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FOREST CITY ENTERPRISES, INC. REPORTS RECORD REVENUES AND EARNINGS BEFORE DEPRECIATION AND DEFERRED TAXES FOR FISCAL 1992

 CLEVELAND, March 17 /PRNewswire/ -- Forest City Enterprises, Inc. (AMEX: FCEA,FCEB) President Albert B. Ratner announced today that revenues for the year ended Jan. 31, 1993 were $463,626,000, a 10 percent increase over revenues of $419,815,000 for the prior fiscal year.
 Earnings before depreciation and deferred taxes ("EBDT") increased to $77,075,000, or $8.57 per share, in fiscal 1992 versus $51,222,000, or $5.70 per share, in 1991. During the fourth quarter of 1992, the company sold the Galleria at South Bay shopping center to a limited partnership in which the company retained a 50 percent interest. The tax implications of this transaction increased EBDT in 1992 by approximately $23,000,000.
 The net loss from operations was $4,712,000, or $.52 per share, in 1992 versus a net loss of $5,083,000, or $.57 per share, in fiscal 1991.
 The company reported a net gain on disposition of properties and other provisions of $17,399,000, or $1.93 per share, in fiscal 1992 versus a net loss of $1,105,000, or $.12 per share, in 1991. This gain was created primarily by the sale of the Galleria at South Bay discussed above.
 At its regular quarterly meeting today, the board of directors increased the total number of directors from eleven to twelve. The board then elected Brian J. Ratner as a director to represent the holders of Class B common stock.
 Forest City Enterprises' completed real estate portfolio now exceeds $2 billion for the first time in the company's history.
 Forest City Enterprises, Inc. is a major national real estate development and management company that owns more than $2 billion of properties at cost. The company is active in 17 states and the District of Columbia. Its corporate headquarters is located in Cleveland, with regional offices in New York, Boston, Los Angeles and Tucson.
 -0- 3/17/93
 /CONTACT: Thomas G. Smith, senior VP and chief financial officer, Forest City Enterprises, 216-267-1200/
 (FCEA FCEB)


CO: Forest City Enterprises, Inc. ST: Ohio IN: SU: ERN

BM -- CL013 -- 7113 03/17/93 15:09 EST
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Publication:PR Newswire
Date:Mar 17, 1993
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