RICHMOND HILL, ONTARIO--(Marketwire - March 29, 2011) - BFS Entertainment & Multimedia Limited (TSX VENTURE:BFS) of Richmond Hill, Ontario announces its unaudited consolidated financial and operating results for the third quarter ended January 29, 2011.
Sales for the first nine months were $9,088,175 compared to $9,282,190 last year. Net income for the first nine months was $38,076 ($0.01 per share) compared to $38,299 ($0.01 per share) for the same period last year.
Sales for the third quarter were $3,139,121 compared to $3,480,638 during the same quarter last year. Net loss for the third quarter was $70,547 ($0.01 per share) compared to a net income of $3,687 ($0.00 per share) in the same quarter last year.
Denis B.E. Donnelly, President and CEO stated, "During the first nine months of fiscal 2011, revenues decreased due to the timing of new product releases and catalogue mailings when compared to last year. We expect this to reverse in the fourth quarter and continue to remain positive for the balance of this year."
| FINANCIAL HIGHLIGHTS | |||||||||
| (unaudited and not reviewed by an auditor) | Thirty-nine Weeks Ended | Thirty-nine Weeks Ended | Thirteen Weeks Ended | Thirteen Weeks Ended | |||||
| Jan. 29, 2011 | Jan. 30, 2010 | Jan. 29, 2011 | Jan. 30, 2010 | ||||||
| Sales | $ | 9,088,175 | $ | 9,282,190 | $ | 3,139,121 | $ | 3,480,638 | |
| Income (loss) before income taxes | 60,308 | 89,038 | (110,223 | ) | 8,308 | ||||
| Income taxes (recovered) | 22,232 | 50,739 | (39,676 | ) | 4,621 | ||||
| Net income (loss) | 38,076 | 38,299 | (70,547 | ) | 3,687 | ||||
| Basic and diluted earnings (loss) per share | $ | 0.01 | $ | 0.01 | $ | (0.01 | ) | $ | 0.00 |
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: BFS Entertainment & Multimedia Limited
John Grzybowski, MBA, CA
Chief Financial Officer
(905) 884-2323
(905) 884-8292 (FAX)
ir@bfsent.com
Corporate Website: www.bfsent.com