CST ENTERTAINMENT IMAGING REPORTS THIRD QUARTER RESULTS
CST ENTERTAINMENT IMAGING REPORTS THIRD QUARTER RESULTS LOS ANGELES, May 7 /PRNewswire/ -- CST Entertainment Imaging Inc.
(AMEX: CLR) today reported a net loss of $656,000, or $0.04 per share on revenues of $812,000 for the third fiscal quarter ended March 31, 1992. This compared with a net loss of $876,000, or $0.08 per share on revenues of $821,000 for the comparable period last year. Included in the net loss for the period was an extraordinary gain of $15,000 resulting from forgiveness of debt compared to an extraordinary gain of $273,000, also from forgiveness of debt, last year.
For the nine months ended March 31, 1992, the company reported revenues of $3.1 million, a net loss of $866,000, or $0.06 per share. This compared with revenues of $2.9 million and a net loss of $2.1 million, or $0.20 per share for the comparable period last year. Gerald Shefsky, chairman and chief executive officer, stated, "We are very pleased with the buildup of production over the last quarter. Most of the technical and retraining problems associated with the conversion from an analog to an all digital system occurred in the third quarter and are now behind us. Company operations turned profitable in March and this trend has continued into the fourth fiscal quarter. We now anticipate ever-growing profitability throughout the year. "Orders for new work consisting of multi film and television packages are in the process of being finalized with domestic and foreign companies. These long-term projects will extend CST's current backlog from one year to 18 months ensuring a continuity of production through 1993," Shefsky added. CST ENTERTAINMENT IMAGING INC. Statements of Operations Three and Nine Months Ended March 31, 1992 and 1991 (Unaudited) Three months ended Nine months ended 1992 1991 1992 1991 (Restated) (Restated) Revenues $811,953 $821,058 $3,126,242 $2,945,481 Loss before extraordinary item (670,457) (1,148,517) (1,900,365) (2,595,895) Extraordinary item-gain from forgiveness of debt 14,850 272,549 1,034,555 517,449 Net loss ($655,607) ($875,968) ($865,810) ($2,078,446) Per share: Loss before extraordinary item ($0.04) ($0.10) ($0.13) ($0.25) Extraordinary item 0.00 0.02 0.07 0.05 Net loss per share ($0.04) ($0.08) ($0.06) ($0.20) Weighted average number of common shares outstanding 15,366,119 10,999,159 13,982,428 10,260,123 -0- 5/7/92 /CONTACT: Gerald Shefsky, chairman and CEO of CST Entertainment Imaging, 310-417-3444; or Donald Reynolds of Reynolds Associates, 310-275-9024, for CST Entertainment Imaging/ (CLR) CO: CST Entertainment Imaging Inc. ST: California IN: ENT SU: ERN
CH -- LA013 -- 7489 05/07/92 09:49 EDT
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|Date:||May 7, 1992|
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