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 3, 2012.
Sales for the first six months were $5,064,395 compared to $4,888,901 last year and for the second quarter were $2,908,456 compared to $2,660,438 during the same quarter last year. Net income for the first six months was $141,947 ($0.02 per share) compared to a net loss of $153,131 ($0.02 per share) for the same period last year. Net income for the second quarter was $100,018 ($0.01 per share) compared to a net loss of $19,893 ($0.00 per share) for the same quarter last year.
Denis B.E. Donnelly, President and CEO stated, "We are extremely pleased to have continued the return to profitability. Sales increased by 9% for the second quarter and by 4% for the six months when compared with the same periods last year. Income from operations for the six months was $241,500 compared to a loss from operations of $273,457 for the same period last year.
"Selling expenses were reduced by $212,000 for the six months compared to the prior year due to a reduction in direct to consumer catalogue expenses which had a minimal impact on sales; a further $176,000 reduction in administrative expenses netted a 12% reduction in operating expenses over the same period last year and resulted in a profit before taxes of $203,418 for the six months versus a loss before taxes of $223,714 for the same period last year."
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)