 Short-term debt 3,295 1,226
 Accrued expenses & other liabilities 2,127 2,212
 Surplus arising on acquisition 570 796
 Long-term debt 1,040 1,112
 Amounts due to related parties 5,356 2,028
 Redeemable preference shares first
 preference shares of $100 each:
 authorized: 100,000 shares
 issued: 26,020 shares -- 2,602
 95,211 83,061
 Shareholders' Equity
 Share capital 49 40
 Additional paid-in capital 8,719 3,815
 Retained earnings 6,724 3,725
 Translation adjustment (189) (199)
 Total shareholders' equity 15,303 7,381
 Total liabilities and shareholders'
 equity 110,514 90,442
 NOTES: The above figures have been extracted from the audited financial statements which have been prepared in accordance with US GAAP.
 BELIZE HOLDINGS
 Consolidated Statement of Income
 (US dollars in thousands except per share amounts)
 Years ended April 30 1992 1991 1990
 Interest Income
 Interest and fees on loans $10,454 $7,614 $5,943
 Interest on deposit with banks 508 679 500
 Interest on Government of

 Belize securities 300 311 327
 Total interest income 11,262 8,604 6,770
 Interest Expense
 Interest on deposits 4,597 3,580 2,762
 Interest on short-term debt 135 39 --
 Interest on long-term debt 65 68 70
 Interest on related party debt 177 488 237
 Total interest expense 4,974 4,175 3,069
 Net interest income 6,288 4,429 3,701
 Provision for loan losses 559 83 696
 Net interest income after
 provision for loan losses 5,729 4,346 3,005
 Other Income
 Income from long-term investments:
 associates-share of
 income less losses 801 481 --
 -- debenture interest 321 180 --
 Other -- 52 --
 Other income 1,965 1,384 964
 Total other income 3,087 2,097 964
 Total income 8,816 6,443 3,969
 Other Expenses
 Salaries and benefits 1,844 1,593 1,345
 Premises and equipment 909 838 794
 Other expenses 1,460 1,123 1,230
 Total other expenses 4,213 3,554 3,369
 Income before income taxes 4,603 2,889 600
 Income tax expense 498 248 78
 Net Income 4,105 2,641 522
 Preference dividends 307 182 --
 Net income applicable
 to ordinary shares $3,798 $2,459 $522
 Earnings per ordinary share $0.91 $0.75 $0.23
 Cash dividends declared
 per ordinary share $0.20 -- --
 Average ordinary shares
 in issue (A) 4,166,835 3,267,220 2,276,850
 The above figures have been extracted from the audited financial statement which have been prepared in accordance with US GAAP.
 (A) -- Including A Ordinary Shares
 BELIZE HOLDINGS
 Five Year Financial Record
 (US dollars in thousands except per share amounts)
 Years ended April 30 1992 1991 1990 1989 1988
 For The Year
 Net operating income $3,256 $2,200 $755 $844 $346
 Investment income 1,122 713 -- -- --
 Other income 225 -- -- -- --
 Non-operating interest
 expense -- (24) (155) (182) (151)
 Income before taxation $4,603 $2,889 $600 $662 $195
 Net income applicable
 to ordinary shares 3,798 2,459 522 662 195
 Per Ordinary Share
 Earnings $0.91 $0.75 $0.23 $0.41 $0.21
 Cash dividends declared $0.20 -- -- -- --
 At The Year End
 Liquid assets 24,139 26,973 21,096 14,682 12,502
 Loans net of allowance 66,800 50,883 37,450 32,374 20,758
 Premises and equipment 5,539 4,624 3,949 3,447 2,639
 Long-term investments 12,656 6,879 -- -- --
 Other assets 1,380 1,083 710 543 183
 Total assets 110,514 90,442 63,205 51,046 36,082
 Deposits 82,823 73,085 56,122 46,027 32,989
 Other liabilities 2,697 3,008 953 543 215
 Loans 9,691 4,366 3,598 2,466 2,451
 Redeemable preference
 shares -- 2,602 -- -- --
 Shareholders equity 15,303 7,381 2,532 2,010 427
 Total liabilities and
 shareholders' equity 110,514 90,442 63,205 51,046 36,082
 Earnings per ordinary share and dividends per ordinary share have been adjusted for the share splits of 10 for 1 in September 1990 and 5 for 1 in September 1991.
 All prior year figures have been restated in accordance with US GAAP.
 -0- 7/16/92
 /CONTACT: Belize Holdings Inc., in Belize, 010-501-272390/
 (BZHKF) CO: Belize Holdings Inc. ST: New York IN: FIN SU: ERN


TS -- NY007 -- 9936 07/16/92 10:24 EDT
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