Bermuda Press (Holdings) Ltd’s net income grew fivefold as the company slashed expenses by almost ten percent.Net earnings were $316,000 for the year ended September 30, 2010, or 23 cents per share, compared to $63,000, or five cents a share, in the previous year.BPH, which has media, commercial printing, retail and real estate interests, and which owns The Royal Gazette, cut expenses by $3.27 million to $29.6 million. However, revenues also dipped by more than seven percent to $30.6 million from $33.1 millionIncome from the company’s publishing and retail operations fell to $22.8 million from $23.8 million the previous year.Commercial printing revenues fell to $5.5 million from $6.8 million, while rental income held steady at $2.1 million.BPH trimmed its payroll and employee benefit costs by $1.4 million during the year to $14.6 million. Expenditure on materials and supplies fell markedly, from $7.3 million to $6 million, while general and administrative costs were also slashed by more than $0.7 million.In a statement to shareholders in the BPH annual report for 2009/10, president Christopher Whittle and vice-president Michael King said the company was “engaged in a restructuring that involves a complete review of processes, streamlining of operations and building a digital platform from which a newly energised organisation will emerge”.The biggest changes came at Bermuda Press, the company’s commercial printing operation, which shed 14 jobs last year, downsized and switched its emphasis to digital printing technology.“In 2011 Bermuda Press will be selling several lithographic presses and investing in new digital press equipment,” the company stated. “We believe that by the middle of 2011 Bermuda Press will be even more firmly established as the leader in on-demand and digital printing in Bermuda.”The changes had resulted in a “leaner and more sustainable operation”, BPH said.Efforts have been made to increase The Royal Gazette’s online presence and the number of visitors to the website had “increased dramatically”, BPH said.“As online content comes to dominate the way the world receives its news, we believe that the economics of web publishing, which have not as yet solidified into a profitable business model for many publishers, will gradually do so,” BPH said.There were several changes in senior management positions during the year. Jonathan Howes was appointed group chief executive officer at the start of 2010 with a brief to “rationalise the company’s operations, take in hand the development of the new digital platform, restructure operations to reduce operating costs without compromising the core businesses, and to enhance shareholder value”.In July 2010, Christine MacIntyre, formerly a senior manager with PricewaterhouseCoopers Bermuda, was appointed chief financial officer.The management of The Stationery Store, Artcetera and Office Solutions were consolidated into a single role filled by general manager Bob Legere.The change of Premier last October - with Paula Cox replacing Ewart Brown - was welcomed by the company.“With her background in business affairs and her determination to set the Island’s economic ship to rights, we believe that the entire atmosphere in Bermuda is changing,” BPH stated. “We are confident that Premier Cox’s less confrontational approach will be to the benefit of all Bermuda residents.“The 201½012 budget released in February has shown signs of increasing fiscal responsibility within Government and we expect this will be welcomed by the business community.”The statement continued: “The year 2010 will be remembered in Bermuda for the arrival of the difficult economic conditions that had affected all of our major trading partners earlier. Because Bermuda’s economic pulse tends to run behind those of the countries with which we trade, the company was able to foresee the change in economic conditions that was coming, and resolved to act, rather than react.“Management has undertaken a painstaking review of every aspect of your company’s operations. Taking time to consider the best way forward, we concluded that the company should be recast, to reflect the changing economic conditions around us.”The report added that Colombia House - home to The Stationery Store on Reid Street - would formally be renamed the Roger Davidson Building, to recognise Mr. Davidson’s contribution to BPH, after the 2011 annual general meeting.