Devine Entertainment 1st Quarter Revenues Soar to $2,029,075.Quarterly Profits at $554,212 As Company Anticipates 2007 Revenues of Between $5.5 and 6 Million TORONTO -- Devine Entertainment Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :DVNNF) today reported results for the quarter ended March 31, 2007. Revenues in the first quarter increased by more than $1,865,215 to $2,029,075 from the $163,860 for the same period in 2006. $1,870,809 of these revenues were derived from the delivery of the first two episodes of its new series Across The River to Motor City It may contain non-definitive information based on commercials, a website or interviews. and the balance of $158,266 in revenues were generated by sales from the Company's library of films and television programs. Net Earnings for the first quarter 2007 increased by $704,789 to $554,212 or $0.01 per share as compared to a loss of $150,577. (All figures are in Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents ) President and C.E.O. David Devine noted: "Revenues and earnings increased dramatically as a result of the Company's focus on the post-production and delivery of the first two episodes of the Company's new primetime mystery series for Chum Television, Across the River to Motor City and sales stemming from the new foreign distribution relationship with Carrere Group of France." Management expects strong revenue and earnings growth to continue through the balance of 2007 with revenues being generated by its proprietary library of films and television programs and as four more episodes of Across the River to Motor City are completed and delivered. In addition, new sales from the Company's recent licensing of the Marsalis on Music DVD DVD: see digital versatile disc. DVD in full digital video disc or digital versatile disc Type of optical disc. The DVD represents the second generation of compact-disc (CD) technology. series are expected in the second half of 2007 and the fact that CHUM Television recently commissioned four new scripts for a second season of the series Across the River to Motor City are positive indications for the Company's future outlook. 2007 is expected to be among the Company's strongest ever, with anticipated revenues of between $5.5 and $6 million. Five-time Emmy Award-winning Devine Entertainment Corporation develops, produces and distributes primetime drama, children's and family entertainment for the theatrical motion picture, television and Video/DVD marketplace worldwide. Their film series on landmark Composers', Inventors' and Artists' are critically acclaimed ac·claim v. ac·claimed, ac·claim·ing, ac·claims v.tr. 1. To praise enthusiastically and often publicly; applaud. See Synonyms at praise. 2. and broadcast in over 50 countries. The Company completed its first feature film for theatrical release, Bailey's Billion$, which was released in 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. on August 5, 2005 and is currently being distributed worldwide. In 2006 the Company continued expanding its proprietary library and financed and began production of its first general audience primetime one-hour mystery series, entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: Across the River to Motor City for delivery to broadcasters worldwide in 2007. Headquartered in Toronto, the Company's common shares trade on the NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). OTCBB market in the U.S. under the symbol DVNNF. The Company's corporate website is www.devine-ent.com. [TABLE OMITTED] This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the future performance of Devine Entertainment Corporation. Forward-looking statements, specifically those concerning future performance and the achievement of operating profitability are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties include fluctuations in revenues; market acceptance of the Company's products and services; competition within the film and entertainment industry and the introduction of new entrants and/or products in the Company's markets; adverse changes in governmental regulations and policies affecting the film and entertainment industry; product development risks and risks of technological change; the risk of unanticipated expenses; and other risks and uncertainties all as described in the disclosure documents filed with 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 in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with applicable securities laws. Readers are cautioned that the foregoing list of factors is not exhaustive. Although the Company believes that the expectations conveyed by the forward-looking statements are reasonable based on information available to it on the date such forward-looking statements are made, no assurances can be given as to future results, levels of activity and achievements. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change. |
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