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BFS Entertainment & Multimedia Limited Announces Third Quarter Results

RICHMOND HILL, ONTARIO -- (Marketwired) -- 03/28/14 -- BFS Entertainment & Multimedia Limited (TSX VENTURE: BFS) of Richmond Hill, Ontario, announces its unaudited consolidated financial and operating results for the third quarter ended February 1, 2014.

Sales for the first nine months were $7,901,784 compared to $8,246,912 last year and for the third quarter were $2,891,379 compared to $3,182,517 during the same quarter last year. Net income for the first nine months was $318,643 ($0.04 per share) compared to $308,807 ($0.04 per share) for the same period last year. Net income for the third quarter was $157,846 ($0.02 per share) compared to $166,860 ($0.02 per share) for the same quarter last year.

Denis B.E. Donnelly, President and CEO stated, "We are pleased to report a net income of $318,643 compared to $308,807 for the same period last year. We have taken important steps in establishing relationships with major digital retailers with the expectation of new digital revenue commencing in April. We have implemented a strong foundation for long-term growth with the addition of digital sales to our current businesses and will endeavour to continue to improve our cost structure."

FINANCIAL HIGHLIGHTS         Thirteen     Thirteen  Thirty-nine  Thirty-nine
(Unaudited and not              Weeks        Weeks        Weeks        Weeks
 reviewed by an auditor         Ended        Ended        Ended        Ended
 - in Canadian dollars)  Feb. 1, 2014 Feb. 2, 2013 Feb. 1, 2014 Feb. 2, 2013
Sales                    $  2,891,379 $  3,182,517 $  7,901,784 $  8,246,912
Cost of goods sold          1,044,447    1,147,992    2,870,938    3,080,398
Gross profit                1,846,932    2,034,525    5,030,846    5,166,514
Selling and
 administrative expenses    1,552,955    1,722,003    4,350,222    4,479,963
Amortization                   70,360       83,955      206,979      232,657
Income from operations        223,617      228,567      473,645      453,894

Interest expense                9,682       11,386       33,310       33,295
Net finance charges             9,682       11,386       33,310       33,295

Income before income
 taxes                        213,935      217,181      440,335      420,599
Income taxes expense           56,089       50,321      121,692      111,792
Net income and
 comprehensive income    $    157,846 $    166,860 $    318,643 $    308,807
Basic and diluted income
 per share               $       0.02 $       0.02 $       0.04 $       0.04

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 digital delivery and streaming.

(SEC Rule 12g exemption #82-4245)

BFS Entertainment & Multimedia Limited
John Grzybowski, MBA, CPA, CA
Chief Financial Officer
(905) 884-2323
(905) 884-8292 (FAX)
[email protected]

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