2009-09-29 20:22:02 -
RICHMOND HILL, ONTARIO -- (Marketwire) -- 09/29/09 -- BFS Entertainment & Multimedia Limited (TSX VENTURE: BFS) of Richmond Hill, Ontario, announced its unaudited consolidated financial and operating results for the first quarter ended August 1, 2009.
Sales for the quarter were $2,316,575 compared to $1,967,096 during the same quarter last year, an increase of 18%. Net loss for the quarter was $144,447 ($0.02 per share) compared with a net loss of $157,153 ($0.02 per share) in the same quarter last year.
Denis B.E. Donnelly, President and CEO, stated, "During the first quarter of fiscal 2010, we were able to successfully grow our sales revenue by 18% in a recessionary global economy and we remain positive for the balance of this year. As the majority of our customers are in the United States, the strengthening Canadian dollar against the United States dollar has had an unfavourable impact on our first quarter results."
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FINANCIAL HIGHLIGHTS Thirteen weeks ended
(unaudited and not reviewed by an auditor) August 1, 2009 August 2, 2008
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Sales $ 2,316,575 $ 1,967,096
Loss before income taxes (204,042) (235,037)
Income taxes recovered (59,595) (77,884)
Net loss (144,447) (157,153)
Basic and diluted loss per share $ (0.02) $ (0.02)
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BFS is a recognised independent manufacturer and distributor of home video with head office in Toronto, Ontario.
BFS acquires exclusive rights to film and television programming for home video distribution and broadcast where applicable. Distribution rights are obtained by license, acquisition and co-production from various independent production and television broadcast companies. These programming rights are developed into home video products for North American distribution and where applicable, are licensed internationally.
Programming includes classic dramas, mystery, comedy, sports, documentaries and health and wellness and is sold under the BFS Video, American Home Treasures and Bodhi Lifestyle(TM) brands. North American distribution is through national retailers, distributors, mail order companies and BFS' direct to consumer division.
BFS' strategy is to continue to acquire new programming and to expand its proprietary programme development, international distribution and direct to consumer electronic delivery.
(SEC Rule 12g exemption #82-4245)
Contacts:
BFS Entertainment & Multimedia Limited
John Grzybowski, MBA, CA
Chief Financial Officer
(905) 884-2323
(905) 884-8292 (FAX)
ir@bfsent.com :
www.bfsent.com :
