BFS Entertainment & Multimedia Limited Announces Third Quarter Results
29 März 2014 - 1:43AM
Marketwired Canada
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 1, 2014.
Sales for the first nine months were $7,901,784 compared to $8,246,912 last year
and for the third quarter were $2,891,379 compared to $3,182,517 during the same
quarter last year. Net income for the first nine months was $318,643 ($0.04 per
share) compared to $308,807 ($0.04 per share) for the same period last year. Net
income for the third quarter was $157,846 ($0.02 per share) compared to $166,860
($0.02 per share) for the same quarter last year.
Denis B.E. Donnelly, President and CEO stated, "We are pleased to report a net
income of $318,643 compared to $308,807 for the same period last year. We have
taken important steps in establishing relationships with major digital retailers
with the expectation of new digital revenue commencing in April. We have
implemented a strong foundation for long-term growth with the addition of
digital sales to our current businesses and will endeavour to continue to
improve our cost structure."
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FINANCIAL HIGHLIGHTS Thirteen Thirteen Thirty-nine Thirty-nine
(Unaudited and not Weeks Weeks Weeks Weeks
reviewed by an auditor Ended Ended Ended Ended
- in Canadian dollars) Feb. 1, 2014 Feb. 2, 2013 Feb. 1, 2014 Feb. 2, 2013
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Sales $ 2,891,379 $ 3,182,517 $ 7,901,784 $ 8,246,912
Cost of goods sold 1,044,447 1,147,992 2,870,938 3,080,398
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Gross profit 1,846,932 2,034,525 5,030,846 5,166,514
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Selling and
administrative expenses 1,552,955 1,722,003 4,350,222 4,479,963
Amortization 70,360 83,955 206,979 232,657
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Income from operations 223,617 228,567 473,645 453,894
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Interest expense 9,682 11,386 33,310 33,295
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Net finance charges 9,682 11,386 33,310 33,295
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Income before income
taxes 213,935 217,181 440,335 420,599
Income taxes expense 56,089 50,321 121,692 111,792
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Net income and
comprehensive income $ 157,846 $ 166,860 $ 318,643 $ 308,807
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Basic and diluted income
per share $ 0.02 $ 0.02 $ 0.04 $ 0.04
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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(TM) 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, including electronic digital delivery and streaming.
(SEC Rule 12g exemption #82-4245)
FOR FURTHER INFORMATION PLEASE CONTACT:
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
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