Broadview Press Inc.
TSX VENTURE : BDP

Broadview Press Inc.

August 22, 2007 14:20 ET

Broadview Press Inc. Reports Higher US Sales

Second Quarter Results at June 30, 2007

GUELPH, ONTARIO--(Marketwire - Aug. 22, 2007) -

(All figures are in Canadian dollars unless otherwise stated.)

Broadview Press (TSX VENTURE:BDP) announces that US sales, up in both Q1 and Q2, made a strong contribution to the overall increase in the company's sales. YTD US sales are up 44 percent over last year. Through the first six months of the year, the company's gross sales were $1,592,287, up 19 per cent from $1,335,211 2006, and net sales were $1,108,854, up 17.5 per cent from $943,654 during the first six months of 2006.

In addition to university and college courses, the strong US sales are attributed to increased business with US wholesaler Baker and Taylor which supplies university libraries across North America and internet retailer, Amazon.com. The sales increase came about as a result of negotiating acceptable discount terms for wholesalers.

Because Broadview's operations are seasonal, the company historically posts losses in the first and second quarters, typically followed by profits in the third and fourth quarters. For Q2 2007, the company is reporting a net loss of $321,844, and a net loss of $554,929 for the first six months, which is better than budgeted projection. Factors contributing to the loss include continued investment in the six volume The Broadview Anthology of British Literature project, the strengthened Canadian dollar in comparison to the US dollar, higher returns posted in the period, and increases to interest, professional fees, promotion and complimentary copy expenses.

During Q2 Broadview Press Inc. approved a non-brokered private placement of 1,000,000 common shares with a unit price of $0.2472 per share, for aggregate proceeds of $247,200. Along with the private placement, the Board of Directors signed a five-year Letter of Intent, in which a further 700,000 shares of Broadview Press Inc. will be purchased from treasury in each of 2008, 2009, 2010, and 2011.

Broadview's quarterly financial statements, as well as its management discussion and analysis of these results, can be read by visiting www.sedar.com. Alternately, please contact Fraser Seely (see below) to have these documents sent to you directly.

Broadview Press is a Canadian-based publisher of books aimed at the higher education textbook market.

Forward-Looking Statements:

This document contains forward-looking statements involving Broadview's expectations about future financial results and other matters. These statements reflect management's current forecast of certain aspects of Broadview's future business. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from historical results or current expectations. The words "plan," "expect," "believe," "intent," "anticipate," "forecast," "target," "estimate," "should," "will" and similar expressions identify forward-looking statements. Risk factors include shifts in consumer demand, product schedules, product mix, competitive products and pricing, technological shifts, foreign exchange changes and other variables. Readers are referred to Broadview's other public documents for further discussions of risks and uncertainties. The factors underlying forecasts are dynamic and subject to change. As a result, forecasts speak only as of the date they are given and do not necessarily reflect Broadview's outlook at any other point in time.

Closing Share Price: $0.155 (at June 30, 2007)

Shares issued: 12,111,107 (at June 30, 2007)

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Broadview Press Inc.
    Michael Harrison
    President and CEO
    (519) 837-0915
    Guelph, ON
    or
    Broadview Press Inc.
    Fraser Seely
    Chief Operating Officer
    (403) 232-6863
    Calgary, AB