BFS Entertainment & Multimedia Limited Announces Second Quarter Results

BFS Entertainment & Multimedia Limited Announces Second Quarter Results
  
 

RICHMOND HILL, ONTARIO--(Marketwired - Dec 23, 2013) - BFS Entertainment & Multimedia Limited (TSX-VENTURE:BFS) announces its unaudited consolidated financial and operating results for the second quarter ended November 2, 2013.

Sales for the first six months were $5,010,405 compared to $5,064,395 last year and for the second quarter were $2,911,361 compared to $2,908,456 during the same quarter last year. Net income for the first six months was $160,797 ($0.02 per share) compared to $141,947 ($0.02 per share) for the same period last year. Net income for the second quarter was $114,370 ($0.02 per share) compared to $100,018 ($0.01 per share) for the same quarter last year.

Denis B.E. Donnelly, President and CEO stated, "We are pleased to report a 13% increase in net income compared to the same period last year, an increase to $160,797 from $141,947."

FINANCIAL HIGHLIGHTS
(Unaudited and not reviewed by an auditor - in Canadian dollars)		Thirteen Weeks Ended Nov. 2, 2013		Thirteen Weeks Ended Nov. 3, 2012		Twenty-six Weeks Ended Nov. 2, 2013		Twenty-six Weeks Ended Nov. 3, 2012
Sales	$	2,911,361	$	2,908,456	$	5,010,405	$	5,064,395
Cost of goods sold		1,017,716		1,123,971		1,826,491		1,932,406
Gross profit		1,893,645		1,784,485		3,183,914		3,131,989
Selling and administrative expenses		1,649,026		1,555,736		2,797,267		2,757,960
Amortization		73,171		76,438		136,619		148,702
Income from operations		171,448		152,311		250,028		225,327
Interest expense		11,456		10,659		23,628		21,909
Net finance charges		11,456		10,659		23,628		21,909
Income before income taxes		159,992		141,652		226,400		203,418
Income taxes expense		45,622		41,634		65,603		61,471
Net income and comprehensive income	$	114,370	$	100,018	$	160,797	$	141,947
Basic and diluted income per share	$	0.02	$	0.01	$	0.02	$	0.02

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 delivery and streaming.

(SEC Rule 12g exemption #82-4245)

BFS Entertainment & Multimedia LimitedJohn Grzybowski, MBA, CPA, CAChief Financial Officer(905) 884-2323(905) [e-mail]