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Correcting Cinergi Pictures year of first quarter results; 1995 (sted 1994).

SANTA MONICA, Calif.--(BUSINESS WIRE)--April 24, 1995--Cinergi Pictures Entertainment Inc. (NASDAQ:CINE) today reported results for the fiscal 1995 first quarter ended March 31, 1995.

Revenues for the quarter ended March 31, 1995 were $12,706,000 compared with $19,261,000 during the first quarter of 1994. Net income for the first quarter of 1995 was $233,000, or 2 cents per share, compared with net income of $2,082,000, or 28 cents per share, during the same period last year.

The weighted average number of common and common share equivalents outstanding for the first quarter of 1995 rose to 11,192,000, from 7,518,000 in 1994, reflecting the company's June 1994 initial public offering of 3,692,000 shares of common stock.

Cinergi's 1995 first quarter results included domestic home video revenues from Color of Night and domestic home video and pay television revenues from Tombstone. Cinergi's 1994 first quarter results reflect international theatrical revenues generated from Tombstone and international free and pay television revenues from Medicine Man.

Commenting on the results, Andrew G. Vajna, chief executive officer of Cinergi, said, "Our results for the first quarter of 1995, a period in which we had no motion picture releases, reflect ancillary revenues from two of Cinergi's 1994 motion picture releases."

Vajna added, "Our 1995 release schedule kicks off next month with the third installment of the successful Die Hard action adventure series, Die Hard With A Vengeance, in which Detective John McClane returns to New York to face his most unusual and deadly foe yet. The film stars Bruce Willis, Jeremy Irons and Samuel L. Jackson and is directed by John McTiernan. It is scheduled for release May 19th through Twentieth Century Fox.

"Scheduled for a June 30 release through Hollywood Pictures is Judge Dredd, a futuristic action adventure film based on the popular international comic book about a 22nd-century policeman empowered to act as a judge, jury and executioner. The film is directed by Danny Cannon from a screenplay by William Wisher and Steven DeSouza and stars Sylvester Stallone, Diane Lane, Armand Assante, Rob Schneider and Max Von Sydow.

"Cinergi's third 1995 release is Scarlet Letter, based on Nathaniel Hawthorne's classic novel, starring Demi Moore, Gary Oldman and Robert Duvall. Two-time Academy Award nominee Roland Joffe, whose credits include the Killing Fields and The Mission, is directing this historic, romantic story set in the 17th century. The film will be released by Hollywood Pictures in the Fall.

"Our next three films to commence production are Nixon, starring Academy Award Winner Sir Anthony Hopkins and directed by Academy Award winner Oliver Stone, The Shadow Program, starring Charlie Sheen and directed by George Cosmatos, and Evita, directed by Alan Parker. These films will be released through Hollywood Pictures. In addition, the company is in active development on a number of other projects."

Cinergi Pictures Entertainment is an independent producer and distributor of event motion pictures which are distributed in all domestic and international theatrical and ancillary markets, including home video, cable and broadcast television.

CONTACT: Jaffoni & Collins Incorporated

Joseph N. Jaffoni or David C. Collins, 212/505-3015

or

Cinergi Pictures Entertainment Inc.

Warren Braverman, 310/315-6000
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Copyright 1995, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Article Type:Correction Notice
Date:Apr 24, 1995
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