Beaumont Select Corporations Inc. Announces 2007-8 Annual Financial Results

Beaumont Select Corporations Inc.(TSX VENTURE:BMN.A) ("Beaumont") reported today
its financial results for the fourth quarter and fiscal year ending June 30,
2008.


The Corporation faced a very challenging period during the fiscal year ended
June 30, 2008 in all three divisions which required the Corporation to make a
number of difficult changes. Those changes included the ultimate closing of the
Bakery Unit resulting in a substantial loss. The Corporation's Investment
Division faced very volatile markets throughout the year resulting in the first
net loss from the Division's activities, a material reduction in the net equity
in the portfolio and a reduced ability to earn recurring distribution income
going forward. As part of the wind down of the Bakery Unit, the Corporation also
sold one of its commercial properties used by the Bakery Unit which assisted
with the Corporation's funds flow in the fourth quarter.


The Frozen Food Unit was not affected by the wind down of the Bakery Unit due to
its independent operation. The Frozen Food Unit however also incurred a
substantial reduction in net operating income due to the strong Canadian dollar
and higher raw material and transportation costs with competition remaining very
strong.


FINANCIAL HIGHLIGHTS

As a result of discontinuing the Bakery Unit operations, the assets and
liabilities related to the Bakery Unit have been reclassified as assets or
liabilities of discontinued operations on the Consolidated Balance Sheets.
Operating results related to these operations have been included in net income
from discontinued operations on the Consolidated Statements of Operations.
Comparative figures of the previous year only have been reclassified to conform
to the current year presentation. For the fourth quarter of 2007-8, the
reclassification was only completed in respect of summary financial data for
matters relating to the Consolidated Statement of Operations.


Highlights for the Corporation's financial results for the fiscal year and three
months ended June 30, 2008 compared to the same periods last year included the
following:


- The wind down of the Bakery Unit resulted in a net loss of approximately $5.7
million. The total loss of the discontinued operations of the Bakery Unit was
approximately $6.8 million.


- The book value of the Corporation's marketable securities portfolio decreased
29% to $29.9 million from the opening year balance. The increase from the
beginning of the fourth quarter was 63%. Related margin loans decreased 42% for
the fiscal year (55% increase for the fourth quarter) to $16.7 million,
resulting in a slightly lower overall margin ratio of 55.8% compared to 68.2% at
the beginning of the fiscal year.


- The Investment Division activities generated a loss of $1.0 million during the
2007-8 fiscal year ($5.9 million gain during the fourth quarter). This contrasts
with a gain of $3.7 million for 2006-7 ($1.0 million gain for the fourth quarter
of that year). Dividends and income trust distributions continued to exceed
margin interest costs, but realized losses resulted in a negative result
overall. Dividends and income trust distributions yielded $2.0 million, down
from $2.3 million during the previous fiscal year.


- As part of the wind down of the Bakery Unit, related operating credit lines
were repaid together with a portion of the related long term debt (the balance
of the long term debt being serviced in the ordinary course by the Corporation).
Combined with changes in other working capital accounts, the Corporation's
working capital ratio improved to 1.55 compared to 1.29 at the beginning of the
2007-8 fiscal year. Total long term debt has been reduced by 36% from the
opening year balance to $6.4 million with most of the reduction occurring in the
fourth quarter.


- Operating income (derived principally from the Frozen Food Unit) declined by
$409 thousand to a net operating loss of $1.8 million compared to an operating
loss of $1.4 million in the prior year.


- Income recorded by the Corporation for its equity investment in Somerset
Properties Ltd. increased to $1.6 million compared to $508 thousand in the prior
fiscal year most of which increase occurred in the fourth quarter. As part of
the reorganization Somerset in the fourth quarter, the Corporation had a deemed
disposition of its Somerset shares that resulted in a gain of $859 thousand. In
addition the Corporation also had a $246 thousand gain on the repurchase of
fractional Somerset shares from the Corporation. The Corporation's proportionate
share of Somerset's income was $409 thousand. Somerset's strong operating income
from its real estate subsidiary was largely offset by negative results from
Somerset's own investment portfolio.


- As part of the Somerset reorganization, a $3 million dividend was declared (of
which the Corporation received its proportionate $1.2 million share), over $11
million of additional assets were acquired at fair market value by Somerset from
its controlling shareholder paid for by the issuance of shares, and the
Corporation repaid its indebtedness to Somerset, bringing the Corporation's
investment in Somerset now to 19.4%.




2008 FINANCIAL HIGHLIGHTS (thousands of dollars except share and per share
 info)

                                 Three Months Ended        Year Ended
                                30-Jun-08 30-Jun-07   30-Jun-08   30-Jun-07
Net Sales                           4,388     4,005      18,878      18,862
Operating Income
 (Loss)                               410      (146)     (1,766)     (1,357)
Net Income (Loss)                   4,705      (602)     (4,364)       (130)
Net Income (Loss) 
 per share - basic                   0.28     (0.04)      (0.26)      (0.01)
Funds from (used in) operations       687       (89)       (115)        213
 per share - basic                   0.01     (0.01)      (0.01)      (0.01)
EBITDA                              3,266     1,057      (2,991)      5,771
 per share - basic                   0.19      0.06       (0.18)       0.34
EBITDA before one-time expenses
 and discontinued operations       10,962       874       5,086       6,249
 per share - basic                   0.65      0.05        0.30        0.37
Total Assets                                             53,805      73,511
Total long-term financial
 liabilities                                              5,257       8,706
Shareholder's equity                                     21,779      21,640
Shares outstanding, end of
 period                                              16,820,597  16,928,597



Outlook

The first part of the 2008-9 fiscal year has not provided grounds for optimism
for a different financial direction in the coming year. The opening months have
further eroded the size and equity of the Corporation's portfolio in what may be
unprecedented world-wide negative economic and financial market conditions. As
of the close of October 14, 2008, the total size of the Corporation's marketable
securities portfolio has been reduced to $6.4 million with a net equity position
of $3.6 million, down 73% from the net equity position at the beginning of the
current 2008-9 fiscal year. Like the Corporation's portfolio, the Somerset
Properties Ltd. portfolio also suffered material declines since June 30, 2008.
On a minor slightly positive note, the Frozen Food Unit has increased its sales
revenue slightly in the opening months of 2008-9.


From this current environment, the Corporation is modifying its investment and
business strategies to enable the Corporation to steer through potential
receding economic conditions for the balance of the year.


The Annual Report, Proxy and Information Circular are expected to be mailed to
shareholders on or about November 7, 2008. The Annual Meeting is scheduled for
December 10, 2008. The complete Annual Report, including the audited financial
statements and Management's Discussion and Analysis, together with other
information on the Corporation, is available at www.sedar.com.


Beaumont Select Corporations Inc. is a management and investment corporation,
which has investments in a portfolio of marketable securities and the food
processing and real estate industries. Beaumont charges fees and interest on its
investments to its subsidiary companies.