Year End Financial Results
PORTLAND, OR - February 7, 2007 - Tammar Portland, an independently run subsidiary of Tammar Worldwide, today announced financial results for the year ended December 31, 2006.
After seven years of year-on-year growth, 2006 saw revenue decrease by 10% from previously reported earnings. Expenditure exceeded income by some margin, resulting in a net operating loss of substantial proportions. The Board would however like to draw investors attention to renewed capital investment (new deck, garage with working door) and, critically, to the 50% increase in staffing levels over the previous reporting period.
"We have met the challenge of restructuring head-on, whilst unprecedented levels of inward investment represent a major commitment to the long-term future of the organisation," declared R, Tammar Portland's Chief Executive Officer. "As directed by the Board, we increased personnel levels by half at the tail-end of 2Q06; in tandem with this growth, existing staff have been diverted from previous duties to manage an intensive orientation and development programme scheduled for roll-out over the next twenty-five years."
R remained cautiously bullish in the face of criticisms raised by Wall Street over last summer's strategic shift, dismissing the analysts' statements as characteristic of the short-termism endemic to modern trading. "The actions taken by the Board, though initially painful, were vital to ensure the continuance of the Tammar brand into the second half of the twenty-first century.
"I should also like to remind investors that, due to a highly restrictive legislative environment, it is not possible to cut overhead through a reduction in headcount."
After seven years of year-on-year growth, 2006 saw revenue decrease by 10% from previously reported earnings. Expenditure exceeded income by some margin, resulting in a net operating loss of substantial proportions. The Board would however like to draw investors attention to renewed capital investment (new deck, garage with working door) and, critically, to the 50% increase in staffing levels over the previous reporting period.
"We have met the challenge of restructuring head-on, whilst unprecedented levels of inward investment represent a major commitment to the long-term future of the organisation," declared R, Tammar Portland's Chief Executive Officer. "As directed by the Board, we increased personnel levels by half at the tail-end of 2Q06; in tandem with this growth, existing staff have been diverted from previous duties to manage an intensive orientation and development programme scheduled for roll-out over the next twenty-five years."
R remained cautiously bullish in the face of criticisms raised by Wall Street over last summer's strategic shift, dismissing the analysts' statements as characteristic of the short-termism endemic to modern trading. "The actions taken by the Board, though initially painful, were vital to ensure the continuance of the Tammar brand into the second half of the twenty-first century.
"I should also like to remind investors that, due to a highly restrictive legislative environment, it is not possible to cut overhead through a reduction in headcount."
posted by Richard Tammar at 2:18 PM
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