Devine Entertainment announces public offering and releases interim financial results.TORONTO--(BUSINESS WIRE)--Aug. 29, 1996--Devine Entertainment Corp. (NASDAQBB:DVNNF; ALBERTA EX: DVN DVN Digital Video Network (Internet2) DVN Digital Value Network DVN Diploma in Veterinary Nursing DVN Device Number ), announced today that it has filed a preliminary prospectus Preliminary Prospectus A first draft registration statement filed by a firm prior to proceeding with an initial public offering of securities. The document, filed with the Securities & Exchange Commission, is intended to provide pertinent information to prospective shareholders in each of the provinces of Canada in respect of a public offering of its common shares and a secondary offering of common shares by its principal shareholders, David Devine and Richard Mozer. The underwriters for the offering, which is expected to close in early October, 1996 are First Marathon Securities Limited and Midland Walwyn Capital Inc. The company also announced the release of its unaudited interim financial statements for the six months ended June 30, 1996. Revenues for the six months ended June 30, 1996, increased to $1,064,750 from $224,311 for the six months ended June 30, 1995, an increase of approximately 375%. The increase was due primarily to a government rebate rebate, partial refund of the total price paid for goods or services. In the United States, rebates were historically given by railroads to favored shippers as a return on transportation charges. of $876,000 received upon completion of "The Composers' Specials". Expenses of $301,873 for the six months ended June 30, 1996 were higher than the $161,226 for the six months ended June 30, 1995. However, as a percentage of total revenues, the expenses decreased from 72% to 28%. Net income for the six months ended June 30, 1996 increased to $427,886 or $0.052 per share compared to $20,585 or $0.002 per share for the six months ended June 30, 1995. All reported 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 company enjoyed a healthy cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses for the six months ended June 30, 1996 and the issuance of capital stock upon the exercise of warrants which allowed it to pay down various loans and notes of more than $1.2 million, to increase the company's working capital with a view to developing new children's films It may never be fully completed or, depending on its its nature, it may be that it can never be completed. However, new and revised entries in the list are always welcome. This is a list of films that were made for, or primarily marketed to, children. and audio programs, and to invest in the development of new distribution and marketing for the company's products, as well as to focus on the development and pre-production of "The Investors' Specials". Principal photography of the initial program in this series, "Einstein, Light to the Power of Two", which commenced earlier this month is now completed. Devine Entertainment Corp. is an integrated developer and producer of high quality children's and family films designed for both the worldwide television broadcast and cable markets and the international home video market. The common shares of Devine Entertainment Corp. are listed and posted for trading on the Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). under the symbol "DVN" and quoted for trading on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Stock Market's Bulletin Board under the symbol of "DVNNF" -0- The Alberta Stock Exchange 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/DeeDee Lanzet, 212/687-0061 |
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