RICHMOND HILL, ONTARIO--(Marketwired - Aug. 29, 2014) - BFS Entertainment & Multimedia Limited ("BFS") (TSX VENTURE:BFS) of Richmond Hill, Ontario, announces its audited consolidated financial and operating results for the fiscal year ended May 3, 2014.
Sales for the fiscal year were $9,002,995 compared to $9,910,037 last year. Net loss for the fiscal year was $125,169 ($0.02 per share) compared to net income of $67,052 ($0.01 per share) for the same period last year.
Denis B.E. Donnelly, President and CEO, stated, "The Company is adjusting to a new marketplace. We have increased our (so far unexploited) digital library to approximately 1,000 hours of programming. No digital sales were recorded in fiscal 2014, but contracts have been signed and are now in place with digital distribution companies such as Apple TV and iTunes, Amazon Instant Video and Vimeo On Demand. We expect to see digital revenues during the second half of fiscal 2015.
"We have reduced costs and are currently adjusting our operating model to support the new business and to return us to a profitable position.
"Our long term outlook is optimistic that we will remain a key long-term player in the distribution of programming regardless of delivery mode as we move forward in the digital world and hard goods and also grow our direct to consumer business."
| FINANCIAL HIGHLIGHTS | Fiscal years ended | ||||
| (Audited - in Canadian dollars) | May 3, 2014 | May 4, 2013 | |||
| Sales | $ | 9,002,995 | $ | 9,910,037 | |
| Cost of goods sold | 3,482,053 | 3,683,873 | |||
| Gross profit | 5,520,942 | 6,226,164 | |||
| Selling and administrative expenses | 5,383,879 | 5,742,535 | |||
| Amortization | 268,441 | 329,342 | |||
| Income (loss) from operations | (131,378 | ) | 154,287 | ||
| Interest expense | 48,032 | 43,269 | |||
| Net finance charges | 48,032 | 43,269 | |||
| Income (loss) before income taxes | (179,410 | ) | 111,018 | ||
| Income taxes expense (recovery) | (54,241 | ) | 43,966 | ||
| Net income (loss) and comprehensive income (loss) | $ | (125,169 | ) | $ | 67,052 |
| Basic and diluted earnings (loss) per share | $ | (0.02 | ) | $ | 0.01 |
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, Collectables Direct (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, CPA, CA
Chief Financial Officer
(905) 884-2323
(905) 884-8292 (FAX)
ir@bfsent.com
www.bfsent.com