Ampex Releases 1994 Financial Results.

REDWOOD CITY, Calif.--(BUSINESS WIRE)--April 3, 1995--Ampex releases 1994 financial results:

                       AMPEX CORPORATION
                   CONSOLIDATED BALANCE SHEETS
                (in thousands, except share data)

                                 December 31     December 31
                                    1994            1993

ASSETS
Current assets:
  Cash and cash equivalents       $  12,058       $  27,917
  Short-term investments              7,850            --
  Accounts receivable
    (net of allowances of
     $5,404 and $9,227)              12,238          21,842
  Inventories                        10,053          23,504
  Other current assets                3,020           4,455
      Total current assets           45,219          77,718

Property, plant and equipment        40,694          48,214
Other assets                          1,546           3,514
  Total assets                      $87,459        $129,446

LIABILITIES AND STOCKHOLDERS'
   DEFICIT

Current Liabilities:
   Notes payable                   $  3,452       $  25,397
   Accounts payable                   6,825          26,539
   Income taxes payable               4,075           2,121
   Accrued restructuring
     costs                            6,566          24,108
   Other accrued liabilities         28,261          40,982
     Total current liabilities       49,179         119,147
Long-term debt                       30,805          90,641
Other liabilities                    56,754          68,836
Deferred income taxes                 1,981           2,340
Accrued restructuring costs          11,973          10,933
Net liabilities of business
  held for disposition               48,030          48,030
      Total Liabilities             198,722         339,927
Commitments and contingencies
      (Note 11)

Redeemable convertible preferred
   stock, $1,000 liquidation value;
   87,192 shares authorized, 87,192
   shares issued 1994                83,977            --

Stockholders' deficit
  Preferred stock, $1.00 par value:
    Authorized; $912,808 shares 1994;
    1,000,000 shares 1993
    Issued and outstanding - none       --             --
Common stock, $0.1 par value:
    Class A:
      Authorized: 125,000,000 shares
      1994; 50,000,000 shares 1993
      Issued and outstanding -
      20,551,944 shares 1994;
      6,276,500 shares 1993             206              63
    Class B:
      Authorized: 20,000,000 shares;
      Issued and outstanding - none
      1994; 14,275,000 shares 1993       --             143
    Class C:
      Authorized: 50,000,000 shares
      1994; Issued and outstanding -
      5,927 shares 1994;                 --             --
          none 1993
Other additional capital              337,950       339,756
Accumulated deficit                  (530,905)     (546,447)
Cumulative translation adjustments        592           130
Minimum pension liability adjustment   (3,083)       (4,126)
    Total stockholders' deficit      (195,240)     (210,481)
    Total liabilities and
      stockholders' deficit        $   87,459   $   129,446

                        AMPEX INCORPORATED
                CONSOLIDATED STATEMENTS OF OPERATIONS
                  (in thousands, except share data)

                                       Year Ended December 31,
                                  1994          1993          1992

Net Sales                   $   127,212   $   169,711   $   237,791
Cost of sales                    77,417       121,188       169,827
 Gross profit                    49,795        48,523        67,964

Selling and administrative       24,279        66,219        84,500
Research, development and
  engineering                    18,844        29,534        46,292
Royalty income                   (7,371)       (2,638)      (15,036)
Amortization of intangible assets    --         7,024         9,490
Restructuring charges                --       230,523         1,864
 Operating income (loss)         14,043      (282,139)      (59,146)
Interest expense                  8,346        14,009         7,164
Amortization of debt financing
  costs                             240           469           454
Interest income                    (774)       (1,020)       (1,572)
Other (income) expense, net     (10,727)          417         3,211
 Income (loss) from continuing
  operations before income taxes 16,958      (296,014)      (68,403)
Provision for (benefit of)
  income taxes                    1,416          (753)        1,831
 Income (loss) from continuing
  operations                     15,542      (295,261)      (70,234)
Loss of business held for
  disposition (net of taxes of
  none in 1994 and 1993 and
  $2,100 in 1992)                    --        (1,143)       (1,217)
 Net income (loss)          $    15,542   $  (296,404)  $   (71,451)

Primary income (loss)
  per share:
 Income (loss) per share from
  continuing operations     $      0.42   $    (16.67)  $     (4.56)
 Income (loss) per share from
  discontinued operations          0.00         (0.07)        (0.08)
 Income (loss) per share    $      0.42   $    (16.74)  $     (4.64)
Weighted average number of
  common shares outstanding  20,555,928    17,708,550    15,407,694

Fully diluted income (loss)
  per share:
 Income (loss) per share from
  continuing operations     $      0.36   $    (16.67)  $     (4.56)
 Income (loss) per share from
  discontinued operations          0.00         (0.07)        (0.08)
 Income (loss) per share    $      0.36   $    (16.74)  $     (4.64)
Weighted average number of
  common shares outstanding  22,913,304    17,708,550    15,407,694

CONTACT: Ampex Corporate Communications 

Karen D. Schweikher, 415/367-4111