Beaumont Select Corporations Inc (BMN.A) Earns 4 Cents Per Share

CALGARY, ALBERTA--(Marketwire - Dec. 6, 2010) - Beaumont Select Corporations Inc (TSX VENTURE:BMN.A) recently released its first quarter results. The first quarter continued an upward trend in the equity portfolio, while the food division result continued to show the pricing pressures brought on by both suppliers and customers. Net income for the quarter was $578 thousand (4 cents per share) compared to $874 thousand (5 cents per share) during the first quarter of prior year.

The Investment Division generated a total investment gain of $850 thousand comprised mainly of increased unrealized gains of $361 thousand, and $268 thousand in realized gains. In addition, the equity portfolio generated investment income from dividends of $306 thousand, well surpassing the margin interest expense of $85 thousand. During the quarter the TSX Composite index increased by 9.5%, while the equity portion of the portfolio (total securities less margin loan) grew 10% from $8.4 million as of June 30th to $9.247 million at September 30, 2010.

Revenue in the Food Division decreased 3.4% with declines in the US sales continuing to affect results. Rising input costs continued to affect results negatively.


The Corporation's financial results for the three months ended September 30, 2010 compared to the same period in the previous fiscal year included the following:


-- A rising stock market has resulted in the following changes to the

portfolio of equity securities:

$ millions Sep 30, 2010 Jun 30, 2010 3 mo. Change


Portfolio value $18.315 $ 16.833 8.8%

Margin Loan 9.068 8.424 7.6%

Equity in Portfolio 9.247 8.409 10.0%

-- Sales decreased by 3.4% in the first quarter compared to the first

quarter 2009- 10. New US customers have not yet replaced a key account

lost last year.

-- Operating margin has decreased to 6.9% from 7.7% for the first quarter

last year

-- Net income is $578 thousand or 4 cents per share, compared to an income

of $874 thousand or 5 cents per share for the prior period last year.

Financial Highlights

$ Thousands (except per share data)

Three Months Ended


Sept 2010 Sept 2009



Net Sales $4,861 $5,033

Operating Income (Loss) 331 389

Net Income (Loss) 578 874

Net Income (Loss) per share -basic 0.04 0.05

Net Income (Loss) per share -diluted 0.04 0.05

Funds from (required by) Operations 236 181

Funds from operations per share - basic 0.01 0.01

Funds from operations per share - diluted 0.01 0.01

EBITDA 1,005 1,225

EBITDA per share - basic 0.06 0.07

EBITDA per share - diluted 0.06 0.07

As at


Sept 2010 June 2010



Total Assets $36,069 $34,616

Total Long-Term Debt 614 638

Shareholder's Equity $16,542 $20,273

Shares outstanding 16,348,597 16,379,097


As of December 3, 2010, the equity investments under management have climbed to $19.706 million, while margin loans have increased to $10.248 million, resulting in a net equity value of $9.458 million in marketable securities.

Beaumont Select Corporations Inc is management and investment corporation with investments in the food industry, as well as a portfolio of equity securities. Beaumont Select is listed on the TSX Venture exchange under the ticker symbol BMN.A.

Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here