Devine Entertainment Corporation Report Results For The Nine Months Ended September 30, 1997.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing , Ontario--(BUSINESS WIRE)--Nov. 24, 1997--Devine Entertainment corporation (NASDAQBB:DVNNF;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 results for the nine months ended September 30, 1997. Revenues for the nine months ended September 30 were $1,792,513 compared to $1,095,121 for the same period a year ago. Net income for the first nine months of 1997 was $344,102 or $0.03 per share, compared to $337,307 or $0.04 per share last year. Net income for the nine months of 1997 was impacted by the increased amortization of Devine's film library. Per share earnings were impacted by an approximate 46% increase in common shares outstanding to 11.4 million from 7.8 million. Devine Entertainment expects increased revenues in the fourth quarter when the company will recognize revenues from two films of "The Inventors' Specials" series: "Issac Newton: A Tale of Two Issacs" and "Marie Curie Curie (kürē`), family of French scientists. Pierre Curie, 1859–1906, scientist, and his wife, Marie Sklodowska Curie, 1867–1934, chemist and physicist, b. : More Than Meets the Eye More Than Meets the Eye was the three-part series premiere for the 1984 cartoon The Transformers. The three-part pilot was originally known simply as The Transformers ". As a result of Devine's fast growing film library, the company's investment in film, television programs and recordings totaled $8,138,891 at September 30, 1997 compared to $329,832 a year ago. Total assets rose 72% to $15,837,324 compared to $9,191,069 last year. Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. rose to $9,467,146 or $0.83 per share from $3,88,508 or $0.50 per share a year earlier. Devine Entertainment Corporation is emerging as one of Canada's fastest growing entertainment companies, with an established tradition of award-winning children's and family programming.
Consolidated Summary of Operations
(unaudited)
(Canadian Dollars)
Nine Months Ended September 30
1997 1996
----- -----
Revenue $1,792,513 $1,095,121
Amortization $ 822,201 $ 50,714
Income Before Income Taxes $ 616,102 $ 602,307
Earnings Per Common Share $ 0.030 $ 0.040
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. CONTACT: Devine Entertainment Corp. Leif Bristow, 416/364-2282 or H.L.Lanzet, Inc. Herbert Lanzet, Gerald Ortsman, 212/687-0061 |
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