RICHMOND HILL, ONTARIO--(Marketwired - March 28, 2014) - 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 1, 2014.
Sales for the first nine months were $7,901,784 compared to $8,246,912 last year and for the third quarter were $2,891,379 compared to $3,182,517 during the same quarter last year. Net income for the first nine months was $318,643 ($0.04 per share) compared to $308,807 ($0.04 per share) for the same period last year. Net income for the third quarter was $157,846 ($0.02 per share) compared to $166,860 ($0.02 per share) for the same quarter last year.
Denis B.E. Donnelly, President and CEO stated, "We are pleased to report a net income of $318,643 compared to $308,807 for the same period last year. We have taken important steps in establishing relationships with major digital retailers with the expectation of new digital revenue commencing in April. We have implemented a strong foundation for long-term growth with the addition of digital sales to our current businesses and will endeavour to continue to improve our cost structure."
| FINANCIAL HIGHLIGHTS | Thirteen | Thirteen | Thirty-nine | Thirty-nine | ||||
| (Unaudited and not reviewed by an auditor - in Canadian dollars) | Weeks Ended Feb. 1, 2014 |
Weeks Ended Feb. 2, 2013 |
Weeks Ended Feb. 1, 2014 |
Weeks Ended Feb. 2, 2013 |
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| Sales | $ | 2,891,379 | $ | 3,182,517 | $ | 7,901,784 | $ | 8,246,912 |
| Cost of goods sold | 1,044,447 | 1,147,992 | 2,870,938 | 3,080,398 | ||||
| Gross profit | 1,846,932 | 2,034,525 | 5,030,846 | 5,166,514 | ||||
| Selling and administrative expenses | 1,552,955 | 1,722,003 | 4,350,222 | 4,479,963 | ||||
| Amortization | 70,360 | 83,955 | 206,979 | 232,657 | ||||
| Income from operations | 223,617 | 228,567 | 473,645 | 453,894 | ||||
| Interest expense | 9,682 | 11,386 | 33,310 | 33,295 | ||||
| Net finance charges | 9,682 | 11,386 | 33,310 | 33,295 | ||||
| Income before income taxes | 213,935 | 217,181 | 440,335 | 420,599 | ||||
| Income taxes expense | 56,089 | 50,321 | 121,692 | 111,792 | ||||
| Net income and comprehensive income | $ | 157,846 | $ | 166,860 | $ | 318,643 | $ | 308,807 |
| Basic and diluted income per share | $ | 0.02 | $ | 0.02 | $ | 0.04 | $ | 0.04 |
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 digital 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