BFS Entertainment & Multimedia Limited

BFS Entertainment & Multimedia Limited

March 15, 2007 17:47 ET

BFS Entertainment & Multimedia Limited Announces Third Quarter Results

RICHMOND HILL, ONTARIO--(CCNMatthews - March 15, 2007) - 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 3, 2007.

Sales for the first nine months were $8,480,485 compared to $7,931,420 last year, a 7% increase. Net earnings for the first nine months were $697,119 ($0.09 per share) compared to $386,361 ($0.05 per share) for the same period last year, an 80% increase.

Sales for the third quarter were $2,975,028 compared to $3,287,673 during the same quarter last year. Net earnings for the third quarter were $272,203 ($0.04 per share) compared to $249,669 ($0.03 per share) in the same quarter last year.

Denis B.E. Donnelly, President and CEO stated, "We are very satisfied with the first nine months sales and earnings and are excited with the prospects for our business. Our results have allowed us to recently declare a cash dividend to all common shareholders and BFS is now well positioned to pursue new initiatives and opportunities. We look forward to a successful year and future."

FINANCIAL HIGHLIGHTS Thirty-nine Thirty-nine Thirteen Thirteen
(unaudited and Weeks Ended Weeks Ended Weeks Ended Weeks Ended
not reviewed by Feb. 3, Feb. 4, Feb. 3, Feb. 4,
an auditor) 2007 2006 2007 2006
Sales $ 8,480,485 $ 7,931,420 $ 2,975,028 $ 3,287,673
Earnings before
income taxes 1,099,117 631,860 447,232 392,867
Income taxes 401,998 245,499 175,029 143,198
Net earnings 697,119 386,361 272,203 249,669

Basic and diluted
earnings per share $ 0.09 $ 0.05 $ 0.04 $ 0.03

The financial information included in this release is qualified in its entirety by and should be read together with the unaudited consolidated financial statements for the thirty-nine weeks ended February 3, 2007 and the notes thereto as filed on SEDAR.

BFS acquires exclusive rights to film and television programming for home video distribution and broadcast. Distribution rights are obtained by license, acquisition and co-production from various independent production and television broadcast companies. These programming rights are developed into home video products for North American distribution and where applicable, are licensed internationally.

Programming includes classic dramas, mystery, comedy, sports and documentaries and is sold under the BFS Video and American Home Treasures video brands. North American distribution (75% of which is in the United States) 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 distribution and direct to consumer electronic 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)