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ADELPHIA COMMUNICATIONS ANNOUNCES REVISED FIRST QUARTER RESULTS

 ADELPHIA COMMUNICATIONS ANNOUNCES REVISED FIRST QUARTER RESULTS
 COUDERSPORT, Pa., Aug. 21 /PRNewswire/ -- John J. Rigas, president and CEO of Adelphia Communications Corporation (NASDAQ: ADLAC), ("Adelphia"), reported revised results of operations for the first quarter which ended on June 30, 1992.
 The revised results solely reflect a $1.7 million or 4.5 percent increase in interest expense from that previously stated. Combined revenues and other income, cash flow and the ratio of total long-term debt to annualized cash flow remain unchanged.
 First quarter results, as previously reported, saw combined revenues and other income which amounted to $81.1 million, and cash flow from operating and other income which amounted to $49.5 million. Adelphia owned, or managed for affiliates, cable television systems serving approximately 1,200,000 subscribers at June 30, 1992. Adelphia and its subsidiaries served at June 30, 1992, approximately 797,000 subscribers in its wholly owned cable television systems and 403,000 subscribers in its joint venture and managed cable television systems.
 As previously reported, combined revenues and other income for the first quarter was up 12.6 percent, compared with the same period in the prior year, and cash flow from operating and other income was up 15.9 percent, compared with the same period in the prior year.
 As previously stated, combined revenues and other income for the first quarter totaled $81.1 million compared with $72.0 million for the same period in the prior year, and cash flow for the first quarter totaled $49.5 million compared with $42.7 million for the same period in the prior year. Net loss for the first quarter was revised to total $39.6 million, or $2.71 per share, compared with a net loss of $36.8 million, or $2.66 per share, for the same period in the prior year.
 The ratio of total long-term debt over annualized cash flow for the quarter ended June 30, 1992, was 8.06 to 1, compared with a ratio of 8.93 to 1 for the same period in the prior year.
 The ratio of cash flow over interest expense for the quarter ended June 30, 1992, was revised from 1.31 to 1 to 1.25 to 1, compared with a ratio of 1.02 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)
 Period Ended Three Months
 June 30 1992 1991
 Income statement data:
 Revenues (A) $75,191 $66,486
 Operating expenses:
 Direct operating & programming (B) 19,802 18,417
 Selling, general & administrative (B) 11,785 10,911
 Depreciation and amortization 21,845 19,731
 Total 53,432 49,059
 Operating income 21,759 17,427
 Other income (expense):
 Priority investment income (A) 5,575 5,575
 Other income (A) 367 --
 Interest expense-net (39,547) (42,014)
 Equity in net loss of joint
 venture partnership (13,357) (17,784)
 Total (46,962) (54,223)
 Loss before extraordinary loss (25,203) (36,796)
 Extraordinary loss on early
 retirement of debt (14,386) --
 Net loss (39,589) (36,796)
 Loss per weighted average share
 before extraordinary loss $(1.72) $(2.66)
 Net loss per weighted average share $(2.71) $(2.66)
 Note A - Combined revenues and other income is comprised of the three items indicated with (A).
 Note B - Cash flow is comprised of combined revenues and other income less the two items indicated with (B).
 June 30
 Balance Sheet Data: 1992 1991
 Cash and cash equivalents $7,931 $25,817
 Long-term debt:
 Notes to banks and institutions 836,275 1,187,125
 16.5 percent senior discount notes
 redeemed July 1, 1992 - net 250,000 223,332
 12.5 percent senior notes due 2003 400,000 --
 13 percent senior subordinated notes
 due 1997 - net 99,216 99,081
 Other debt 11,024 17,608
 Total long-term debt 1,596,515 1,527,146
 /delval/
 -0- 8/21/92
 /CONTACT: Timothy J. Rigas, senior vice president of Adelphia Communications, 814-274-9830/
 (ADLAC) CO: Adelphia Communications Corporation ST: Pennsylvania IN: TLS SU: ERN


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