RICHMOND HILL, ONTARIO--(Marketwire - Aug. 31, 2012) - 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 5, 2012.
Sales for the fiscal year were $9,518,360 compared to $11,622,876 last year. Net loss for the fiscal year was $521,588 ($0.07 per share) compared to a net loss of $226,984 ($0.03 per share) for the same period last year.
Denis B.E. Donnelly, President and CEO stated, "The United States economic downturn continued to have a negative impact on our revenues and earnings over last year. Our gross sales were $10,089,941 for the year, but were negatively impacted by a $571,581 provision for an overstock return of resalable products from prior years' sales to a corporate customer, resulting in net sales for the year of $9,518,360. Going forward, we have made significant reductions in our direct-to-consumer advertising initiatives and overhead expenses. We remain confident that positive earnings will return for fiscal 2013."
| FINANCIAL HIGHLIGHTS | |||||||
| (Audited - in Canadian dollars) | |||||||
| Fiscal years ended | |||||||
| May 5, 2012 | May 7, 2011 | ||||||
| Sales | $ | 9,518,360 | $ | 11,622,876 | |||
| Cost of goods sold | 3,582,057 | 4,521,628 | |||||
| Gross profit | 5,936,303 | 7,101,248 | |||||
| Selling and administrative expenses | 6,343,799 | 6,900,452 | |||||
| Amortization | 352,584 | 352,034 | |||||
| Loss from operations | (760,080 | ) | (151,238 | ) | |||
| Interest expense | 43,303 | 28,727 | |||||
| Foreign exchange loss (gain) | (34,197 | ) | 111,789 | ||||
| Net finance charges | 9,106 | 140,516 | |||||
| Loss before income taxes | (769,186 | ) | (291,754 | ) | |||
| Income taxes recovery | (247,598 | ) | (64,770 | ) | |||
| Net loss and comprehensive loss | $ | (521,588 | ) | $ | (226,984 | ) | |
| Basic and diluted loss per share | $ | (0.07 | ) | $ | (0.03 | ) | |
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, including electronic delivery and streaming.
(SEC Rule 12g exemption #82-4245)
Contact Information:
John Grzybowski, MBA, CA
Chief Financial Officer
(905) 884-2323
(905) 884-8292 (FAX)
ir@bfsent.com
www.bfsent.com