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GALAXY CABLEVISION REPORTS EARNINGS

 GALAXY CABLEVISION REPORTS EARNINGS
 SIKESTON, Mo., Aug. 5 /PRNewswire/ -- Galaxy Cablevision, L.P.


(AMEX: GTV) announced today that cash flow from operations improved by 1.3 percent to $1,406,720 for the second quarter of 1992, as compared to $1,388,698 for the second quarter of 1991, and by 2.7 percent to $2,694,225 for the first half of 1992, as compared to $2,622,144 for the first half of 1991. Excluding from 1991 figures the Waxahachie region cable system, which was sold on June 27, 1991, cash flow from operations improved by 7.6 percent or $99,225 for the second quarter of 1992 as compared to 1991, and by 10.5 percent or $225,143 for the first half of 1992 as compared to 1991.
 Revenues also increased by 0.5 percent, up to $4,486,083 for the second quarter of 1992, as compared to $4,465,378 for the second quarter of 1991, and decreased by 0.5 percent to $8,712,497 for the first half of 1992 from $8,756,750 for the first half of 1991. Excluding from 1991 figures the Waxahachie region system, revenues increased by 10.7 percent or $432,632 for the second quarter of 1992 as compared to 1991 and by 9.5 percent or $758,813 for the first half of 1992 as compared to 1991.
 Galaxy reported a net loss of $896,880 for the second quarter of 1992, as compared to net income of $1,655,225 for the second quarter of 1991, and a net loss of $1,881,454 for the first half of 1992, as compared to net income of $261,065 for the first half of 1991, due primarily to the gain on sale of the Waxahachie cable system of $2,949,085.
 As of June 30, 1992, Galaxy had 54,067 subscribers, as compared to 50,037 as of June 30, 1991. During the second quarter of 1992, Galaxy gained 1,215 subscribers, 421 from the acquisition of the Glenmora, Louisiana cable systems and 794 from internal growth.
 Galaxy Cablevision, L.P. engages in the business of acquiring, owning and operating cable television systems and currently serves approximately 54,000 basic subscribers in six states.
 Galaxy's units are traded publicly on the American Stock Exchange under the symbol "GTV."
 GALAXY CABLEVISION, L.P.
 QUARTERLY REPORT
 June 30, 1992
 Income Statement Quarter Year Quarter Year
 Ended To Date Ended To Date
 6/30/92 6/30/92 6/30/91 6/30/91
 Revenues $4,486,083 $8,712,497 $4,465,378 $8,756,750
 Operating
 expenses 3,079,363 6,018,272 3,076,680 6,134,606
 Operating income
 before
 depreciation 1,406,720 2,694,225 1,388,698 2,622,144
 Depreciation &
 amortization 1,835,214 3,619,987 1,976,523 3,937,296
 Operating income
 (loss) ($428,494) ($925,762) ($587,825) ($1,315,152)
 Other income
 (expense) (468,386) (955,692) $2,243,050 $1,576,217
 Net income
 (loss) (896,880) (1,881,454) 1,655,225 261,065
 Net gain (loss)
 allocated to
 LMTD's (99 pct.)(887,911) (1,862,639) 1,638,639 258,454
 Net gain (loss)
 per unit ($0.415) ($0.870) $0.765 $0.121
 Units
 outstanding 2,142,000 2,142,000 2,142,000 2,142,000
 Balance Sheet 6/30/92 6/30/91
 Total assets $33,520,822 $36,704,834
 Total liabilities 30,985,557 27,125,878
 Total partner's equity 2,535,265 9,578,956
 Subscriber Data 6/30/92 3/31/92 6/30/91 3/31/91
 Basic subscribers 54,067 52,852 50,037 54,399
 Homes passed 96,978 96,375 94,828 111,051
 Percent penetration 55.8 pct. 54.8 pct. 52.8 pct. 49.0 pct.
 Premium units 38,967 37,044 25,960 30,382
 Percent Premium/
 basic 72.1 pct. 70.1 pct. 51.9 pct. 55.9 pct.
 Avg. monthly
 revenue/subscriber $25.49 $26.66 $27.24 $26.30
 -0- 8/5/92
 /CONTACT: Tommy L. Gleason, Jr. or J. Keith Davidson, 314-471-5022, both of Galaxy Cablevision/
 (GTV) CO: Galaxy Cablevision, L.P. ST: Missouri IN: ENT SU: ERN


KD-KW -- NY091 -- 7337 08/05/92 18:26 EDT
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Date:Aug 5, 1992
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