BFS Entertainment & Multimedia Limited
TSX VENTURE : BFS

BFS Entertainment & Multimedia Limited

December 31, 2014 21:00 ET

BFS Entertainment & Multimedia Limited Announces Second Quarter Results

RICHMOND HILL, ONTARIO--(Marketwired - Dec. 31, 2014) - BFS Entertainment & Multimedia Limited (TSX VENTURE:BFS) of Richmond Hill, Ontario, announces its unaudited consolidated financial and operating results for the second quarter ended November 1, 2014.

Sales for the first six months were $4,000,009 compared to $5,010,405 last year and for the second quarter were $2,039,380 compared to $2,911,361 during the same quarter last year. Net loss for the first six months was $147,547 ($0.02 per share) compared to a net profit of $160,797 ($0.02 per share) for the same period last year. Net loss for the second quarter was $172,597 ($0.02 per share) compared to a net income of $114,370 ($0.02 per share) for the same quarter last year.

Denis B.E. Donnelly, President and CEO stated, "We continue reducing our costs and are adjusting our operating model to exploit the new digital distribution environment. Our long term outlook remains optimistic by moving forward into the digital world, growing our direct to consumer business and exploring new media opportunities.

"While the prior year sales for the first six months were very positive; however, there were material returns in the last part of that fiscal year. The current year's six month revenues are more typical and for the balance of the current fiscal year, we expect lower returns and anticipate a return to profitability. No digital sales were booked for the six months but are expected in the second half of the fiscal year."

FINANCIAL HIGHLIGHTS
(Unaudited and not reviewed by an auditor - in Canadian dollars)
Thirteen
Weeks Ended
Nov. 1, 2014
Thirteen
Weeks Ended
Nov. 2, 2013
Twenty-six
Weeks Ended
Nov. 1, 2014
Twenty-six
Weeks Ended
Nov. 2, 2013
Sales $ 2,039,380 $ 2,911,361 $ 4,000,009 $ 5,010,405
Cost of goods sold 857,120 1,017,716 1,589,772 1,826,491
Gross profit 1,182,260 1,893,645 2,410,237 3,183,914
Selling and administrative expenses 1,344,973 1,649,026 2,471,532 2,797,267
Amortization 57,165 73,171 106,938 136,619
Income (loss) from operations (219,878 ) 171,448 (168,233 ) 250,028
Interest expense 17,168 11,456 34,021 23,628
Net finance charges 17,168 11,456 34,021 23,628
Income (loss) before income taxes (237,046 ) 159,992 (202,254 ) 226,400
Income taxes expense (recovery) (64,449 ) 45,622 (54,707 ) 65,603
Net income (loss) and comprehensive income (loss) $ (172,597 ) $ 114,370 $ (147,547 ) $ 160,797
Basic and diluted earnings (loss) per share $ (0.02 ) $ 0.02 $ (0.02 ) $ 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 and American Home Treasures. 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

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