BFS Entertainment & Multimedia Limited Announces First Quarter Results
November 03 2011 - 5:41PM
Marketwired Canada
BFS Entertainment & Multimedia Limited ("BFS") (TSX VENTURE:BFS) Richmond Hill,
Ontario, announces its unaudited consolidated financial and operating results
for the first quarter ended August 6, 2011. BFS has commenced reporting under
International Financial Reporting Standards with the release of its first
quarter.
Sales for the quarter were $2,228,463 compared to $2,476,796 during the same
quarter last year. Net loss and comprehensive loss for the quarter was $133,238
($0.02 per share) compared with a net loss and comprehensive loss of $31,853
($0.00 per share) in the same quarter last year.
Denis B.E. Donnelly, President and CEO stated, "The North American market place
has shown little improvement over the last year. We remain confident, however,
that our earnings will improve as we expand our product portfolios for 2012 and
reduce our costs."
FINANCIAL HIGHLIGHTS
(Unaudited and not reviewed by an auditor - in Canadian dollars)
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Thirteen weeks ended
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August 6, 2011 July 31, 2010
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Sales $ 2,228,463 $ 2,476,796
Cost of goods sold 873,876 1,005,978
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Gross profit 1,354,587 1,470,818
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Selling and administrative expenses 1,473,894 1,476,565
Amortization 78,544 77,671
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Loss from operations (197,851) (83,418)
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Interest expense 10,775 6,954
Foreign exchange gain (11,053) (53,594)
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Net finance charges (278) (46,640)
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Loss before income taxes (197,573) (36,778)
Income taxes recovery (64,335) (4,925)
Net loss and comprehensive loss $ (133,238) $ (31,853)
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Basic and diluted loss per share $ (0.02) $ (0.00)
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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.
(SEC Rule 12g exemption #82-4245)
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