BFS Entertainment & Multimedia Limited
TSX VENTURE : BFS

BFS Entertainment & Multimedia Limited

March 28, 2014 20:43 ET

BFS Entertainment & Multimedia Limited Announces Third Quarter Results

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
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

  • BFS Entertainment & Multimedia Limited
    John Grzybowski, MBA, CPA, CA
    Chief Financial Officer
    (905) 884-2323
    (905) 884-8292 (FAX)
    ir@bfsent.com
    www.bfsent.com