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READING COMPANY ANNOUNCES FIRST QUARTER RESULTS

 PHILADELPHIA, May 14 /PRNewswire/ -- Reading Company (NASDAQ: RDGCA) today announced financial results for the three months ended March 31, 1993.
 For the first quarter of 1993, Reading had net income of $71,000 or $.01 per share compared with a net loss of $2,952,000 equivalent to $.59 per share in last year's first quarter. Revenues for the three months ended March 31, 1993, total $1 million vs. $1.4 million in the comparable period last year.
 Income in the quarter ended March 31, 1993, included a $132,000 gain from the cumulative effect of an accounting change resulting from the adoption of SFAS No. 109, "Accounting for Income Taxes" on Jan. 1, 1993. The loss in the first quarter last year included a $3,271,000 valuation provision relating to the company's real estate holdings.
 Reading Company is a Philadelphia-based real estate holding company.
 READING COMPANY AND SUBSIDIARIES
 Condensed Consolidated Statements of Operations
 (Unaudited; in thousands, except shares and per-share amounts)
 Three months ended March 31 1993 1992
 Revenues $1,004 $1,375
 Loss before cumulative effect of accounting change (61) (2,952)
 Cumulative effect of accounting change 132 ---
 Net income (loss) 71 (2,952)
 Per share information:
 Loss before cumulative effect of accounting change ($.01) $(.59)
 Cumulative effect of accounting change .02 ---
 Net income (loss) .01 (.59)
 Shares used in computation 4,973,689 4,971,900
 -0- 5/14/93
 /CONTACT: Anthony V. Scoma of the Reading Company, 215-735-8300/
 (RDGCA)


CO: Reading Company ST: Pennsylvania IN: SU: ERN

MP-LJ -- PH020 -- 8734 05/14/93 15:29 EDT
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Publication:PR Newswire
Date:May 14, 1993
Words:261
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