RICHMOND HILL, ONTARIO--(Marketwired - March 31, 2015) - 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 31, 2015.
Sales for the nine months were $6,628,064 compared to $7,901,784 last year and for the third quarter were $2,628,055 compared to $2,891,379 during the same quarter last year. Net loss for the nine months was $45,695 ($0.01 per share) compared to a net profit of $318,643 ($0.04 per share) for the same period last year. Net income for the third quarter was $101,852 ($0.01 per share) compared to $157,846 ($0.02 per share) for the same quarter last year.
Denis B.E. Donnelly, President and CEO stated, "We are pleased to have returned to profitability this quarter as we continue to reduce costs."
| FINANCIAL HIGHLIGHTS (Unaudited and not reviewed by an auditor - in Canadian dollars) |
Thirteen Weeks Ended Jan. 31, 2015 |
Thirteen Weeks Ended Feb. 1, 2014 |
Thirty-nine Weeks Ended Jan. 31, 2015 |
Thirty-nine Weeks Ended Feb. 1, 2014 |
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| Sales | $ | 2,628,055 | $ | 2,891,379 | $ | 6,628,064 | $ | 7,901,784 | |
| Cost of goods sold | 933,694 | 1,044,447 | 2,523,466 | 2,870,938 | |||||
| Gross profit | 1,694,361 | 1,846,932 | 4,104,598 | 5,030,846 | |||||
| Selling and administrative expenses | 1,482,708 | 1,552,955 | 3,954,240 | 4,350,222 | |||||
| Amortization | 58,560 | 70,360 | 165,498 | 206,979 | |||||
| Income (loss) from operations | 153,093 | 223,617 | (15,140 | ) | 473,645 | ||||
| Interest expense | 15,650 | 9,682 | 49,671 | 33,310 | |||||
| Net finance charges | 15,650 | 9,682 | 49,671 | 33,310 | |||||
| Income (loss) before income taxes | 137,443 | 213,935 | (64,811 | ) | 440,335 | ||||
| Income taxes expense (recovery) | 35,591 | 56,089 | (19,116 | ) | 121,692 | ||||
| Net income (loss) and comprehensive income (loss) | $ | 101,852 | $ | 157,846 | $ | (45,695 | ) | $ | 318,643 |
| Basic and diluted earnings (loss) per share | $ | 0.01 | $ | 0.02 | $ | (0.01 | ) | $ | 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. Programming includes classic dramas, mystery, comedy, sports, documentaries and health and wellness. North American retail distribution is through national retailers, distributors, mail order companies, Collectables Direct (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