Beaumont Select Corporations Inc. Announces First Quarter Financial Results

Beaumont Select Corporations Inc. ("Beaumont") (TSX VENTURE:BMN.A) reported
today its financial results for the fiscal first quarter ended September 30,
2008.


The first quarter proved difficult for the Corporation, as the Investment
Division's realized gains were more than offset by its unrealized losses.
Combined with reductions in margin available and used this resulted in a
decrease in portfolio size by 39% to $18.3 million as of September 30, 2008. The
Toronto Stock Exchange (TSX), on which all of the Corporation's investments
trade, fell 18.8% between June 30, 2008 and September 30, 2008 as all major
indices fell. The Corporation's investments in the Energy sector suffered the
most, as oil prices fell from their summer highs, dragging down energy stocks
even while many investments saw record cash flows. Subsequent to the end of the
first quarter, further substantial erosion of investor confidence combined with
extreme economic and financial downturns worldwide have reduced the portfolio
size to $5.6 million as of November 26, 2008.


Operating margin in the Frozen Food Unit remained relatively unchanged while
operating income improved, principally due to a decrease in interest on long
term debt, offset in part by an increase in corporate and administrative
charges.


The Corporation continues to wind down the Bakery unit. Proceeds from equipment
sales have been limited; while smaller pieces of equipment and some vehicles
continue to be offered for sale.


The Corporation looks to further reduce its long term debt early in 2009 with
the prospect of completing the conditional sale agreement executed after the end
for the first quarter for the sale of its remaining Calgary building.


FINANCIAL HIGHLIGHTS

The Corporation's financial results for the three months ended September 30th,
2008 compared to the same period in the previous fiscal year included the
following:


- Realized gains in the Investment Division generated $716 thousand, up $194
thousand from $522 thousand for the same quarter in the previous fiscal year.
Distribution income from the Corporation's portfolio investments generated $434
thousand, down from last year's figure of $629 thousand due to a smaller
portfolio, somewhat offset by a higher concentration of income trusts.


- The overall size of the portfolio fell 39% as the stock market fell
substantially. This reduction in portfolio size reduces the opportunity for
distribution income in future quarters.


- Frozen Food Unit sales revenue increased by 12.3% over first quarter 2007-8.
The operating margin for the first quarter of 2008-9 remained largely unchanged
from the same period last fiscal year.


- Operating income improved by $197 thousand to a $472 thousand loss as interest
on long term debt, bank charges and amortization decreased, offset in part by an
increase in corporate and administrative charges.


- Net loss before income taxes on continuing operations decreased 34% to $2.652
million from a loss of $3.998 million for the first quarter of 2007-8, mostly
due to the lower level of unrealized losses. The after tax net loss for the
Corporation decreased 33% to a loss of $2.61 million from $3.897 million in the
previous fiscal year. EBITDA from continuing operations for the quarter of
2008-9 increased $999 thousand to a negative $2.235 million (13 cents per share)
from negative $3.234 million (19 cents per share) for last year's first quarter.


- Working capital excluding marketable securities and discontinued operations
increased by $626 thousand as the Corporation increased its cash holdings and
reduced its current liabilities offset in part by reduced accounts receivable
and increased Frozen Food Unit inventory levels.


- Long term debt decreased by 16% or $336 thousand through a combination of
Baking Unit asset sales and debt repayment from collection of accounts
receivable


- The Calgary building owned by the Realty division was put up for sale.
Subsequent to the end of the quarter, this building was conditionally sold with
closing expected during the third quarter of 2008-9.




(unaudited, in thousands of dollars except share and per share information)

                                                      Three Months Ended
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                                                   30-Sep-08      30-Sep-07
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Net Sales                                        $     4,952    $     4,363
Operating Income (Loss)                                   18              0
Net Income (Loss)                                      (2610)         (3897)
Net Income (Loss) per share -basic                     (0.15)         (0.23)
Net Income (Loss) per share -diluted                   (0.15)         (0.23)
Funds from (required by) Operations                      (73)          (318)
Funds from operations per share - basic                (0.00)         (0.02)
Funds from operations per share - diluted              (0.00)         (0.02)
EBITDA                                                (2,418)        (3,102)
EBITDA per share - basic                               (0.14)         (0.18)
EBITDA per share - diluted                             (0.14)         (0.18)


                                                            as at
                                              ------------------------------
                                                   30-Sep-08      30-Jun-07
                                              ------------------------------
                                              ------------------------------
Total Assets                                          41,619         53,805
Total Long-Term Debt                                   6,202          6,592
Shareholder's Equity                                  19,103         21,779
Shares outstanding                                16,857,097     16,820,597

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OUTLOOK

While the size of the Investment Division's assets have been substantially
reduced, it remains the main focus and driver of the Corporation financial
results going forward. Capital preservation, conservation of cash resources, and
reduction of debt are expected to all figure in the Corporation's strategy to
survive the current turmoil and be positioned for a recovery, though such is not
expected until late calendar 2009 or early 2010.


The Corporation's Food Division continues to face a very competitive environment
with limited ability in the short term to increase sales volume and
contributions. With a longer term view, the Frozen Food Unit is increasing its
focus on new product development and introduction.


ADDITIONAL INFORMATION

The complete First Quarter Report, including the unaudited 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.