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ADELPHIA COMMUNICATIONS ANNOUNCES REVISED THIRD QUARTER RESULTS

 COUDERSPORT, Pa., March 22 /PRNewswire/ -- John J. Rigas, president and CEO of Adelphia Communications Corporation ("Adelphia") (NASDAQ-NMS: ADLAC) reported revised results of operations for the third quarter which ended on Dec. 31, 1992.
 The revised results reflect a $9,553,000 decrease in net loss primarily due to finalization of allocations of insurance proceeds received by Adelphia's Olympus Communications joint venture. Combined revenues and other income, cash flow and the ratio of long-term debt, net of cash and cash equivalents to annualized cash flow remain unchanged.
 As previously reported for the third quarter, combined revenues and other income increased 11.2 percent from $76.1 million to $84.6 million, and cash flow from operating and other income increased 12.4 percent from $45.7 million to $51.3 million, compared to the same quarterly period last year. Net loss for the third quarter was revised to total $14.7 million, or $.96 per share, as compared to $30.8 million or $2.23 per share for the same period last year.
 As previously reported, the ratio of total long-term debt, net of cash and cash equivalents, over annualized cash flow for the quarter ended Dec. 31, 1992, was 8.17 to 1, compared with a ratio of 8.48 to 1 for the same period last year.
 ?Class A shares of common stock of Adelphia are traded under the symbol "ADLAC" on the NASDAQ National Market System.
 ADELPHIA COMMUNICATIONS CORPORATION AND SUBSIDIARIES
 Selected Financial Data
 (Dollars in thousands, except per share amounts)
 Period Ended Three Months Nine Months
 Dec. 31 1992 1991 1992 1991
 Income statement
 Revenues (A) $77,342 $69,767 $225,921 $202,982
 Operating expenses:
 Direct operating and
 programming (B) 21,319 18,902 61,110 55,906
 Selling, general and
 administrative (B) 11,983 11,532 35,628 33,383
 Depreciation and
 amortization 21,336 21,028 66,145 62,183
 Total 54,638 51,462 162,883 151,472
 Operating income 22,704 18,305 63,038 51,510
 Other income (expense):
 Interest income from
 affiliates (A) 1,333 748 3,960 2,326
 Other income (A) 370 -- 1,002 --
 Priority investment
 income (A) 5,575 5,575 16,725 16,725
 Interest expense (42,833) (42,110) (120,318) (125,507)
 Equity in net loss of
 Olympus joint venture
 partnership (1,819) (13,287) (36,309) (47,062)
 Total (37,374) (49,074) (134,940) (153,518)
 Loss before extraordinary
 loss (14,670) (30,769) (71,902) (102,008)
 Extraordinary loss on
 early retirement of debt -- -- (14,386) --
 Net loss (14,670) (30,769) (86,288) (102,008)
 Loss per weighted average
 share of common stock before
 extraordinary loss $(.96) $(2.23) $(4.77) $(7.38)
 Net loss per weighted average
 share of common stock $(.96) $(2.23) $(5.72) $(7.38)
 Weighted average share of
 common stock
 outstanding 15,319,476 13,819,476 15,084,931 13,819,476
 (A) Combined revenues and other income is comprised of the four items indicated with (A).
 (B) Cash flow is comprised of combined revenues and other income less the two items indicated with (B).
 Balance Sheet Data Dec. 31, 1992 Dec. 31, 1991
 Cash and cash equivalents $113,992 $26,166
 Long-term debt:
 Notes to banks and institutions 1,149,166 1,216,008
 16.5 percent senior discount notes
 redeemed July 1, 1992 - net -- 241,785
 12.5 percent senior notes due 2003 400,000 --
 11-7/8 percent senior debentures
 due 2005 124,411 --
 13 percent senior subordinated notes
 due 1997 - net 99,290 99,147
 Other debt 17,684 18,247
 Total long-term debt 1,790,551 1,575,187
 /delval/
 -0- 3/22/93
 /CONTACT: Timothy J. Rigas, senior vice president of Adelphia, 814-274-9830/
 (ADLAC)


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

DM-MS -- PG010 -- 8428 03/22/93 18:51 EST
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Date:Mar 22, 1993
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