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Devonshire Industries Announces Financial Year Results

31 July 2007

Hamilton, Bermuda: 31 July 2007 - The Bermuda Stock Exchange (BSX) today received the following report from Devonshire Industries General Manager, Richard A. Moulder regarding the 31^st March 2007 year end results:

Financial Highlights

	2007	2006	% Change

Net Sales	$3,641,120	$3,532,422	3.08%
Operating Expense	$1,068,805	$1,087,130	-1.69%
Net Revenue from
Operations prior to
Discounted Ops	$467,070	$340,134	37.32%
Other Income	$41,810	$55,605	-24.81%
Net Income	$508,880	$395,739	28.59%
Earnings Per Share	$1.16	$0.90	28.89%
Dividends Paid	$438,000	$438,000	0.00%
Dividends Per Share	$1.00	$1.00	Nil
Total Assets	$3,142,851	$3,068,808	2.41%
Net Assets	$2,954,923	$2,884,043	2.46%
Book Value Per Share	$6.75	$6.58	2.46%

Results for the period ending 31^st March 2007 show that net income has increased by 3.08% over the previous year. The report shows Revenue for the year was $467,070 as compared with $340,134 for the same period last year. Net Income for the period was $508,880, up from $395,739 in 2006. Earnings per share were $1.16, as compared with $0.90 last year and dividends per share declared and paid for the period remained at $1.00.