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INDE ANNOUNCES SECOND QUARTER RESULTS AND PROJECTED EARNINGS

 INDE ANNOUNCES SECOND QUARTER RESULTS AND PROJECTED EARNINGS
 LOS ANGELES, Aug. 18 /PRNewswire/ -- Independent Entertainment Group Inc. (NASDAQ: INDE) announced today results for its second quarter and six months ended June 30, 1992, and its projected results of operations for its 1992 and 1993 fiscal years.
 Revenue increased substantially for the second quarter to $2,246,189, up 108 percent over the first quarter and 24 percent over the prior year's quarter. The increase in revenues is the result of its acquisition of four businesses during the second quarter which included a service bureau and three pay-per-call Information Providers. Net income increased 85 percent for the quarter over the prior year's quarter and 46 percent for the six months over the prior year's six months. Earnings per share were $0.01.
 The company has estimated that its total revenues and earnings per share will be $14 million and $0.06 and that 1993 will generate $23 million and $0.09 per share. The estimates are based on the current consolidated operating results of its recent acquisitions and the anticipated savings in operating costs as a result of consolidation.
 Lew Eisaguirre, INDE's chief financial officer, stated, "The acquisitions have dramatically increased our revenue base. We are seeing a substantial opportunity for the consolidated operations to increase margins and reduce costs such as chargeback reserves, common carrier expense, bankcard settlement fees, monitoring and advertising expenses and overhead. However, since the acquisitions were completed so late in the quarter, we will not see any real impact on earnings until the third and fourth quarters. Our ConnectCard Inc. subsidiary losses have been mitigated. Assuming we can maintain our revenue stream and implement the cost reductions and savings we envision, we will see $0.02 per share for the third quarter and $0.03 by the fourth quarter to hit our fiscal year 1992 estimate of $0.06. Our 1993 estimate of $0.09 per share contemplates the additional dilution from a $4 million private equity financing we are pursuing."
 From the balance sheet standpoint, INDE's asset base increased 87 percent from year-end primarily the result of assets acquired in the second quarter business acquisitions. Shareholders' equity, in turn, increased 95 percent to more than $4.4 million. The company incurred $1.5 million in long-term notes related to the second quarter acquisitions which are payable out of the cash flow of the acquired businesses.
 Bob Lautz, INDE's chief executive officer, noted, "We believe INDE is well postured to move forward with its business plan of vertically integrating and consolidating within the pay-per-call industry. INDE is very focused and on track to meet its projected earnings performance. We thank our shareholders for their patience and continued support and assure them that we are committed to maximizing shareholder value."
 INDE
 Summary Financial Information
 Interim Results of Operations
 (Unaudited)
 Three Months Ended Six Months Ended
 June 30, June 30, June 30, June 30,
 1992 1991 1992 1991
 Revenue $2,246,189 $1,818,238 $3,324,893 $3,997,557
 ConnectCard Inc.
 Subsidiary
 operating loss (73,819) --- (371,730) ---
 Net income $68,844 $37,271 $148,034 $101,584
 Net income
 per share $0.00 $0.00 $0.01 $0.01
 Weighted average
 number of common
 shares and
 equivalents
 outstanding 23,532,237 23,009,625 20,842,739 20,054,583
 Projected and Historical Results of Operations
 1993 1992 1991 1990
 (Estimate) (Estimate) (Audited) (Audited)
 Revenue $22,950,000 $13,920,000 $7,076,023 $12,032,084
 Net income $3,780,000 $1,830,000 $894,228 $464,287
 Net income
 per share $0.09 $0.06 $0.05 $0.03
 Weighted average
 number of common
 shares and
 equivalents
 outstanding 43,800,000 32,008,000 19,297,973 15,031,359
 Balance Sheet Data
 June 30, Dec. 31,
 1992 1991
 (Unaudited) (Audited)
 Assets:
 Current assets:
 Cash $853,403 $1,499,626
 Receivables 723,912 753,481
 Prepaid expenses 497,390 89,560
 Total current assets 2,074,705 2,342,667
 Property and equipment 2,627,670 1,616,351
 Acquired customer lists 3,153,792 ---
 Other assets 396,127 252,692
 Total assets 8,252,294 4,422,063
 Liabilities and stockholders' equity:
 Current liabilities 1,983,767 1,735,103
 Long-term notes 1,535,324 ---
 Minority interests --- 253,967
 Total liabilities 3,519,091 1,989,070
 Stockholders' equity 4,733,203 2,432,993
 Total 8,252,294 4,422,063
 For additional information contact Lew Eisaguirre at 310-288-2100 and refer to the company's Forms 10Q and 8K filed Aug. 10, 1992.
 -0- 8/18/92
 /CONTACT: Fran Daniels of Financial Sciences of America, 310-278-4413, for INDE/
 (INDE) CO: Independent Entertainment Group Inc. ST: California IN: ENT SU: ERN


JB-LS -- LA007 -- 0820 08/18/92 09:02 EDT
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Date:Aug 18, 1992
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