Like companies all over, Bahamas Waste Limited (BWL) is reporting a gross profit decline, its own nearing 30 percent for the first nine months of the year compared to the prior period.

According to BWL's unaudited financial statement for the nine months ending September 30, 2008, gross profit slipped by $688k from $2.3 million to $1.6 million compared to the same 2007 period. Net income from operations slipped to $274K from $881k the year-ago period.

A decline in sales totaling some $200k and falling from $6 million to $5.8 million is largely to blame for the profit decline. Despite that, there was an increase in total current assets from $9.1 million to $9.8 million.

Profit declines for the BISX-listed company came even as total operating expenses fell by almost $100k and the company cut back on its net cash flow used in investing activities by 35 percent from $1.9 million to $1.2 million. But even so, that net income from operations dropped by nearly 70 percent.

All told, the company's cash flow of bank overdrafts rose from $15k to $201k while its earnings per share dropped from 21 cents to 6 cents compared to the same period in 2007.

Still, the company appears to be doing everything it can in the face of a poor economy, say analysts; namely, managing its expenses and exploring new areas to grow its business.