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ORION PICTURES ANNOUNCES FY 1994 FIRST QUARTER RESULTS

 LOS ANGELES, July 15 /PRNewswire/ -- Orion Pictures Corporation (NASDAQ: ORPC) today reported that for the first quarter of fiscal 1994, which ended May 31, 1993, the Company recognized revenues of $39,591,000 and incurred a net loss of $16,849,000, or $0.84 per common share. In the first quarter of the preceding fiscal year, the Company reported revenues of $80,782,000, and a net loss of $10,735,000, or $67.14 per common share.
 Len White, Orion President and Chief Executive Officer, said, "Theatrical revenues were down in the first quarter due mainly to the lack of product in release. Our seven unreleased films will be distributed to the theatrical marketplace starting in November with `RoboCop 3.' Main Line Pictures' `Boxing Helena' will be released by Orion in September."
 The per-share amounts are based on the weighted average number of shares of common stock outstanding during each period and reflect the impact of the recapitalization of the Company as a result of the Company's Modified Third Amended Joint Consolidated Plan of Reorganization which was confirmed by the Bankruptcy Court on October 20, 1992, and became effective on November 5, 1992. The Company's reported net loss per share for the period ended May 31, 1992, has been restated to reflect the impact of the recapitalization.
 ORION PICTURES CORPORATION
 (Debtor-in-Possession from December 11, 1991, to November 5, 1992)
 Condensed Consolidated Statements of Operations
 (In thousands, except per-share amounts)
 (Unaudited)
 Three Months Ended
 May 31,
 1993 1992
 Revenues $39,591 $80,782
 Cost of rentals 41,394 71,081
 Gross profit (loss) (1,803) 9,701
 Other costs and expenses:
 Selling, general
 and administrative 5,188 9,538
 Interest, net (contractual
 interest $15,277 for the
 three months ended
 May 31, 1992) 8,336 4,407
 Loss before chapter 11
 reorganization items and
 provision for income taxes (15,327) (4,244)
 Chapter 11 reorganization
 items 822 5,091
 Loss before provision
 for income taxes (16,149) (9,335)
 Provision for income taxes 700 1,400
 Net loss ($16,849) ($10,735)
 Loss per common share: ($.84) ($67.14)
 Number of common and
 common equivalent shares
 entering into computation 20,000 160
 -0- 7/15/93
 /CONTACT: Phillip Myers of Sitrick And Company, 310-788-2850, for Orion Pictures/
 (ORPC)


CO: Orion Pictures Corporation ST: California IN: ENT SU: ERN

JB-EH -- LA032 -- 2170 07/15/93 16:17 EDT
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Publication:PR Newswire
Date:Jul 15, 1993
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