the communications industry becomes ever more linked to global business success. David Fox reports Information technology company, Millennium International Ltd., has declared bottom line earnings of $898,034 or 64 cents per share for the year to June 30, representing a $3.2-million turn-around from last year's $2.29-million loss.

And the company said yesterday that management expects the subsidiaries to continue to streamline their activities and improve on profitability in the year ahead.

A Millennium statement said, "Additionally, the subsidiaries will continue to invest in new technologies and relationships that will ultimately make Millennium a world class presence in the global communications and solutions marketplace.'' Company revenues improved 25 percent to $10,949,010, after the February sale of US-based Attitude Network Ltd. contributed $826,582 to net earnings.

The report from chairman and acting CEO, William J. Midon, explained: "We had made a commitment following our Initial Public Offering to invest in businesses that are judged by management as having potential to increase shareholder value.

"It was considered timely to capitalise on Attitude's gain to date in order to best position Millennium to take advantage of other investment opportunities.'' The Hospitality Systems business unit was also sold for a one time gain of $220,025.

Bermuda operations realised gross revenues of $7.25 million and net earnings of $724,780, while Bahamas operations realised gross revenues of $3.7 million and net earnings of $173,254.

Millennium's cash balance remained steady at $478,434 and there continues to be no long term debt. No cash dividends were paid between July 1, 1996 and June 30, 1997, under a long term growth strategy.

Beginning with the newly-formed middle schools, Millennium subsidiary Business Systems Ltd. (BSL), was integral in implementing a private network connecting the Island's public schools, building modern computer labs and delivering content-controlled Internet access to each school.

Later, BSL was extending the network solution to include CedarBridge Academy.

Subsidiary Internet Bermuda Ltd. (IBL) this year marked its first year of profitability since inception, after growing its consumer customer base by 50 percent this year, bringing total dial-up member rate to over 4,000.

But in anticipation of competition that should "dampen the explosive growth'', IBL has been conducting research and developing market plans. BSL and IBL are being amalgamated as one subsidiary. Millennium also owns Digital Systems Bahamas Ltd. and Internet (Bahamas) Ltd. Millennium International's total assets were placed at nearly $5.7 million at June 30, down from almost $6.2 million in 1996 and almost $7.8 million in 1995.

Millennium's recent name change from BSL Holdings was described as a direct result of the fundamental change in corporate focus toward the converging fields of data communications and information technology.

Mr. Midon said, "The past year showed not only marked improvement in the performances of the subsidiaries, but the completion of a fundamental transition of business focus.

"As the communications industry becomes more important to the success of global business, our subsidiaries are well-positioned to take advantage of the new opportunities that develop.

"We expect a lot of the new opportunities to develop in the offshore business environment which Millennium has already begun to address through its operating companies.''