Devine Entertainment -- DVN -- Reports Significant Increases in Revenues and Net Income for the First Nine Months of 1999.TORONTO, Ontario--(ENTERTAINMENT WIRE)--Nov. 17, 1999-- Devine Entertainment Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :DVN DVN Digital Video Network (Internet2) DVN Digital Value Network DVN Diploma in Veterinary Nursing DVN Device Number ) today reported significant increases in revenues and net income for the nine months ended September 30, 1999. Revenues for the period increased by over 80% to CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $1,511,009 as compared to CDN$835,058 recorded for the same period in 1998. Pre-tax income for the first nine months of 1999 amounted to CDN$318,599, a turnaround of $462,447 from the loss of $143,848 reported in the same period last year. Net income increased to $178,379 or CDN$0.02 per share, as compared to a net loss of CDN$80,848, or CDN$(0.01) per share, for the first nine months of 1998, a turnaround of $259,227. Devine's significant revenue sources stem primarily from the delivery of its films. Two films were delivered to HBO Hyperbaric oxygen therapy (HBO) A form of oxygen therapy in which the patient breathes oxygen in a pressurized chamber. Mentioned in: Ozone Therapy during the nine month period. The Company will deliver two more films in the fourth quarter of 1999. The Company expects these deliveries to have a very positive impact on revenues for the fourth quarter and for fiscal 1999. Other significant income in the period ended September 30, 1999 resulted from sales of the Company's videos through two new distributors, Feature Films For Families and Nest Entertainment. The Company also reported that two new broadcasters have recently started airing the Company's films in Primetime on Sunday evenings. The Odyssey Channel The Odyssey Channel was Australia's award-winning documentary channel that was previously available on Optus Vision. It was one of the few channels on Subscription TV in Australia that had a large amount of Australian content available. (a Hallmark and Henson Company) is airing The Composers' Specials and The Inventors' Specials in the U.S. YTV YTV Pääkaupunkiseudun Yhteistyövaltuuskunta (Finnish: Helsinki Metropolitan Area Council) YTV Yorkshire Television YTV Youth Television , Canada's No. 1 youth broadcaster, is airing The Composers' Specials and will air The Artists' Specials beginning in January 2000. A commercial tag with a toll-free order number and the Company's video store website address are shown at the end of these broadcasts. "After successfully completing production on The Artists' Specials, which we've worked on for one year, we have focussed on sales and distribution of our products. The positive results of these efforts are now beginning to show," said David Devine, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We will continue to build our sales and marketing, thereby increasing the pace of growth which should be reflected in revenues and profits for fiscal 1999 and 2000." The Company is expanding its investor relations Investor relations The process by which the corporation communicates with its investors. program with plans to increase exposure in the diverse North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. investment communities through various measures, including meetings with key institutional shareholders, stockbrokers and analysts. Devine Entertainment Corporation is an Emmy-award winning developer and producer of high quality children's and family films designed for both the worldwide television and cable markets and the international home video markets. The Company launched its new interactive educational history website, www.devinetime.com, on September 30, 1999. The site was selected as a YAHOO See Yahoo!. (World-Wide Web) Yahoo - Yet Another Hierarchical Officious/Obstreperous/Odiferous/Organized Oracle. (Or a member of a race of brutes in Swift's Gulliver's Travels who have the form and all the vices of man, or an uncouth or rowdy person). ! Canada "Pick of the Week" on October 11, 1999 and it won first prize in the Entertainment category at the Atlantic Digital Media Festival. The Company's management has reviewed the possible risk associated with computers and the Year 2000. The Company has determined that all of its equipment including hardware and software is prepared for the Year 2000 date change. The Company expects that any date-sensitive problem that might arise can be resolved at a minimum cost that would be absorbed within normal operating budgets Noun 1. operating budget - a budget for current expenses as distinct from financial transactions or permanent improvements budget items, operating cost, operating expense, overhead - the expense of maintaining property (e.g. and without any interruption of the Company's business. The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. has neither approved nor disapproved of the information contained herein. -0-
DEVINE ENTERTAINMENT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in Canadian dollars)
Nine months ended Sept. 30,
1999 1998
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REVENUE $1,511,009 $835,058
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INCOME (LOSS) (before income taxes) 318,599 (143,848)
Deferred income taxes (recovery) 140,220 (63,000)
NET INCOME (LOSS) 178,379 (80,848)
NET INCOME (LOSS) PER COMMON SHARE $ 0.02 $ (0.01)
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