BFS Entertainment & Multimedia Limited Announces Third Quarter Results
March 28 2014 - 8:43PM
Marketwired
BFS Entertainment & Multimedia Limited Announces Third Quarter
Results
RICHMOND HILL, ONTARIO--(Marketwired - Mar 28, 2014) - 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."
FINANCIAL HIGHLIGHTS |
Thirteen |
Thirteen |
Thirty-nine |
Thirty-nine |
(Unaudited and not reviewed by an auditor - in
Canadian dollars) |
Weeks Ended Feb. 1, 2014 |
Weeks Ended Feb. 2, 2013 |
Weeks Ended Feb. 1, 2014 |
Weeks Ended Feb. 2, 2013 |
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 |
Gross profit |
|
1,846,932 |
|
2,034,525 |
|
5,030,846 |
|
5,166,514 |
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 |
Income from operations |
|
223,617 |
|
228,567 |
|
473,645 |
|
453,894 |
|
|
|
|
|
|
|
|
|
Interest expense |
|
9,682 |
|
11,386 |
|
33,310 |
|
33,295 |
Net finance charges |
|
9,682 |
|
11,386 |
|
33,310 |
|
33,295 |
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
213,935 |
|
217,181 |
|
440,335 |
|
420,599 |
Income taxes expense |
|
56,089 |
|
50,321 |
|
121,692 |
|
111,792 |
Net income and comprehensive income |
$ |
157,846 |
$ |
166,860 |
$ |
318,643 |
$ |
308,807 |
Basic and diluted income per share |
$ |
0.02 |
$ |
0.02 |
$ |
0.04 |
$ |
0.04 |
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, including electronic digital delivery and
streaming.
(SEC Rule 12g exemption #82-4245)
BFS Entertainment & Multimedia LimitedJohn Grzybowski, MBA,
CPA, CAChief Financial Officer(905) 884-2323(905)
884-8292ir@bfsent.comwww.bfsent.com
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