Abaco Markets Ltd. - the Abacos' Super Markets
By Anita Rolle - the Abaconian - 1 August 2002

Abaco Markets Limited held a meeting for shareholders in Marsh Harbour on July 15, 2002, announcing that dividends for the third quarter may be paid out as soon as November, 2002.

Of the approximate 1,500 shareholders of Abaco Markets Ltd., over 200 are on Abaco. Divisions in wholesale, retail, franchise and real estate have put the company on a direct path for positive growth. Developmental strategies have been implemented, which have brought the company to the position it is today, comprised of twenty-eight profit centers. Through a process of assessments, purchases, consolidations and divestment, Abaco Markets is evolving into a first rate conglomerate. Most recently, the acquisition of Dunkin Donuts was completed and is providing a boost to the franchise division. There is confidence, however, that the untapped potential of the wholesale donut business will prove a major opportunity.

The huge undertaking of establishing the Solomon"s Super Center is now complete and directors are forecasting a short wait for profits to be realized from this establishment. Some of the operations have seen a decline in sales, namely Bellevue Business Depot which was hardest hit by the events of September 11. A wait-and-see attitude is being adapted for profits in this area. Other areas which have seen a decline are the Turks & Caicos Trading Company Limited and Thompson Wholesale of Freeport. It has been established that the Turks and Caicos company decline was due to poor management. However, a new management team has been put in place and reviews will be frequent to ensure that stability within the company is regained.

All departments with the exception of franchises felt a decline in profits during this period. The directors are planning how they can recover from the negative impact by better meeting the needs of the consumers and by meeting the needs of investors through marketing and sales.

Mr. Reginald Sands, CEO, said, "The company is now poised to take advantage of potential benefits. Abaco Markets is relatively recession proof; however, not completely immune to slow downs. Therefore, we will proceed with caution." As for projections for the future of Abaco Markets, it is estimated that 2002-2003 sales will exceed $120M, which will represent more than 5 percent increase from last year. Key factors expected by bring about the future development and growth of Abaco Markets include the development of super centers, expansion in the area of franchise, potential business possibilities through the FTAA and on-going assessments.