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ADELPHIA COMMUNICATIONS ANNOUNCES FIRST QUARTER RESULTS

 COUDERSPORT, Pa., Aug. 17 /PRNewswire/ -- John J. Rigas, president and CEO of Adelphia Communications Corporation (NASDAQ: ADLAC) ("Adelphia"), today reported the results of operations for the first quarter which ended on June 30, 1993.
 First quarter results saw combined revenues and other income which amounted to $86.7 million, and cash flow from operating and other income which amounted to $51.5 million. Adelphia owned or managed for affiliates, cable television systems serving approximately 1,282,000 subscribers at June 30, 1993. Adelphia and its subsidiaries served at June 30, 1993, approximately 827,000 subscribers in its wholly owned cable television systems and 455,000 subscribers in its joint venture and managed cable television systems.
 Combined revenues and other income for the first quarter were up 6.9 percent, compared with the same period in the prior year; and cash flow from operating and other income was up 4.0 percent, compared with the same period in the prior year.
 Combined revenues and other income for the first quarter totaled $86.7 million compared with $81.1 million for the same period in the prior year. Cash flow for the first quarter totaled $51.5 million, compared with $49.5 million for the same period in the prior year. Net loss for the first quarter totaled $114.9 million, or $7.50 per share, compared with a net loss of $39.6 million, or $2.71 per share, for the same period in the prior year. Net loss for the 1993 first quarter reflected the adoption by Adelphia, effective April 1, 1993, of the provisions of Statement of Financial Accounting Standards No. 109 which requires an asset and liability approach for financial accounting and reporting for income taxes. As a result of the adoption of SFAS 109, Adelphia recorded a cumulative effect of change in accounting principle of $89,660,000 or $5.85 per share. Adelphia's net loss before the cumulative effect of change in accounting principle was $25,288,000 or $1.65 per share for the 1993 first quarter.
 The ratio of total long-term debt, net of cash and cash equivalents, over annualized cash flow for the quarter ended June 30, 1993, was 8.46 to 1, compared with a ratio of 8.02 to 1 for the same period in the prior year.
 The Class A common stock of Adelphia is traded under the NASDAQ symbol "ADLAC."
 ADELPHIA COMMUNICATIONS CORPORATION AND SUBSIDIARIES
 Selected Financial Data
 (Dollars in thousands, except per share amounts)
 Income Statement Data:
 Three Months Ended June 30 1993 1992
 Revenues(1) $ 79,833 $73,877
 Operating expenses:
 Direct operating and programming(2) 22,332 19,802
 Selling, general and administrative(2) 12,817 11,785
 Depreciation and amortization 21,695 21,845
 Total 56,844 53,432
 Operating income 22,989 20,445
 Other income (expense):
 Interest income from affiliates(1) 1,260 1,314
 Other income(1) -- 367
 Priority investment income(1) 5,575 5,575
 Interest expense (44,035) (39,547)
 Equity in net loss of Olympus joint venture (9,947) (13,357)
 Total (47,147) (45,648)
 Loss before taxes, extraordinary loss and
 cumulative effect of change in accounting
 principle (24,158) (25,203)
 Income tax expense (1,130) --
 Loss before extraordinary loss and
 cumulative effect of change in accounting
 principle (25,288) (25,203)
 Extraordinary loss on early retirement
 of debt -- (14,386)
 Cumulative effect of change in accounting
 for income taxes (89,660) --
 Net loss (114,948) (39,589)
 Loss per weighted average share of common
 stock before extraordinary loss and
 cumulative effect of change in accounting
 principle $(1.65) $(1.72)
 Extraordinary loss -- $(.99)
 Cumulative effect of change in accounting
 for income taxes $(5.85) --
 Net loss per weighted average share of
 common stock $(7.50) $(2.71)
 Weighted average shares of common stock
 outstanding 15,319,476 14,610,685
 Note 1 -- Combined revenues and other income is comprised of the four items indicated with (1).
 Note 2 -- Cash flow is comprised of combined revenues and other income less the two items indicated with (2).
 ADELPHIA COMMUNICATIONS CORPORATION AND SUBSIDIARIES
 Selected Financial Data
 (Dollars in thousands, except per share amounts)
 Balance Sheet Data:
 Three Months Ended June 30 1993 1992
 Cash and cash equivalents $ 25,269 $ 7,931
 Long-term debt:
 Notes to banks and institutions 1,003,544 836,275
 16.5 percent Senior Discount Notes
 redeemed July 1, 1992 -- 250,000
 12.5 percent Senior Notes due 2003 400,000 400,000
 11-7/8 percent Senior Debentures due
 2005 - net 124,422 --
 9-7/8 percent Senior Debentures due
 2005 - net 127,806 --
 13 percent Senior Subordinated Notes due
 1997 - net 99,369 99,216
 Other debt 14,450 11,024
 Total long-term debt 1,769,591 1,596,515
 -0- 8/17/93
 /CONTACT: Timothy J. Rigas, senior vice president of Adelphia, 814-274-9830/
 (ADLAC)


CO: Adelphia Communications Corporation ST: Pennsylvania IN: TLS SU: ERN

KC-BB -- PG006 -- 3752 08/17/93 17:19 EDT
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Date:Aug 17, 1993
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