RICHMOND HILL, ONTARIO--(Marketwired - Dec 31, 2014) - BFS Entertainment & Multimedia Limited (TSX VENTURE:BFS) of Richmond Hill, Ontario, announces its unaudited consolidated financial and operating results for the second quarter ended November 1, 2014.
Sales for the first six months were $4,000,009 compared to $5,010,405 last year and for the second quarter were $2,039,380 compared to $2,911,361 during the same quarter last year. Net loss for the first six months was $147,547 ($0.02 per share) compared to a net profit of $160,797 ($0.02 per share) for the same period last year. Net loss for the second quarter was $172,597 ($0.02 per share) compared to a net income of $114,370 ($0.02 per share) for the same quarter last year.
Denis B.E. Donnelly, President and CEO stated, "We continue reducing our costs and are adjusting our operating model to exploit the new digital distribution environment. Our long term outlook remains optimistic by moving forward into the digital world, growing our direct to consumer business and exploring new media opportunities.
"While the prior year sales for the first six months were very positive; however, there were material returns in the last part of that fiscal year. The current year's six month revenues are more typical and for the balance of the current fiscal year, we expect lower returns and anticipate a return to profitability. No digital sales were booked for the six months but are expected in the second half of the fiscal year."
| FINANCIAL HIGHLIGHTS | Thirteen | Thirteen | Twenty-six | Twenty-six | ||||||
| Sales | $ | 2,039,380 | $ | 2,911,361 | $ | 4,000,009 | $ | 5,010,405 | ||
| Cost of goods sold | 857,120 | 1,017,716 | 1,589,772 | 1,826,491 | ||||||
| Gross profit | 1,182,260 | 1,893,645 | 2,410,237 | 3,183,914 | ||||||
| Selling and administrative expenses | 1,344,973 | 1,649,026 | 2,471,532 | 2,797,267 | ||||||
| Amortization | 57,165 | 73,171 | 106,938 | 136,619 | ||||||
| Income (loss) from operations | (219,878 | ) | 171,448 | (168,233 | ) | 250,028 | ||||
| Interest expense | 17,168 | 11,456 | 34,021 | 23,628 | ||||||
| Net finance charges | 17,168 | 11,456 | 34,021 | 23,628 | ||||||
| Income (loss) before income taxes | (237,046 | ) | 159,992 | (202,254 | ) | 226,400 | ||||
| Income taxes expense (recovery) | (64,449 | ) | 45,622 | (54,707 | ) | 65,603 | ||||
| Net income (loss) and comprehensive income (loss) | $ | (172,597 | ) | $ | 114,370 | $ | (147,547 | ) | $ | 160,797 |
| Basic and diluted earnings (loss) per share | $ | (0.02 | ) | $ | 0.02 | $ | (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.