It was incorrectly reported in yesterday's paper that Bermuda Aviation Services Ltd.'s earnings per share for 1991-92 were $0.11. It should have said loss per share was $0.11.

Bermuda Aviation Services Ltd., hurt by a disastrous downturn in the world's airline industry, yesterday reported a loss of $122,00 for the financial year to March 31.

Inflite Catering, which has traditionally been the company's biggest money earner, produced 77,000 fewer meals in 1991-92 than it did the previous year, resulting directly in an 11.4 percent drop in revenues to $14.7 million.

Unprecedented losses in the global airline industry, resulting in layoffs, company restructuring programmes, and in some cases bankruptcies, were all to blame for BAS' result, which marks the first time in three years that BAS has lost money.

Yet, BAS president Mr. Neville Conyers said the company was able to "preserve a creditable performance in very difficult circumstances''.

Mr. Conyers said Bermuda's tourism had been "severely impacted'' by the troubled airline industry, pointing directly to the reduction in service by British Airways, the end of Pan Am, and the shaky position of Continental Airlines, which is in Chapter 11 bankruptcy protection.

"Partly as a result of this climate, Bermuda faces an uncertain future,'' Mr.

Conyers said in his annual report to shareholders. "Bermuda Aviation Services Limited is among the first of our country's businesses to feel the impact, which is immediate and unavoidable.'' In an effort to scale back the company's interests following a "costly'' wage agreement with unionised workers, Mr. Conyers said BAS sold off its 20 percent interest in Bermuda Island Cruises, turned security screening operations over to an independent security company, and sold off its transport division to Bee-Line Transport Ltd. for $400,000.

"These operations were terminated in response to the need to rationalise our business and eliminate operations which were not viable and could not be made competitive under a restrictive and costly collective agreement with the Bermuda Industrial Union.'' Mr. Conyers said that the company, nevertheless, had an improved financial position by the end of the financial year, adding that total liabilities were reduced by $120,000 to $1.7 million.

He warned that Bermuda had lost much of what traditionally attracted visitors to Bermuda. "The product we offer to our tourists is not as competitive as it once was,'' he said.

"We are losing our lustre as a primary destination, a reputation we gained through years of consistency and the love of meeting people and serving them.

"We must recognise that the world is changing; we have new sources of competition. We need to find new ways of resolving our differences. We have new priorities in the work place; priorities of survival and of job security.

These priorities can be addressed only with a spirit of mutual understanding and cooperation promoted within a framework which allows for the peaceful and non-disruptive resolution of differences.'' BAS 1992 SUMMARY Revenue $14.7M Operating expenses $14.5M Assets. $7.5M Liabilities $1.7M Earnings per share $0.11 Retained earnings $1.8M.