NEW YORK, Dec. 9 /PRNewswire/ -- BHI Corporation (Nasdaq: BHIKF), a
corporation operating financial and other service businesses, reported net
income of $10.1 million for the six months ended October 31, 1997, an increase
of 22% over the same period last year.  Earnings per share was $1.38, an
increase of 18%.
    BHI's balance sheet at October 31, 1997 is strong with net assets per
share of $13.70 and gearing remains minimal.
    On November 10, 1997, BHI announced an agreement to purchase a controlling
interest in Aaxis Limited in a stock-for-stock transaction that values Aaxis
at approximately $88 million.  Aaxis owns ISS International Service System,
Inc., one of North America's leading providers of outsourced facilities
services, including cleaning, building maintenance and support services.
    Commenting on the results, BHI's Chairman, Michael A. Ashcroft, said,
"BHI's existing businesses experienced good growth in the first half of fiscal
1998.  We are also pleased with the performance of BHI's equity investments
which continues to be up to expectations."
    No dividend was declared and BHI's directors have indicated that they do
not intend to declare a dividend for fiscal 1998.

    Financial Services
    Income from Financial Services increased 15% to $4.3 million (1996 --
$3.7 million) after allowing for intercompany financing costs.  This reflects
a 21% increase in average lending at The Belize Bank, offset by a reduced net
interest margin, resulting in an 8% increase in net interest income.
Non-interest income enjoyed steady growth and was up 12% compared to the prior
year, reflecting growth in international financial services and increased fee
income principally from the issuance and use of credit cards.
    The international financial services sector maintained steady growth as
the number of both international business companies formed and US dollar
accounts continues to increase.  Company and ship registration services remain
an ongoing success story; the numbers of companies and ships registered as of
October 31, 1997, increased to 5,984 and 2,206, respectively, representing
increases of 35% and 34% compared to the prior year.

    Equity Investments
    BHI's equity investments include the following holdings:  26% of Belize
Telecommunications Limited (BTL); 23% of Energia Global, Inc. (EGI) and 20% of
Belize Electricity Limited (BEL) in energy; and 23% of NUMAR and 27% of Belize
Food Holdings Limited in agro-processing and distribution.  BHI's equity in
the net income of its associates was $5.2 million (1996 -- $5.4 million).
    BHI's management continues to play an active role in the ongoing
rationalization at NUMAR, a market leader in edible oils in Costa Rica.  Due
to timing factors affecting export sales between the two periods, BHI's share
of net income for the period May - October 1997 was unchanged at $3.9 million
(1996 - $3.9 million) principally because export sales were especially strong
in the first four months of 1997 and then were lower than the prior year in
the May - September period.  However, NUMAR continues to be a strong
performer.  NUMAR'S fiscal year end is December 31 and for the nine months
ended September 30, 1997, revenues were up 11% to $151.2 million which
included a 38% increase in export sales.  Net income for the same period was
up 26% to $23.1 million with operating profit up 23% to $33.2 million and
reduced finance charges.  Improved margins and operational efficiencies
contributed to this growth.
     BHI's share of the net income of Belize Telecommunications increased 8%
to $1.6 million (1996 - $1.5 million).  BTL's revenues were up 3% and BTL
continues to experience good revenue growth in new services reflecting
increased use of cellular, paging and Internet services as well as expansion
of pay phone and telecard services.
    Highlights of the period for EGI include strong revenue flow from the 16MW
Don Pedro hydroelectric plant in Costa Rica; ongoing construction of the 17MW
Rio Volcan hydroelectric plant, also in Costa Rica, which should be
operational in early 1998; the establishment of partnerships in Guatemala and
Nicaragua to develop private power facilities; and ongoing review of other
regional opportunities to participate in the privatizations of distribution
and generation companies.

    Other Services
    Performance in the construction and civil engineering group including
property development of Leeward were ahead of 1996 and a strong order book is
expected to help full year performance meet expectations.
    BHI Corporation owns and operates selected service businesses in Central
America and, upon the completion of the acquisition of Aaxis Limited, will be
a leader in the outsourced facilities services sector in North America.  BHI
prepares its financial statements in US dollars and according to US GAAP.
    There will be a conference call with management on Tuesday, December 9, at
10.00am.  To participate in this call please call 1-800-275-3210 or if outside
the United States 973-275-7055.

    Forward-Looking Statement
    Certain statements in this press release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995.  In particular, statements contained herein regarding expectations
with respect to future revenue and business expansion, are subject to known
and unknown risks, uncertainties and contingencies, many of which are beyond
the control of BHI, which may cause actual results, performance or
achievements to differ materially from anticipated results, including, among
others, overall economic and business conditions, the demand for BHI's
services, competitive factors, regulatory approvals and the uncertainty of
consummation of future acquisitions.  Additional factors which may affect
BHI's business and performance are set forth in BHI's filings with the
Securities and Exchange Commission.

    Note:  This and other press releases are available through Company News
On-Call by fax; call 800-758-5804, extension 114380, or at
http://www.prnewswire.com

                               BHI CORPORATION
                  Summarized Consolidated Income Statements
           US dollars in thousands, except per share and unit data

    Six months ended October 31     1997           1996       % change
    Operating income            $ 10,222        $ 8,504            +20%
    Interest income/(expense)
      net                           (124)          (245)
    Income taxes                      --             --

    Net Income                   $10,098        $ 8,259            +22%

    Share Data Per Ordinary Share
    Six months ended October 31     1997           1996       % change
    Net income                   $  1.38        $  1.17            +18%
    Cash dividends declared
      (note A)                   $  0.23        $  0.18            +28%
    Net assets                    $13.70         $11.27            +22%

    Number of Ordinary Shares in
      issue at period end
      (note B)                 7,390,197      7,154,215             +3%

    Weighted average number of
      Ordinary Shares for the
      period (note B)          7,318,598      7,053,566             +4%

    Notes:
    A.  For the six months ended October 31, 1997, shareholders received a
        stock dividend of 1 new Ordinary Share for every 86 Ordinary Shares
        held on August 8, 1997 with a cash option of $0.23 per Ordinary Share.
        A further 79,360 Ordinary Shares were issued.
    B.  Including A Ordinary Shares, net of treasury shares.

                               BHI CORPORATION
                    Summarized Consolidated Balance Sheets
                           US dollars in thousands
                                       October 31,           April 30,
                                              1997                1997
    Assets

    Cash, cash equivalents and other
      liquid assets                     $   42,416          $   42,948
    Loans (net of unearned income)         118,745             108,156
      Less:  allowance for loan losses      (1,880)             (1,907)
    Equity investments                      59,850              55,209
    Premises and equipment and other assets 47,768              42,806

    Total Assets                          $266,899            $247,212

    Liabilities and Shareholders' Equity

    Deposits                          $    147,228         $   139,550
    Short-term debt                          7,776               7,165
    Other liabilities                       10,115               9,434
    Long-term debt                             562                 604

    Total liabilities                      165,681             156,753

    Shareholders' Equity                   101,218              90,459

    Total Liabilities and Shareholders'
      Equity                              $266,899            $247,212

                               BHI CORPORATION
                 Consolidated Statements of Shareholders' Equity
                             US dollars in thousands

    Six months ended October 31               1997                1996
    Balance, May 1                        $ 90,459            $ 71,069
    Net income                              10,098               8,259
    Shares issued                              811                  --
    Sale of Treasury shares                     --               1,358
    Translation adjustment                       3                  14
    Cash dividends paid (note A)              (153)                (68)
    Balance, October 31                   $101,218            $ 80,632

    Note A:  Shareholders who did not elect to receive cash were issued an
             additional 79,360 Ordinary Shares in the Corporation on
             September 2, 1997.

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