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Devine Entertainment Announces June 30, 2008, Second Quarter and First Half Financial Results

Posted on: Friday, 15 August 2008, 09:00 CDT

Devine Entertainment Corporation (OTCBB:DVNNF) is pleased to announce the Company's financial results for the three and six months ended June 30, 2008. President and C.E.O. David Devine noted, "The Company's activities in the second quarter of 2008 focused on ongoing development and the seeking of financing for new productions as well as working on the continuing sales and distribution of the Company's proprietary library. Despite the fact that amortization and writedowns were responsible for the majority of our loss, the actual cash loss for the three months ended June 30, 2008 was $86,466. and for the six months, $179,367."

Revenues from the Company's core library of completed television programs and recordings, which include the Company's Artist's, Inventors' and Composers' Specials, as well as Marsalis on Music, Shakespeare 4 Kids, Beethoven Lives Upstairs, and its Raffi programs continued to perform strongly, increasing by $84,988 or over 230% to $149,587 for the quarter ended June 30, 2008 as compared with $64,599 for the same period in 2007. For the six month period ended June 30, 2008, revenues from the Company's core library of completed television programs and recordings increased by $31,275 or approximately 14% to $254,142 as compared with $222,867 for the same period in 2007.

Reflecting the lack of new productions being delivered to date in 2008, the Company's total revenues decreased by $1,785,821 to $149,587 for the quarter ended June 30, 2008 as compared to $1,935,408 for the same period in 2007. Total revenues for the six month period ended June 30, 2008 decreased by $3,710,343 to $254,142 as compared to $3,964,485 for the same period in 2007.

Net Loss for the quarter ended June 30, 2008 totaled $3,640,217, or ($0.08) per share, an increase of $3,925,471 as compared to net earnings of $285,254, or $0.01 per share for the same period in 2007, primarily reflecting non-cash write downs and amortization of the Company's investment in film, television programs and recordings of $3,552,774.

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in Canadian dollars) Three months ended Six months ended June 30 June 30 2008 2007 2008 2007 ------------ ---------- ------------- ---------- REVENUE $149,587 $1,935,408 $254,141 $3,964,483 Selling, general and administrative expenses: 212,650 285,586 409,063 387,820 Amortization: 3,553,751 1,355,722 3,579,175 2,733,834 NET INCOME/(LOSS) for the period $(3,640,217) $285,254 $(3,757,565) $797,934 NET INCOME/(LOSS) PER COMMON SHARE $(0.08) 0.01 $(0.08) $0.02

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.

Source: Business Wire

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