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GOLDSTAR VIDEO ANNOUNCES RESULTS FOR SECOND AND THIRD QUARTER

 GOLDSTAR VIDEO ANNOUNCES RESULTS FOR SECOND AND THIRD QUARTER
 FREEHOLD, N.J., June 12 /PRNewswire/ -- Goldstar Video Corp. (OTC Bulletin Board: GVID) today announced its results for its second and third quarters.
 Gross revenues for the company's second quarter were $1,104,633. Gross revenues for the company's third quarter were $1,540,878, an increase of 39 percent over the second quarter. Operating profits (losses) for the second and third quarter were ($594,204) and $358,580, respectively. Net profits (losses) for the second and third quarters were ($641,160) and $335,053, respectively.
 For the company's fiscal six and nine months ended Dec. 31, 1991, and March 31, 1992, the company reported gross revenues of $1,244,660 and $2,785,538, respectively, and operating losses of ($653,768) and ($295,188), respectively. Net losses for the same periods were ($701,914) and ($366,861), respectively, or ($.29) and ($.15) per share, respectively.
 The announcement of the company's financial results comes approximately one month after the company's announcement that it reached agreement with SINOMAG (USA) Inc. to cancel a license agreement whereby Goldstar licensed rights to an animated classic library purportedly owned by SINOMAG. Goldstar sought to cancel the agreement when issues arose as to the ownership of certain of these films.
 As part of the SINOMAG settlement, shares of preferred stock previously granted to SINOMAG (valued at $2.8M) were retired, and a Goldstar Note (in the amount of $1.2M) was canceled. Goldstar quitclaimed back to SINOMAG any rights which it acquired in the animated films, and returned all related master tapes print and advertising materials.
 Ronald Goldsmith, president and chief executive officer, attributed the improvement in third quarter results to its product substitutions and changes in licensing strategy, including sales of its new Sesame Street product line beginning in January 1992.
 Goldsmith said, "We are pleased with the improvements we have made in both our revenues and results of operations. We have successfully completed many key objectives of our short-term business plan, including the recent settlement of the SINOMAG transaction and the elimination of the preferred stock and note."
 Goldsmith added, "Although the results for the six- and nine-month period still reflect a substantial loss, management of the company believes that the strategy implemented by the company in response to its second quarter losses has been effective so far."
 The primary business of Goldstar Video Corp. since January 1991 has been in the distribution of family entertainment, with a strong emphasis on juvenile entertainment and animation.
 GOLDSTAR VIDEO CORP.
 Financial Highlights
 Second Quarter Ended Third Quarter Ended
 Dec. 31, 1991 March 31, 1992
 Gross Revenues $1,104,633 $1,540,878
 Operating income (loss) ($594,204) $358,580
 Net profits (loss) ($641,160) $335,053
 Net profits (loss) per share (.26) .14
 Six Months Ended Nine Months Ended
 Dec. 31, 1991 March 31, 1992
 Gross revenues $1,244,660 $2,785,538
 Operating income (loss) ($653,768) ($295,188)
 Net profits (loss) ($701,914) ($366,861)
 Net profits (loss) per share (.29) (.15)
 -0- 6/12/92
 /CONTACT: Edward Kiem Sr. of Goldstar Video, 800-552-GOLD/
 (GVID) CO: Goldstar Video Corp. ST: New Jersey IN: ENT REA SU: ERN


AL-CH -- LA013 -- 9724 06/12/92 13:44 EDT
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Publication:PR Newswire
Date:Jun 12, 1992
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