*Devine’s Q1 revs drop

Devine Entertainment reports revenues totaling approximately $173,000 for its first quarter ending March 31.

Revenues for the same period last year totaled $535,000. Income before taxes amounted to a loss of nearly $98,000, with Q1 net profits dropping from $56,150 (or $0.005 per share) to a loss of $54,800 (or -$0.005 per share).

The company has stated the decline is a result of no new films being delivered in the first quarter, but is hopeful that delivery of its The Not-So-Grimm Brothers series will provide a significant boost in the third and fourth quarters.

Good news stemming from Q1 for Devine is found in its video distribution, which brought in revenues of $158,320 (the bulk of its overall revenue), up from $10,058 in the same period in 1999.

www.devine-ent.com

*Nelvana finalizes public offering

To repay debt incurred in buying u.s. children’s book publisher Klutz for $107 million, Nelvana has inked an underwriting agreement offering 2.5 million subordinate voting shares to the public of Canada and the u.s. Shares will be sold for $23 per (us$15.40).

The company says it will sell off 2,434,032 shares itself, with the remaining 65,968 to be sold by corporations run by Nelvana’s principal shareholders. Nelvana expects net proceeds from the share sale in the ballpark of $50 million.

Bear Stearns & Company is the lead underwriter for the offering and the co-managers are SG Cowen Securities and RBC Dominion Securities.

www.nelvana.com