RICHMOND HILL, ONTARIO--(Marketwire - April 1, 2013) - 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 2, 2013.
Net income for the first nine months was $308,807 ($0.04 per share) compared to a net loss of $124,291 ($0.02 per share) for the same period last year. Net income for the third quarter was $166,860 ($0.02 per share) compared to $28,840 ($0.00 per share) for the same quarter last year. Sales for the first nine months were $8,246,912 compared to $8,251,737 last year and for the third quarter were $3,182,517 compared to $3,362,836 during the same quarter last year.
Denis B.E. Donnelly, President and CEO stated, "We are extremely pleased to have continued the return to profitability. Income from operations for the nine months was $461,179 compared to a loss from operations of $189,877 for the same period last year.
"Selling expenses were reduced $321,000 for the nine months compared to the prior year due to a reduction in direct to consumer catalogue expenses which had a minimal impact on sales; a further $135,000 reduction in administrative expenses netted a 9% reduction in operating expenses over the same period last year and resulted in a profit before taxes of $420,599 for the nine months versus a loss before taxes of $181,239 for the same period last year."
| FINANCIAL HIGHLIGHTS (Unaudited and not reviewed by an auditor - in Canadian dollars) |
Thirteen Weeks Ended Feb. 2, 2013 |
Thirteen Weeks Ended Feb. 4, 2012 |
Thirty-nine Weeks Ended Feb. 2, 2013 |
Thirty-nine Weeks Ended Feb. 4, 2012 |
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| Sales | $ | 3,182,517 | $ | 3,362,836 | $ | 8,246,912 | $ | 8,251,737 | ||
| Cost of goods sold | 1,147,992 | 1,394,083 | 3,080,398 | 3,259,640 | ||||||
| Gross profit | 2,034,525 | 1,968,753 | 5,166,514 | 4,992,097 | ||||||
| Selling and administrative expenses | 1,730,891 | 1,798,763 | 4,472,678 | 4,928,413 | ||||||
| Amortization | 83,955 | 86,410 | 232,657 | 253,561 | ||||||
| Income (loss) from operations | 219,679 | 83,580 | 461,179 | (189,877 | ) | |||||
| Interest expense | 11,386 | 10,861 | 33,295 | 32,824 | ||||||
| Foreign exchange loss (gain) | (8,888 | ) | 30,244 | 7,285 | (41,462 | ) | ||||
| Net finance charges | 2,498 | 41,105 | 40,580 | (8,638 | ) | |||||
| Income (loss) before income taxes | 217,181 | 42,475 | 420,599 | (181,239 | ) | |||||
| Income taxes (recovery) | 50,321 | 13,635 | 111,792 | (56,948 | ) | |||||
| Net income (loss) and comprehensive income (loss) | $ | 166,860 | $ | 28,840 | $ | 308,807 | $ | (124,291 | ) | |
| Basic and diluted income (loss) per share | $ | 0.02 | $ | 0.00 | $ | 0.04 | $ | (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