Devine Entertainment Reports First Quarter Results; Video Revenues Up Sharply.Business Editors TORONTO--(BUSINESS WIRE)--May 30, 2000 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 announced that revenues for the first quarter ended March 31, 2000 amounted to Cdn$173,226 as compared to Cdn$535,058 recorded for the same period last year. Net loss for the first quarter of 2000 amounted to Cdn$54,836 or a loss of Cdn$0.005 per share as compared to net income of Cdn$56,150 or Cdn$0.005 per share for the first quarter of 1999. The Company noted that revenues for the period generally stem from the delivery of its films and no new films were delivered in the first quarter of 2000. However, the Company plans to deliver new films in its "The Not-So-Grimm Brothers" series in the third and fourth quarters of 2000. The majority of the Company's production revenues for the year will be recognized in these periods. Revenues from video distribution increased significantly to Cdn$158,320 from Cdn$10,058 for the same period in 1999. Traditionally the first quarter is the Company's weakest quarter for all of its library sales. Management is encouraged by this promising start of video sales in 2000 and expects video revenues to increase significantly this year, over the approximately Cdn$380,000 reported in 1999. The Company expects overall revenues from sales of its existing film library to increase appreciably ap·pre·cia·ble adj. Possible to estimate, measure, or perceive: appreciable changes in temperature. See Synonyms at perceptible. in 2000. Earlier this month, "Mary Cassatt Mary Stevenson Cassatt (May 22, 1844 – June 14, 1926) was an American painter and printmaker. She lived much of her adult life in France, where she first befriended Edgar Degas and later exhibited among the Impressionists. : American Impressionist" won a Daytime Emmy Award The Daytime Emmy Awards are awards presented by the New York-based National Academy of Television Arts and Sciences and the Los Angeles-based Academy of Television Arts & Sciences in recognition of excellence in American daytime television programming. and "Degas Degas To release and vent gases. New building materials often give off gases and odors and the air should be well circulated to remove them. Mentioned in: Multiple Chemical Sensitivity and the Dancer" received two Golden Sheaf Awards. "Mary Cassatt: American Impressionist" and "Degas and the Dancer" are part of Devine Entertainment's family series, "The Artists' Specials," now on HBO Hyperbaric oxygen therapy (HBO) A form of oxygen therapy in which the patient breathes oxygen in a pressurized chamber. Mentioned in: Ozone Therapy in the U.S. and YTV YTV Pääkaupunkiseudun Yhteistyövaltuuskunta (Finnish: Helsinki Metropolitan Area Council) YTV Yorkshire Television YTV Youth Television in Canada. This succession of international awards is a coup for a small, independent company like Devine Entertainment, positioning its films among the best live-action family films in the world. Devine Entertainment Corporation is a developer and producer of high-quality children's and family films designed for worldwide television and cable markets and international home video markets. The Company's new interactive history website, www.devinetime.com, was 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" and won first prize in the Entertainment category at the Atlantic Digital Media Festival. More information on the Company's activities is available on the Company's website: www.devine-ent.com. 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
DEVINE ENTERTAINMENT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited in Canadian dollars)
Three months ended March 31,
2000 1999
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REVENUE $173,266 $535,058
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INCOME (LOSS) (before income taxes) (97,836) 101,150
Income taxes (recovery) (43,000) 45,000
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NET INCOME (LOSS) (54,834) 56,150
NET INCOME (LOSS) PER COMMON SHARE ($ 0.005) $ 0.005
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WEIGHTED AVERAGE SHARES OUTSTANDING 11,596,825 11,446,825
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