BFS Entertainment & Multimedia Limited

BFS Entertainment & Multimedia Limited

September 24, 2010 18:24 ET

BFS Entertainment & Multimedia Limited Announces First Quarter Results

RICHMOND HILL, ONTARIO--(Marketwire - Sept. 24, 2010) - BFS Entertainment & Multimedia Limited (TSX VENTURE:BFS) of Richmond Hill, Ontario, announced its unaudited consolidated financial and operating results for the first quarter ended July 31, 2010.

Sales for the quarter were $2,476,796, compared to $2,316,575 during the same quarter last year, a 7% increase. Net loss for the quarter was $31,853 ($0.00 per share), compared with a net loss of $151,830 ($0.02 per share) in the same quarter last year.

Denis B.E. Donnelly, President and CEO stated, "We are pleased to have achieved a 7% increase in sales over the prior year. We continue to build on the foundations of a sound and profitable business and are well positioned to take advantage of new opportunities. We look forward to a successful year."

FINANCIAL HIGHLIGHTS (unaudited and not reviewed by an auditor)

       Thirteen weeks ended  
    July 31, 2010       August 1, 2009  
Sales $ 2,476,796     $ 2,316,575  
Cost of goods sold   1,005,978       876,168  
Gross profit   1,470,818       1,440,407  
  Selling and administrative   1,476,565       1,360,515  
  Foreign exchange (gain) loss   (53,594 )     218,521  
  Interest   6,954       2,131  
  Amortization   77,671       70,665  
Loss before income taxes   (36,778 )     (211,425 )
Income tax provision (recovery)   (4,925 )     (59,595 )
Net loss   (31,853 )     (151,830 )
Basic and diluted loss per share $ (0.00 )   $ (0.02 )

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)