Wednesday, August 12, 2009

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Sands: Release of BSL 2008 financials 'imminent' By INDERIA SAUNDERS ~ Guardian Business Reporter ~ Inderia@nasguard.com: The chairman for Bahamas Supermarkets Limited is confirming an indefinite delay in its 2008 financials — a wait prolonged by unfinalized details around injecting money into the company's operation. According to Basil Sands it's a matter that should be resolved "imminently". "They are not ready yet . . . we're still waiting on some financial matters that need to be finalized before the auditors can sign off," he told Guardian Business yesterday. "As soon as the principal shareholders can come to terms with the money for injecting into the company that will be it. "It's a question of financing for the company [but] we don't see this going on for very long." Sands is hesitant, however, to offer a date when last year's financials will be made available to the public, although he confirms the quarterly financials for this year are now being prepared. Although there may also be a wait for the quarterly results, the chairman maintains that so far operations are staying the course. "We're holding our own, we hope to get moving [and] everything is looking pretty good," he said. "We're in touch with the Securities Commission and they advise to what the situation is." Sands confirmation of the delay follows an earlier Guardian Business article citing a source close to Bahamas Supermarkets who suggested the company would not have its 2008 financials out before June, with an unqualified signoff dependent on auditors being able to divine the difference between cash sales and income made before or after the period. "We're definitely having problems with moving from a recognition of income by cash versus accruals, which is taking some time to sort out," the insider said earlier. "But we believe that we'll be on track to file our financial statement for this year. "So June of 2009 is [our] deadline for tabling our 2008 [financials], so our audits will be up to date by then." It's an assertion BSL Chairman Basil Sands appeared to take issue back then, asserting those results would have been available well before June. The 2007 results highlighted a net loss of $189k compared to the over $8m the company reported for fiscal 2006. Sands last Fall suggested the timely reporting of financials would resume, however that hasn't happened to date. The source's earlier comments do tie-in with those of others close to the company, operating the country's now 11 City Market food stores. Guardian Business was told last year that an auditor's unqualified sign-off on 2008 results was dependent on the company being able to demonstrate the company's viability going forward into the current fiscal year, something requisite for a full endorsement. Tuesday, July 14, 2009