Devine Entertainment reports sharp earnings increase.TORONTO--(BUSINESS WIRE)--March 17, 1997--Devine Entertainment Corp. (NASDAQBB:DVNNF; ALBERTA Alberta (ălbûr`tə), province (2001 pop. 2,974,807), 255,285 sq mi (661,188 sq km), including 6,485 sq mi (16,796 sq km) of water surface, W Canada. EX:DVN DVN Digital Video Network (Internet2) DVN Digital Value Network DVN Diploma in Veterinary Nursing DVN Device Number ), one of Canada's fastest growing entertainment companies, today reported operating results for the year ended Dec. 31, 1996. Net income for 1996 rose to CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $679,865, or CDN$.075 per share, on revenues of CDN$1,857,774 compared to a loss of CDN$98,069, or a loss of CDN$.001 per share on revenues of CDN$7,115,916 for the prior year. The company noted that the earnings gain in 1996 reflects a substantial increase in royalties Not to be confused with Royal family. Royalties (sometimes, running royalties) are usage-based payments made by one party (the "licensee") to another (the "licensor") for ongoing use of an asset, most typically an intellectual property (IP) right. , government grants, interest and licenses, along with a sharp decrease in expenses. The notable difference in revenues relates largely to the timing in recognition of the delivery of completed films. The company further noted that it looks forward to a continuation of improving results in 1997 with a marked increase in revenues as it will recognize the "Inventors' Specials" series, which was pre-sold. The Inventors' series further expands the growing and valuable Devine Devine can refer to: People
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. Devine Entertainment can now be access through the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the web site www.devine-ent.com The Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). has neither approved or disapproved of the information contained herein. -0-
Devine Entertainment Corp.
Year ended Dec. 31,
1996 1995
(unaudited)(a)
Revenue
Sale of film and television
programs $ $ 6,575,350
Royalties, government grants,
interest & licenses 1,857,774 540,566
1,857,774 7,115,916
Expenses 637,909 7,149,814
Income (Loss)(before income
taxes) 1,219,865 (33,898)
Income taxes 540,000 500
679,865 (34,398)
Closing retained earnings
(deficit) 581,765 (98,069)
Net income (loss)
per common share $ .075 $ (0.001)
(a) reflects year ended Sept. 30, 1995
and stub ended Dec. 31, 1995
CONTACT: Devine Entertainment Corp. Leif Bristow Bristow, or Bristowe, can refer to the following. People
or H.L. Lanzet, Inc. Herbert Lanzet/DeeDee Lanzet, 212/687-0061 |
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