Devine Entertainment Reports First Quarter Results.TORONTO, Ontario--(ENTERTAINMENT WIRE)--June 1, 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 announced that revenues for the first quarter ended March 31, 1999 amounted to Cdn$535,058 as compared to Cdn$801,224 recorded for the same period last year. Net income for the first quarter of 1999 amounted to Cdn$56,150 or Cdn$0.005 per share, as compared to net income of Cdn$181,671 or Cdn$0.016 per share, for the first quarter of 1998. The Company noted that revenues for the period were as expected as Devine's significant revenue sources stem from the delivery of its films. Only one film was 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 in the first quarter of 1999. Three films in The Artists' Specials series are scheduled for delivery in the third and fourth quarter of 1999 to HBO and other contracted broadcast licensees including YTV YTV Pääkaupunkiseudun Yhteistyövaltuuskunta (Finnish: Helsinki Metropolitan Area Council) YTV Yorkshire Television YTV Youth Television , TFO TFO Tandem Free Operation TFO Transcoder Free Operation TFO Tritium/Fiber Optic (gun sight) TFO Tesi Filosofiche Online TFO Tactical Flight Officer TFO Task Force Officer TFO Trouble Free Operation , and Disney France. The Company expects to recognize substantial increases in revenue for these periods in 1999. Earlier this month, Devine Entertainment won three Daytime Emmy Awards out of a total of nine nominations. The Company believes that these awards will help build recognition of its brand of high-quality family entertainment. The Company began principal photography on "Rembrandt: Fathers and Sons" yesterday in the Czech Republic Czech Republic, Czech Česká Republika (2005 est. pop. 10,241,000), republic, 29,677 sq mi (78,864 sq km), central Europe. It is bordered by Slovakia on the east, Austria on the south, Germany on the west, and Poland on the north. . 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. -0-
DEVINE ENTERTAINMENT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in Canadian dollars)
Three months ended March 31
1999 1998
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REVENUE $535,058 $801,224
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INCOME (before income taxes) 101,150 323,671
Income taxes 45,000 142,000
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NET INCOME 56,150 181,671
NET INCOME PER COMMON SHARE $ 0.005 $ 0.016
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