BFS Entertainment & Multimedia Limited Files Audited Restated 2005 and 2004 Financials and Unaudited Restated First Quarter 2006 Financials.RICHMOND HILL, Ontario Richmond Hill (2006 population 162,704) is a town in York Region north of Toronto, Ontario, Canada. It is part of the Greater Toronto Area. History The area was first surveyed by Lieutenant-Governor John Graves Simcoe in 1794 while he was constructing Yonge Street. -- BFS BFS Bundesamt Für Statistik BfS Bundesamt für Strahlenschutz (German: federal office for radiation protection) BFS Bowling for Soup (band) BFS Bankable Feasibility Study BFS British Fertility Society Entertainment & Multimedia Limited (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:BFS) of Richmond Hill, Ontario announces that it has filed with Canadian provincial securities regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities its audited restated consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge for the years ending May 7, 2005 and May 1, 2004 and the related restated management discussion and analysis reports. The Company has also filed its unaudited restated consolidated financial statements and related restated management discussion and analysis report for the thirteen weeks ended August 6, 2005. These restated filings occurred as a result of a review of the Company's continuous disclosure records by the Ontario Securities Commission The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown corporation which reports to the Ontario legislature through the Minister of Finance. . The Company restated adjustments consist of an allowance for overstock o·ver·stock tr.v. o·ver·stocked, o·ver·stock·ing, o·ver·stocks To stock more of (something) than necessary or desirable. n. An excessive supply. Verb 1. exchanges and stock balancing by customers in accordance with Canadian GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). under EIC EIC Editor-In-Chief EIC Euro Info Centre (DIN) EIC Earned Income Credit EIC Excellence in Cities (UK) EIC Enterprise Interaction Center (Interactive Intelligence) 141 and Section 3400 of the CICA CICA Competition In Contracting Act of 1984 (USA) CICA Canadian Institute of Chartered Accountants CICA Competition In Contracting Act CICA Criminal Injuries Compensation Authority (UK) Handbook and a revision to its method of amortization of capitalized costs related to its development costs and master tape expenditures, so as to more accurately match future expected product revenues. A summary of the restated consolidated financial results and total consolidated assets for each of the two fiscal years 2005 and 2004 and the first quarter of fiscal year 2006 are as follows:
Thirteen Thirteen Year Year
Weeks Ended Weeks Ended Ended Ended
Aug. 6, July 31, May 7, May 1,
2005 2004 2005 2004
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Unaudited and not Audited Audited
reviewed by an auditor
Consolidated Statements
of Operations
Sales $ 1,846,689 $ 1,719,470 $ 8,578,369 $ 8,684,128
Cost of goods sold 683,279 529,369 3,233,944 3,316,475
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Gross Margin 1,163,410 1,190,101 5,344,325 5,367,653
Sales and
administration
expenses 1,046,327 1,127,629 4,757,813 4,243,774
Interest expense 4,311 17,935 49,345 197,139
Amoritization 106,793 140,515 592,912 737,665
Income taxes 2,139 (33,035) 2,535 48,580
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Net earnings (loss) $ 3,840 $ (62,943) $ (58,280) $ 140,495
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Basic and diluted
earnings (loss)
per share $ 0.00 $ (0.01) $ (0.01) $ 0.02
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Total assets $ 3,833,056 $ 5,056,067 $ 3,949,919 $ 5,177,400
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The following table represents the net increase (decrease) from the amounts previously reported from the restated adjustments:
Thirteen Thirteen Year Year
Weeks Ended Weeks Ended Ended Ended
Aug. 6, July 31, May 7, May 1,
2005 2004 2005 2004
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Unaudited and not Audited Audited
reviewed by an auditor
Consolidated Statements
of Operations
Sales $ (30,304) $ (89,422) $ 19,799 $ 122,757
Cost of goods sold (11,516) (33,980) 7,524 46,648
Amortization -
development costs (7,388) (2,959) (11,835) (1,697)
Amortization -
capital assets (16,794) (19,684) (78,735) (5,808)
Income taxes - future 1,948 (11,847) 37,148 30,202
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Net earnings (loss) $ 3,446 $ (20,952) $ 65,697 $ 53,412
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Basic and diluted
earnings (loss)
per share $ 0.00 $ (0.01) $ 0.01 $ 0.01
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Consolidated Balance Sheet
Accounts receivable $ (113,352) $ (192,269) $ (83,048) $ (102,847)
Inventories 43,074 73,063 31,558 39,082
Future income taxes
recoverable 84,985 135,927 86,933 124,081
Development costs (63,600) (79,864) (70,988) (82,823)
Capital assets (101,408) (177,253) (118,202) (196,937)
Retained earnings (150,301) (240,396) (153,747) (219,444)
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DETAILS OF RESTATEMENT Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. ADJUSTMENTS Revenue recognition for overstock exchanges and stock balancing by customers Based on EIC 141 of the CICA Handbook, issued on December 17, 2003 an allowance has been provided for the eventuality e·ven·tu·al·i·ty n. pl. e·ven·tu·al·i·ties Something that may occur; a possibility. eventuality Noun pl -ties that customers may return a portion of their previous purchases for exchanges and therefore credited towards their future purchases. Prior to fiscal year 2004, no allowances had been made for stock exchanges and stock balancing. For the restated fiscal years 2005 and 2004 and the restated first quarter of fiscal year 2006, actual returns for overstock exchanges and stock balancing received were recorded as an allowance at the end of each fiscal period. Amortization The amortization for master tapes and development costs has been restated for fiscal years 2005 and 2004 and the restated first quarter of fiscal year 2005. The amortization method has been changed to a four year straight line (25% per year) from the previous method of a four year period with annual amortization of zero in the first year and 33 1/3 % in the following three years. The financial information included in this release is qualified in its entirety by and should be read together with, the audited restated consolidated financial statements for the years end May 7, 2005 and May 1, 2004 including the auditors' report thereon there·on adv. 1. On or upon this, that, or it. 2. Archaic Following that immediately; thereupon. Adv. 1. thereon - on that; "text and commentary thereon" on it, on that and the notes thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. and the unaudited restated consolidated financial statements for the thirteen week ended August 6, 2005 and the notes thereto as filed on SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review . BFS Entertainment & Multimedia Limited manufactures, markets and distributes under the BFS Video and American Home For the American mortgage lender, see . The American Home is a center of intercultural exchange located in Vladimir, Russia. The home is designed to model a typical American suburban home and its main focus is the ESL school that provides lessons for Russian students. Treasures video labels, a wide range of entertainment home videos and DVD's for resale to retail and catalogues throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . (SEC Rule 12g exemption #82-4245) BFS Entertainment & Multimedia Limited (TSX VENTURE:BFS) |
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