Devine Entertainment Reports First Quarter 2005 Results; Announces Fourth Consecutive Positive Quarter.TORONTO -- Devine Entertainment Corporation (CUB cub the newborn of a number of animal species as diverse as lion, fox and bear. :DVNN, NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). PK:DVNNF) today reported results for the first quarter of 2005. All amounts 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 . The quarter ended March 31, 2005 is the fourth consecutive positive quarter the Company has posted. Net income in the quarter, which was derived solely from operating activities, was $22,477 as compared with a loss of $101,652 for the same period in 2004. Revenues in the first quarter 2005 increased by 517% to $478,236 as compared to $77,467 for the same period in 2004. Bailey's Billion$, the Company's first feature film scheduled for theatrical release in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada on August 5, 2005, generated revenues of $293,000 in the quarter from sales of distribution rights in France, Italy and Israel. The Company's proprietary film library continued to perform well in the first quarter of 2005 with a broadcast license sale to TVOntario in Canada for $108,000 and $77,000 in 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. and video revenues 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. . Revenues of $185,000 from the sales of the Company's proprietary film library reflected an increase of 139% in the first quarter of 2005 as compared to $77,467 for the same period 2004. In addition, the Company completed part of a financing of $204,375 from the exercise of 1,362,500 previously issued warrants from its April 7, 2004 private placement at a price of $0.15 per unit before March 31, 2005. Subsequent to the end of the quarter and before the expiry of the warrants on April 7, 2005 an additional 1,185,000 warrants were exercised and in total 2,547,500 of 2,580,000 warrants outstanding were exercised for total proceeds to the Company of $382,125. President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. David Devine noted, "the continued positive performance of the Company's operations means that the Company's financial turnaround has been sustained. Our focus now is on attracting capital for new production and the marketing and distribution of our proprietary film library to fuel growth and on settling the Company's remaining convertible debt." Five-time Emmy Award-winning Devine Entertainment Corporation develops, produces and distributes children's and family entertainment for the theatrical motion picture, television and Video/DVD marketplace worldwide. Their film series on landmark Composers', Inventors' and Artists' are critically acclaimed ac·claim v. ac·claimed, ac·claim·ing, ac·claims v.tr. 1. To praise enthusiastically and often publicly; applaud. See Synonyms at praise. 2. and broadcast in over 50 countries. The Company recently completed its first feature film for theatrical release, Bailey's Billion$, which is slated for worldwide distribution in 2005. Headquartered in Toronto, the Company's common shares trade under the symbol DVNN on the Canadian Unlisted Board (CUB) and on the NASD OTC PK market in the U.S. under the symbol DVNNF. The Company's corporate website is www.devine-ent.com .
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in Canadian dollars)
Three months ended
March 31
2005 2004
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REVENUE $478,236 $77,467
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Operating Expenses: 175,044 76,928
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Amortization Expenses: 259,224 61,872
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Other Expenses: 39,891 40,319
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Income taxes (recovered) - -
NET INCOME/(LOSS) for the period 22,477 (101,652)
NET INCOME/(LOSS) PER COMMON SHARE $0.00 $(0.01)
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WEIGHTED AVERAGE SHARES - BASIC 32,785,008 14,261,838
This press release may contain 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 the 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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or or management's estimates or opinions change. |
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