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ADELPHIA COMMUNICATIONS ANNOUNCES SECOND-QUARTER RESULTS

 COUDERSPORT, Pa., Nov. 16 ~PRNewswire~ -- John J. Rigas, president and CEO of Adelphia Communications Corporation ("Adelphia"), (NASDAQ-NMS: ADLAC), reported the results of operations for the second quarter which ended on Sept. 30, 1992.
 Second-quarter results saw combined revenues and other income which amounted to $81.9 million, and cash flow from operating and other income which amounted to $50.0 million. Adelphia owned or managed for affiliates, cable television systems serving approximately 1,216,000 subscribers at Sept. 30, 1992. Adelphia and its subsidiaries served at Sept. 30, 1992, approximately 811,000 subscribers in its wholly owned cable television systems and 405,000 subscribers in its joint venture and managed cable television systems.
 Combined revenues and other income for the second quarter was up 10.8 percent, compared with the same period in the prior year; and cash flow from operating and other income was up 12.7 percent, compared with the same period in the prior year.
 Combined revenues and other income for the second quarter totaled $81.9 million compared with $73.9 million for the same period in the prior year. Cash flow for the second quarter totaled $50.0 million, compared with $44.4 million for the same period in the prior year. Net loss for the second quarter totaled $32.0 million, or $2.09 per share, compared with a net loss of $34.4 million, or $2.49 per share, for the same period in the prior year.
 The ratio of total long-term debt, net of cash and cash equivalents, over annualized cash flow for the quarter ended Sept. 30, 1992, was 8.23 to 1, compared with a ratio of 8.63 to 1 for the same period in the prior year.
 The ratio of cash flow over interest expense for the quarter ended Sept. 30, 1992, was 1.32 to 1, compared with a ratio of 1.07 to 1 for the same period in the prior year.
 On Sept. 29, 1992, Adelphia filed a registration statement with the Securities and Exchange Commission for a public offering of 2,500,000 shares of Class A common stock. Due to market conditions, Adelphia has elected not to proceed with such offering at this time.
 The Class A common stock of Adelphia is 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 Six Months
 Sept. 30 1992 1991 1992 1991
 Income Statement Data:
 Revenues (A) $76,015 $68,307 $151,206 $134,793
 Operating expenses:
 Direct operating and
 programming (B) 19,989 18,587 39,791 37,004
 Selling, general and
 administrative (B) 11,860 10,940 23,645 21,851
 Depreciation and
 amortization 22,964 21,424 44,809 41,155
 Total 54,813 50,951 108,245 100,010
 Operating income 21,202 17,356 42,961 34,783
 Other income (expense):
 Priority investment
 income(A) 5,575 5,575 11,150 11,150
 Other income(A) 265 -- 632 --
 Interest expense (37,938) (41,383) (77,485) (83,397)
 Equity in net loss of
 Olympus joint venture
 partnership (21,133) (15,991) (34,490) (33,775)
 Total (53,231) (51,799) (100,193) (106,022)
 Loss bef. extraord. loss (32,029) (34,443) (57,232) (71,239)
 Extraordinary loss on early
 retirement of debt -- -- (14,386) --
 Net loss (32,029) (34,443) (71,618) (71,239)
 Net loss per weighted
 average share $(2.09) $(2.49) $(4.79) $(5.15)
 (A) Combined revenues and other income is comprised of the three items indicated with (A).
 (B) Cash flow is comprised of combined revenues and other income less the two items indicated with (B).
 Sept. 30
 Balance Sheet Data 1992 1991
 Cash and cash equivalents $28,546 $26,686
 Long-term debt:
 Notes to banks and institutions 1,040,325 1,209,125
 16.5 percent senior discount notes
 redeemed July 1, 1992 - net -- 232,255
 12.5 percent senior notes due 2003 400,000 --
 11-7~8 percent senior debentures
 due 2005 124,405 --
 13 percent senior subordinated notes
 due 1997 - net 99,253 99,114
 Other debt 11,027 17,235
 Total long-term debt 1,675,010 1,557,729
 ~delval~
 -0- 11~16~92
 ~CONTACT: Timothy J. Rigas, senior vice president of Adelphia Communications, 814-274-9830~
 (ADLAC)


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

DM-DD -- PG011 -- 1434 11~16~92 15:55 EST
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Date:Nov 16, 1992
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