Devine Entertainment Corporation (OTCBB:DVNNF), seeking to capitalize on the burgeoning global demand for high quality film and television content, is pleased to announce the Company's financial results for the three months ended March 31, 2008. President and C.E.O David Devine noted, "The Company's activities in the first quarter of 2008 focused on ongoing development and financing of new production for later in the year and the continuing sales and distribution of its proprietary library." The Company reported a modest loss of $117,348, or (0.00) per share in the quarter as compared to earnings of $512,680 in the same period in 2007.
Revenues for the three months ended March 31, 2008 decreased by $1,924,521 to $104,554 as compared to $2,029,521 for the same period in 2007. This drop in revenues reflected the fact that the Company delivered two episodes of its miniseries, Across the River to Motor City, and recognized $1,870,809 from these deliveries in the first quarter of 2007. The Company delivered no new productions in the first quarter of 2008. All of the Company's revenue in the first quarter 2008 were generated from the Company's proprietary library of films and television programs. $29,876 was derived from foreign broadcast licenses in Eastern Europe through the Company's relationship with Paris-based distributor Carrere Group. The balance of revenues, or $74,678, was derived from the Company's in-house DVD and ancillary product sales in North America. Sales in the US made up $69,958 of these revenues, with the balance of $4,720 being generated in Canada.
Mar. 31, 2008 |  | Restated March, 2007 | |
|  | |||
| Revenues | 104,554 | 2,029,075 | |
Operating Expenses  Earnings (loss) before income taxes | 196,413   (117,348) | 102,234   512,680 | |
Net earnings (loss) | (117,348) | 512,680 | |
|  | |||
| Basic earnings (loss) per common share | (0.00) | 0.01 |
About Devine Entertainment
Devine Entertainment Corporation develops, creates, and produces award-winning television programming and feature films for worldwide distribution across multiple TV broadcast networks, cable and satellite networks, DVD and Internet markets. Specializing in cultural and educational programming as well as prime-time drama and comedy entertainment programming, the Company's titles have garnered more than 120 international film and television industry awards, including five Emmy and five Gemini Awards. The Company partners with leading international distributors, broadcasters and co-producers, such as Sony BMG, Rogers Media and The Carrere Group of France, to produce and distribute its award-winning film and television titles.
Among Devine's critically acclaimed productions are its cultural and educational film series on history's landmark Composers, Inventors and Artists, which have been broadcast in more than 50 countries. The Company continues to expand its proprietary library of high-quality film and television content. Among its general-audience primetime programming is the acclaimed one-hour mystery series, "Across the River to Motor City," delivered to broadcasters worldwide in 2007. Headquartered in Toronto, the Company's common shares trade on the NASD OTCBB market in the U.S. under the symbol DVNNF, and on the Frankfurt Stock Exchange under the ticker 3TD. The Company's corporate website is www.devine-ent.com.
Forward-Looking Statements
This press release may contain forward-looking statements relating to the future performance of Devine Entertainment Corporation. Forward-looking statements, specifically those concerning future performance and the achievement of operating profitability are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties include the market acceptance of the Company's products and services; competition within the film and entertainment industry and the introduction of new entrants and/or products in the Company's markets; adverse changes in governmental regulations and policies affecting the film and entertainment industry; product development risks and risks of technological change; the risk of unanticipated expenses; and other risks and uncertainties all as described in the disclosure documents filed with securities regulatory authorities in accordance with applicable securities laws. Readers are cautioned that the foregoing list of factors is not exhaustive. Although the Company believes that the expectations conveyed by the forward-looking statements are reasonable based on information available to it on the date such forward-looking statements are made, no assurances can be given as to future results, levels of activity and achievements. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
