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BFS Entertainment & Multimedia Limited Announces Second Quarter Results

(December 23, 2011)

RICHMOND HILL, ONTARIO -- (Marketwire) -- 12/23/11 -- 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 5, 2011.

Sales for the first six months were $4,888,901 compared to $5,949,054 last year and for the second quarter were $2,660,438 compared to $3,472,258 during the same quarter last year. Net loss for the first six months was $153,131 ($0.02 per share) compared to a net income of $108,623 ($0.01 per share) for the same period last year. Net loss for the second quarter was $19,893 ($0.00 per share) compared to a net income of $140,476 ($0.02 per share) for the same quarter last year.

Denis B.E. Donnelly, President and CEO stated, "The United States economic downturn continues to negatively impact our revenues and earnings. Going forward, we have made significant reductions in our direct to consumer advertising initiatives and other expenses which will be reflected in our results over the balance of the fiscal year. As a result, we remain confident that earnings will improve for the balance of 2012."

--------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS (Unaudited and not reviewed by an auditor Thirteen Thirteen Twenty-six Twenty-six - in Canadian Weeks Ended Weeks Ended Weeks Ended Weeks Ended dollars) Nov. 5, 2011 Oct. 30, 2010 Nov. 5, 2011 Oct. 30, 2010 --------------------------------------------------------------------------- Sales $ 2,660,438 $ 3,472,258 $ 4,888,901 $ 5,949,054 Cost of goods sold 991,681 1,258,863 1,865,557 2,264,841 --------------------------------------------------------------------------- Gross profit 1,668,757 2,213,395 3,023,344 3,684,213 --------------------------------------------------------------------------- Selling and administrative expenses 1,655,756 1,878,303 3,129,650 3,354,868 Amortization 88,607 92,633 167,151 170,304 --------------------------------------------------------------------------- Income (loss) from operations (75,606) 242,459 (273,457) 159,041 --------------------------------------------------------------------------- Interest expense 11,188 5,584 21,963 12,538 Foreign exchange loss (gain) (60,653) 29,566 (71,706) (24,028) --------------------------------------------------------------------------- Net finance charges (49,465) 35,150 (49,743) (11,490) --------------------------------------------------------------------------- Income (loss) before income taxes (26,141) 207,309 (223,714) 170,531 Income taxes (recovery) (6,248) 66,833 (70,583) 61,908 --------------------------------------------------------------------------- Net income (loss) and comprehensive income (loss) $ (19,893) $ 140,476 $ (153,131) $ 108,623 --------------------------------------------------------------------------- Basic and diluted income (loss) per share $ (0.00) $ 0.02 $ (0.02) $ 0.01 --------------------------------------------------------------------------- ---------------------------------------------------------------------------


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(TM) 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.

(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


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