BFS Entertainment & Multimedia Limited
TSX VENTURE : BFS

BFS Entertainment & Multimedia Limited

November 03, 2011 17:41 ET

BFS Entertainment & Multimedia Limited Announces First Quarter Results

RICHMOND HILL, ONTARIO--(Marketwire - Nov. 3, 2011) - BFS Entertainment & Multimedia Limited ("BFS") (TSX VENTURE:BFS) Richmond Hill, Ontario, announces its unaudited consolidated financial and operating results for the first quarter ended August 6, 2011. BFS has commenced reporting under International Financial Reporting Standards with the release of its first quarter.

Sales for the quarter were $2,228,463 compared to $2,476,796 during the same quarter last year. Net loss and comprehensive loss for the quarter was $133,238 ($0.02 per share) compared with a net loss and comprehensive loss of $31,853 ($0.00 per share) in the same quarter last year.

Denis B.E. Donnelly, President and CEO stated, "The North American market place has shown little improvement over the last year. We remain confident, however, that our earnings will improve as we expand our product portfolios for 2012 and reduce our costs."

FINANCIAL HIGHLIGHTS
(Unaudited and not reviewed by an auditor – in Canadian dollars)
Thirteen weeks ended
August 6, 2011 July 31, 2010
Sales $ 2,228,463 $ 2,476,796
Cost of goods sold 873,876 1,005,978
Gross profit 1,354,587 1,470,818
Selling and administrative expenses 1,473,894 1,476,565
Amortization 78,544 77,671
Loss from operations (197,851 ) (83,418 )
Interest expense 10,775 6,954
Foreign exchange gain (11,053 ) (53,594 )
Net finance charges (278 ) (46,640 )
Loss before income taxes (197,573 ) (36,778 )
Income taxes recovery (64,335 ) (4,925 )
Net loss and comprehensive loss $ (133,238 ) $ (31,853 )
Basic and diluted loss per share $ (0.02 ) $ (0.00 )

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 and e-commerce websites.

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
    Corporate Website: www.bfsent.com