The Bermuda Broadcasting Co. Ltd. has declared a modest net income of $92,696 for the fiscal year to December 31 -- the first time the company declared a profit in four years.

The company recorded income of 14 cents per share for the year, an improvement over the 13 cents a share loss reported last year.

But the company declined for the third successive year to pay a cash dividend, after paying out $96,000 (15 cents a share) for 1992 and 1993.

The return to the black for Bermuda Broadcasting came after losses totalling nearly a quarter of a million dollars over the last three years.

The company is optimistic about its future, even though noting a lack of significant growth in revenue. In fact, official figures show a 4.5 percent growth in revenue since 1992, while expenses have grown an equally modest 5.6 percent over the same period.

Revenues for the year were $3,845,000, just $2,000 above 1995, and $3,000 less than 1994. But expenses of $3,808,000 were the lowest in three years.

Operating expenses showed expenditure for salaries, wages and related costs were cut back by nearly $200,000 to $2.3 million. Contributions by the company for the employee pension scheme dropped from more than $110,000 in 1995 to less than $90,000 in 1996.

There were also modest reductions in programming expenses, and maintenance and operating expenses.

Chairman and President Fernance Perry said that restructuring toward a leaner more efficient operation during the year was the first step in the repositioning of the company on the evolving telecommunications landscape.

He said, "The board is pleased with the turn around but deems it imprudent to recommend the payment of a dividend at this stage. Management is confident that new initiatives taken in 1997 will produce greater profit margins in the future, and put the company in a better position to pay a dividend.'' The company has signed an agreement with Airport Operations to this summer launch an audio-video service at the Bermuda International Airport, welcoming visitors to the Island.

Mr. Perry said, "We have developed the video in conjunction with the Department of Tourism, and have worked through our distribution channels to secure the hardware needed to run the system.'' The company has given notice of its annual general meeting of shareholders scheduled for the Chamber of Commerce boardroom on Point Pleasant Road, Hamilton, tomorrow afternoon.