BFS Entertainment & Multimedia Limited Announces Second Quarter Results
* this also seems undervalued. 2 cents for the 6 months. trading well below book.
Debt free. 16 cents seems like a bargain
RICHMOND HILL, ONTARIO--BFS Entertainment & Multimedia Limited of
Richmond Hill, Ontario, reports its unaudited consolidated
financial and operating results for the second quarter ended
November 1, 2003.
Sales for the first six months were $3,875,390 compared to
$4,142,183 during the same period last year. Operating earnings
were $703,136 ($0.09) compared to $1,102,491 ($0.14 per share)
for the same period last year. Earnings before income taxes were
$163,536 compared to $452,520 for the same period last year. Net
earnings were $144,774 ($0.02 per share) compared to $264,436
($0.03 per share).
Sales for the second quarter were $2,411,670 compared to
$2,304,829 during the same quarter last year. Operating earnings
were $478,894 ($0.06 per share) compared to $680,869 ($0.08 per
share) for the same period last year. Earnings before income
taxes were $277,094 compared to $355,965 for the same period last
year. Net earnings were $176,561 ($0.02 per share) compared to
$208,219 ($0.03 per share) for the same period last year.
Denis B.E. Donnelly, President and CEO stated, "With an
intensified sales effort combined with a recovering U.S. economy,
our second quarter sales have exceeded the prior year by
approximately 5% even after taking into account this year's
negative impact of a significantly stronger Canadian dollar.
Approximately 85% of our revenues are received in U.S. dollars.
We are continuing our investment in the DVD format and strive to
provide the marketplace with an exceptional DVD product."
/T/
FINANCIAL HIGHLIGHTS (unaudited)
Twenty-six Twenty-six Thirteen Thirteen
Weeks Ended Weeks Ended Weeks Ended Weeks Ended
Nov. 1, 2003 Nov. 2, 2002 Nov. 1, 2003 Nov. 2, 2002
-------------------------------------------------------------------------
Sales $ 3,875,390 $ 4,142,183 $ 2,411,670 $ 2,304,829
Operating earnings
(EBITDA)(1) 703,136 1,102,491 478,894 680,869
Earnings before income
taxes 163,536 452,520 277,094 355,965
Income taxes 18,762 188,084 100,533 147,746
Net earnings 144,774 264,436 176,561 208,219
Operating earnings
(EBITDA)(1) per share $ 0.09 $ 0.14 $ 0.06 $ 0.08
Basic and diluted
earnings per share 0.02 0.03 0.02 0.03
/T/
(1) BFS uses operating earnings (EBITDA) to assess the operating
performance of its business. Operating earnings (EBITDA)
represents earnings before interest, income taxes and
amortization. Operating earnings (EBITDA) does not have a
standardized meaning prescribed by generally accepted accounting
principles and therefore, is unlikely to be comparable to
operating earnings (EBITDA) as reported by other publicly traded
companies.
BFS Entertainment & Multimedia Limited manufactures, markets and
distributes under the BFS Video and American Home Treasures video
labels, a wide range of entertainment home videos and DVD's for
resale to retail and catalogues throughout North America. The
company's strategy is to continue to acquire new programming for
North America and to expand its distribution channels. The
Company is also continuing to look for small companies that can
be acquired to fit the current business model.
(SEC Rule 12g exemption #82-4245)
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
BFS Entertainment & Multimedia Limited
John Grzybowski, MBA, CA
Chief Financial Officer
(905) 884-2323
(905) 884-8292 (FAX)
E-mail: ir@bfsent.com
Corporate Website: www.bfsent.com |
