BFS Entertainment & Multimedia Limited
TSX VENTURE : BFS

BFS Entertainment & Multimedia Limited

August 18, 2010 10:39 ET

BFS Entertainment & Multimedia Limited Announces Results for Fiscal 2010

RICHMOND HILL, ONTARIO--(Marketwire - Aug. 18, 2010) - BFS Entertainment & Multimedia Limited (TSX VENTURE:BFS) of Richmond Hill, Ontario announces its audited consolidated financial and operating results for the fiscal year ended May 1, 2010.

Sales for the fiscal year ended May 1, 2010 were $12,515,414, compared to $11,504,600 for the previous fiscal year, an increase of 9%.

Net income for the fiscal year was $113,602 or $0.02 per share, compared to a restated net income of $331,971 or $0.04 per share for the previous fiscal year.

Denis B.E. Donnelly, President and CEO stated, "We are pleased to have achieved a 9% increase in sales over the prior year while having to contend with the falling value of the United States dollar (which accounts for 80% of our revenue) versus the Canadian dollar. This change in the value of the currency resulted in a $514,230 negative change in income on a year over year basis.

We remain confident that we will improve our profitability in the next fiscal year."

FINANCIAL HIGHLIGHTS (audited)
  Fiscal years ended  
  May 1, 2010   May 2, 2009  
          (Restated )
Sales $ 12,515,414   $ 11,504,600  
Cost of goods sold   4,950,891     4,148,143  
Gross profit   7,564,523     7,356,457  
Expenses:            
  Selling and administrative   6,658,908     6,552,487  
  Foreign exchange loss (gain)   430,991     (83,239 )
  Interest   27,863     9,224  
  Amortization   359,462     349,962  
    7,477,224     6,828,434  
Income before income taxes   87,299     528,023  
Income tax provision (recovery)   (26,303 )   196,052  
Net income $ 113,602   $ 331,971  
Basic and diluted earnings per share $ 0.02   $ 0.04  

BFS Entertainment & Multimedia Limited is a recognised independent North American entertainment company focusing on the acquisition, distribution and production of film and television media with head office in Toronto, Ontario.

Programming includes classic dramas, mystery, comedy, sports, documentaries and health and wellness and is sold under the BFS, American Home Treasures and Bodhi Lifestyle™ brands. North American retail distribution is through national retailers, distributors, mail order companies and BFS' direct to consumer division.

BFS' strategy is to continue to acquire new programming and to expand its proprietary programme development, international distribution and direct to consumer delivery.

(SEC Rule 12g exemption #82-4245)

Contact Information

  • BFS Entertainment & Multimedia Limited
    John Grzybowski, MBA, CA
    Chief Financial Officer
    (905) 884-2323
    (905) 884-8292 (FAX)
    ir@bfsent.com
    www.bfsent.com