RICHMOND HILL, ONTARIO--(Marketwire - April 3, 2012) - BFS Entertainment & Multimedia Limited (TSX VENTURE:BFS) of Richmond Hill, Ontario, announces its unaudited consolidated financial and operating results for the third quarter ended February 4, 2012.
Sales for the third quarter were $3,362,836 with net income of $28,840 ($0.00 per share) compared to sales of $3,139,121 and net loss of $70,547 ($0.01 per share) for the same quarter last year.
Sales for the nine months were $8,251,737 with net loss of $124,291 ($0.02 per share) compared to sales of $9,088,175 with net income of $38,076 ($0.01 per share) for the same period last year.
Denis B.E. Donnelly, President and CEO stated, "We are pleased to see an improvement in net income for the third quarter compared to last year. With reductions in overhead expenses, in line with current market conditions, we expect to see the next fiscal year fully benefit from these savings and return us to profitability."
| FINANCIAL HIGHLIGHTS (Unaudited and not reviewed by an auditor - in Canadian dollars) |
Thirteen Weeks Ended Feb. 4, 2012 |
Thirteen Weeks Ended Jan. 29, 2011 |
Thirty-nine Weeks Ended Feb. 4, 2012 |
Thirty-nine Weeks Ended Jan. 29, 2011 |
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| Sales | $ | 3,362,836 | $ | 3,139,121 | $ | 8,251,737 | $ | 9,088,175 | ||
| Cost of goods sold | 1,394,083 | 1,387,573 | 3,259,640 | 3,652,414 | ||||||
| Gross profit | 1,968,753 | 1,751,548 | 4,992,097 | 5,435,761 | ||||||
| Selling and administrative expenses | 1,798,763 | 1,708,623 | 4,928,413 | 5,063,491 | ||||||
| Amortization | 86,410 | 89,234 | 253,561 | 259,538 | ||||||
| Income (loss) from operations | 83,580 | (46,309 | ) | (189,877 | ) | 112,732 | ||||
| Interest expense | 10,861 | 7,613 | 32,824 | 20,151 | ||||||
| Foreign exchange loss (gain) | 30,244 | 56,301 | (41,462 | ) | 32,273 | |||||
| Net finance charges | 41,105 | 63,914 | (8,638 | ) | 52,424 | |||||
| Income (loss) before income taxes | 42,475 | (110,223 | ) | (181,239 | ) | 60,308 | ||||
| Income taxes (recovery) | 13,635 | (39,676 | ) | (56,948 | ) | 22,232 | ||||
| Net income (loss) | ||||||||||
| and comprehensive income (loss) | $ | 28,840 | $ | (70,547 | ) | $ | (124,291 | ) | $ | 38,076 |
| Basic and diluted income (loss) per share | $ | 0.00 | $ | (0.01 | ) | $ | (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 and BFS' direct to consumer division.
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:
John Grzybowski, MBA, CA
Chief Financial Officer
(905) 884-2323
(905) 884-8292 (FAX)
ir@bfsent.com
www.bfsent.com