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CST ENTERTAINMENT IMAGING REPORTS FOURTH QUARTER AND YEAR-END RESULTS

 CULVER CITY, Calif., Oct. 6 /PRNewswire/ -- CST Entertainment Imaging Inc. (AMEX: CLR) today reported a net loss of $1,882,000, or $0.10 per share, on revenues of $619,000 for the fourth fiscal quarter ended June 30, 1993. This compared with a net loss of $1,102,000, or $0.07 per share, on revenues of $1,638,000 for the comparable period last year. Included in the net loss for the period were two non- recurring items which wore a $101,838 write-down of the company's film library and a $819,750 write-down of a long-term accounts receivable.
 For the year ended June 30, 1993, the company reported revenues of $3,752,000 and a net loss of $3,113,000 or $0.17 per share on 18.7 million weighted-average shares outstanding. This compared with revenues of $4,765,000 and a net loss of $1,968,000, or $0.13 per share, on 14.6 million weighted-average shares outstanding for the comparable period last year. Included in the net loss for the period was an extraordinary gain of $138,000 resulting from forgiveness of debt compared to an extraordinary gain of $1,063,000 from forgiveness of debt last year.
 Gerald Shefsky, chairman and chief executive officer, stated, "The operating losses incurred in the fourth quarter are primarily due to a temporary depletion of the company's backlog of business and reduced production work-force. The company continued in its clean-up of its balance sheet and is becoming stronger financially. It is currently building-up its production work-force and coloring work-stations in anticipation of the consummation of coloring contracts for large quantities of coloring work. Results for the Sept. 30, 1993, quarter just ended are not expected to show significant improvements, but much better results are expected for the remainder of the 1994 fiscal year.
 CST ENTERTAINMENT IMAGING INC.
 Statements of Operations
 Three Months and Years Ended June 30, 1993 and 1992
 Three Months Ended Years Ended
 June 30, June 30,
 1993 1992 1993 1992
 Revenues $618,502 $1,638,329 $3,752,106 $4,764,573
 Loss before
 extraordinary
 item (1,911,699) (1,130,109) (3,251,142) (3,030,472)
 Extraordinary item 29,274 28,057 138,102 1,062,612
 Total ($1,882,425) ($1,102,052) ($3,113,040) ($1,967,860)
 Per share:
 Loss before
 extraordinary
 item ($0.10) ($0.07) ($0.18) ($0.21)
 Extraordinary item --- --- 0.01 0.08
 Net loss ($0.10) ($0.07) ($0.17) ($0.13)
 Weighted-average
 number of
 common shares
 outstanding 19,868,367 16,400,992 18,683,080 14,587,069
 -0- 10/6/93
 /CONTACT: Gerald Shefsky, chairman and CEO, 310-417-3444/
 (CLR)


CO: CST Entertainment Imaging Inc. ST: California IN: ENT SU: ERN

JB-EH -- LA014 -- 9354 10/06/93 13:02 EDT
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Publication:PR Newswire
Date:Oct 6, 1993
Words:469
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