BFS Entertainment & Multimedia Limited Announces First Quarter Results
November 03 2011 - 5:41PM
Marketwired
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)
Contacts: BFS Entertainment & Multimedia Limited John
Grzybowski, MBA, CA Chief Financial Officer (905) 884-2323 (905)
884-8292 (FAX)ir@bfsent.com Corporate Website: www.bfsent.com
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