RICHMOND HILL, ONTARIO--(Marketwired - July 30, 2013) - BFS Entertainment & Multimedia Limited ("BFS") (TSX VENTURE:BFS) of Richmond Hill, Ontario, announces its audited consolidated financial and operating results for the fiscal year ended May 4, 2013.
Sales for the fiscal year were $9,910,037 compared to $9,518,360 last year. Net income before income taxes for the fiscal year was $111,018 compared to a net loss before incomes taxes of $769,186 for the same period last year. Net income for the fiscal year was $67,052 ($0.01 per share) compared to a net loss of $521,588 ($0.07 per share) for the same period last year.
Denis B.E. Donnelly, President and CEO stated, "We are pleased to have returned the company to profitability and look forward to increasing profit in fiscal 2014."
| FINANCIAL HIGHLIGHTS | Fiscal years ended | |||||
| (Audited - in Canadian dollars) | May 4, 2013 | May 5, 2012 | ||||
| Sales | $ | 9,910,037 | $ | 9,518,360 | ||
| Cost of goods sold | 3,683,873 | 3,582,057 | ||||
| Gross profit | 6,226,164 | 5,936,303 | ||||
| Selling and administrative expenses | 5,760,602 | 6,343,799 | ||||
| Amortization | 329,342 | 352,584 | ||||
| Income (loss) from operations | 136,220 | (760,080 | ) | |||
| Interest expense | 43,269 | 43,303 | ||||
| Foreign exchange gain | (18,067 | ) | (34,197 | ) | ||
| Net finance charges | 25,202 | 9,106 | ||||
| Income (loss) before income taxes | 111,018 | (769,186 | ) | |||
| Income taxes expense (recovery) | 43,966 | (247,598 | ) | |||
| Net income (loss) and comprehensive income (loss) | $ | 67,052 | $ | (521,588 | ) | |
| Basic and diluted earnings (loss) per share | $ | 0.01 | $ | (0.07 | ) | |
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, Collectables Direct (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 delivery and streaming.
(SEC Rule 12g exemption #82-4245)
Contact Information:
John Grzybowski, MBA, CPA, CA
Chief Financial Officer
(905) 884-2323
(905) 884-8292 (FAX)
ir@bfsent.com
www.bfsent.com