Devine Entertainment nine-month results
Devine Entertainment Corp DVN
Shares issued 11,355,360 Nov 16 close $0.21
Wed 17 Nov 99 News Release
Mr. David Devine reports
Devine Entertainment had significant increases in revenues and net income
for the nine months ended Sept. 30, 1999. Revenues for the period increased
by over 80 per cent to $1,511,009 as compared with $835,058 recorded for
the same period in 1998. Pretax income for the first nine months of 1999
amounted to $318,599, a turnaround of $462,447 from the loss of $143,848
reported in the same period last year. Net income increased to $178,379 or
two cents per share, as compared with a net loss of $80,848, or one cent
per share, for the first nine months of 1998, a turnaround of $259,227.
Devine's significant revenue sources stem primarily from the delivery of
its films. Two films were delivered to HBO during the nine-month period.
The company will deliver two more films in the fourth quarter of 1999. The
company expects these deliveries to have a very positive impact on revenues
for the fourth quarter and for fiscal 1999.
Other significant income in the period ended Sept. 30, 1999, resulted from
sales of the company's videos through two new distributors, Feature Films
For Families and Nest Entertainment. The company also reported that two new
broadcasters have recently started airing the company's films in Primetime
on Sunday evenings. The Odyssey Channel (a Hallmark and Henson Company) is
airing The Composers' Specials and The Inventors' Specials in the U.S. YTV,
Canada's No. 1 youth broadcaster, is airing The Composers' Specials and
will air The Artists' Specials beginning in January, 2000. A commercial tag
with a toll-free order number and the company's video store Web site
address are shown at the end of these broadcasts.
"After successfully completing production on The Artists' Specials, which
we've worked on for one year, we have focused on sales and distribution of
our products. The positive results of these efforts are now beginning to
show," said David Devine, president and chief executive officer. "We will
continue to build our sales and marketing, thereby increasing the pace of
growth which should be reflected in revenues and profits for fiscal 1999
and 2000."
The company is expanding its investor relations program with plans to
increase exposure in the diverse North American investment communities
through various measures, including meetings with key institutional
shareholders, stockbrokers and analysts.
CONSOLIDATED STATEMENT OF OPERATIONS
Nine months ended Sept. 30
1999 1998
Revenue $1,511,009 $ 835,058
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Income (loss)
before income
taxes 318,599 (143,848)
Deferred income
taxes (recovery) 140,220 (63,000)
---------- ----------
Net income
(loss) $ 178,379 $ (80,848)
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