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READING COMPANY ANNOUNCES SECOND QUARTER RESULTS

 PHILADELPHIA, Aug. 19 /PRNewswire/ -- Reading Company (NASDAQ: RDGCA) today announced financial results for the three months ended June 30, 1993.
 For the second quarter of 1993, Reading had a net loss of $310,000 equivalent to $.06 per share vs. a net loss of $132,000 or $.03 per share in the three months ended June 30, 1992. Revenues in the three months ended June 30, 1993, totaled $783,000 vs. $988,000 in the same period last year.
 For the first six months of 1993, the company had a net loss of $239,000 or $.05 per share and revenues of $1,787,000, compared with a net loss of $3,084,000 or $.62 per share and revenues of $2,363,000 for the six-month period last year.
 The loss for the six months ended June 30, 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 for the corresponding six months last year was a result of a $3,271,000 valuation provision relating to the company's real estate holdings.
 READING COMPANY AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited; in thousands, except shares and per-share amounts)
 Periods ended Three months Six months
 June 30 1993 1992 1993 1992
 Revenues $783 $988 $1,787 $2,363
 Loss before cumulative effect
 of accounting change (310) (132) (371) (3,084)
 Cumulative effect of
 accounting change --- --- 132 ---
 Net loss (310) (132) (239) (3,084)
 Per-share information:
 Loss before cumulative effect
 of accounting change ($.06) ($.03) ($.07) ($.62)
 Cumulative effect of
 accounting change --- --- .02 ---
 Net loss (.06) (.03) (.05) (.62)
 Shares used in
 computation 4,973,672 4,973,847 4,973,680 4,973,163
 -0- 8/19/93
 /CONTACT: James A. Wunderle of the Reading Co., 215-735-8300/
 (RDGC)


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

MJ-MK -- PH005 -- 4239 08/19/93 10:19 EDT
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Publication:PR Newswire
Date:Aug 19, 1993
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