RICHMOND HILL, ONTARIO -- (Marketwired) -- 10/01/14 -- BFS Entertainment & Multimedia Limited ("BFS") (TSX VENTURE: BFS) of Richmond Hill, Ontario, announces its unaudited consolidated financial and operating results for the first quarter ended August 2, 2014.
Sales for the quarter were $1,960,629 compared to $2,099,044 during the same quarter last year. Net income for the quarter was $25,050 ($0.00 per share) compared to $46,427 ($0.01 per share) in the same quarter last year.
Denis B.E. Donnelly, President and CEO, stated, "We have reduced costs and are currently adjusting our operating model to support the new business and to return us to a strong profitable position.
"Our long-term outlook is optimistic as we move forward in the digital world and hard goods and also grow our direct to consumer business. No digital sales were recorded in the first quarter, but are expected in the second half of the fiscal year."
FINANCIAL HIGHLIGHTS
(Unaudited and not reviewed by an auditor - in Canadian dollars)
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Thirteen weeks ended
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August 2, 2014 August 3, 2013
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Sales $ 1,960,629 $ 2,099,044
Cost of goods sold 732,652 808,775
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Gross profit 1,227,977 1,290,269
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Selling and administrative expenses 1,126,559 1,148,241
Amortization 49,773 63,448
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Income from operations 51,645 78,580
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Interest expense 16,853 12,172
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Net finance charges 16,853 12,172
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Income before income taxes 34,792 66,408
Income tax expense 9,742 19,981
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Net income and comprehensive income $ 25,050 $ 46,427
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Basic and diluted earnings per share $ 0.00 $ 0.01
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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 Shop brands. 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)
Contacts:
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
