RICHMOND HILL, ONTARIO--(Marketwired - Dec. 23, 2013) - BFS Entertainment & Multimedia Limited (TSX VENTURE:BFS) announces its unaudited consolidated financial and operating results for the second quarter ended November 2, 2013.
Sales for the first six months were $5,010,405 compared to $5,064,395 last year and for the second quarter were $2,911,361 compared to $2,908,456 during the same quarter last year. Net income for the first six months was $160,797 ($0.02 per share) compared to $141,947 ($0.02 per share) for the same period last year. Net income for the second quarter was $114,370 ($0.02 per share) compared to $100,018 ($0.01 per share) for the same quarter last year.
Denis B.E. Donnelly, President and CEO stated, "We are pleased to report a 13% increase in net income compared to the same period last year, an increase to $160,797 from $141,947."
| FINANCIAL HIGHLIGHTS | ||||||||
| (Unaudited and not reviewed by an auditor - in Canadian dollars) | Thirteen Weeks Ended Nov. 2, 2013 |
Thirteen Weeks Ended Nov. 3, 2012 |
Twenty-six Weeks Ended Nov. 2, 2013 |
Twenty-six Weeks Ended Nov. 3, 2012 |
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| Sales | $ | 2,911,361 | $ | 2,908,456 | $ | 5,010,405 | $ | 5,064,395 |
| Cost of goods sold | 1,017,716 | 1,123,971 | 1,826,491 | 1,932,406 | ||||
| Gross profit | 1,893,645 | 1,784,485 | 3,183,914 | 3,131,989 | ||||
| Selling and administrative expenses | 1,649,026 | 1,555,736 | 2,797,267 | 2,757,960 | ||||
| Amortization | 73,171 | 76,438 | 136,619 | 148,702 | ||||
| Income from operations | 171,448 | 152,311 | 250,028 | 225,327 | ||||
| Interest expense | 11,456 | 10,659 | 23,628 | 21,909 | ||||
| Net finance charges | 11,456 | 10,659 | 23,628 | 21,909 | ||||
| Income before income taxes | 159,992 | 141,652 | 226,400 | 203,418 | ||||
| Income taxes expense | 45,622 | 41,634 | 65,603 | 61,471 | ||||
| Net income and comprehensive income | $ | 114,370 | $ | 100,018 | $ | 160,797 | $ | 141,947 |
| Basic and diluted income per share | $ | 0.02 | $ | 0.01 | $ | 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, 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, CPA, CA
Chief Financial Officer
(905) 884-2323
(905) 884-8292 (FAX)
ir@bfsent.com
www.bfsent.com