RICHMOND HILL, ONTARIO -- (Marketwire) -- 08/29/11 -- BFS Entertainment & Multimedia Limited (TSX VENTURE: BFS) of Richmond Hill, Ontario announces its audited consolidated financial and operating results for the fiscal year ended May 7, 2011.
Sales for the fiscal year ended May 7, 2011 were $11,622,876 compared to $12,515,414 for the previous fiscal year.
Net loss for the fiscal year was $226,984 or $0.03 per share, compared to a net income of $113,602 or $0.02 per share for the previous fiscal year.
Denis B.E. Donnelly, President and CEO stated, "Sales decreased 7% this year compared to the previous year primarily due to a reduction in sales to one of BFS' major distributors. This and the falling value of the United States dollar versus the Canadian dollar contributed to the current year's losses. We are confident that our new 2012 licensed programming and expanded direct to consumer offerings will improve BFS' outlook for 2012 and beyond."
FINANCIAL HIGHLIGHTS (audited)
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Fiscal years ended
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May 7, 2011 May 1, 2010
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Sales $ 11,622,876 $ 12,515,414
Cost of goods sold 4,521,628 4,950,891
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Gross profit 7,101,248 7,564,523
Expenses:
Selling and administrative 6,900,452 6,658,908
Foreign exchange loss 111,789 430,991
Interest 28,727 27,863
Amortization 352,034 359,462
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7,393,002 7,477,224
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Income (loss) before income taxes (291,754) 87,299
Income tax provision (recovery) (64,770) (26,303)
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Net income (loss) $ (226,984) $ 113,602
Basic and diluted earnings (loss)
per share $ (0.03) $ 0.02
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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 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.
(SEC Rule 12g exemption #82-4245)
Contacts:
BFS Entertainment & Multimedia Limited
John Grzybowski, MBA, CA
Chief Financial Officer
(905) 884-2323
(905) 884-8292 (FAX)
ir@bfsent.com
www.bfsent.com
