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GRAFF PAY-PER-VIEW REPORTS RECORD NINE MONTH AND THIRD QUARTER RESULTS AND FULL YEAR PROJECTIONS

GRAFF PAY-PER-VIEW REPORTS RECORD NINE MONTH AND THIRD QUARTER RESULTS
 AND FULL YEAR PROJECTIONS
 NEW YORK, Nov. 9 /PRNewswire/ -- J. Roger Faherty, chairman of Graff Pay-Per-View Inc. (NASDAQ Bulletin Board: GPPV), today reported revenues for the nine months ended Sept. 30, 1992, were $9,790,257. Income (before an extraordinary gain) was $529,782 or $0.11 per share. In the comparable 1991 period, revenues were $7,517,074. Last year, the company had a loss of $127,482 (before the extraordinary gain) or $0.05 per share.
 Revenues of $3,368,381, income of $351,719 and income per share of $0.07 were reported for the third quarter ended Sept. 30, 1992. This compares with revenues of $2,844,259 and income (before an extraordinary gain from the forgiveness of debt) of $257,383 or $0.08 per share on a smaller number of shares.
 Commenting on the results, Mr. Faherty said, "We are very pleased with our growth this year as our results continue to meet our business plan projections. Based on the growth in our subscriber base, we believe fourth quarter revenues and earnings will surpass those achieved in the third quarter and 1992 full year results should be up 40 percent over last year's $602,808."
 On Oct. 6, 1992, Graff and TVN Entertainment Corp. jointly announced the launch of the first ten-channel satellite-delivered pay-per-view multiplex to be offered to the cable industry. This contract is expected to propel Graff's Cable Video Store (CVS) into a leadership position vis-a-vis the hit movie pay-per-view market. Another important aspect of the TVN relationship is its lock-up of Graff's transponder and uplink costs into 1995 with a long-term renewal option beyond that.
 Mark Graff, president of CVS' parent, Graff Pay-Per-View Inc., commented, "The multi-channel development provides the consumer with all the hit movies and is the first step to real video on demand. Cable operators will not have to wait for digital compression to begin offering an expanded PPV schedule to their subscribers. For the first time, on a national basis, operators have the advantage of utilizing a multi-channel PPV programming blueprint that has proven it can generate big revenues with huge consumer satisfaction."
 Graff, one of the nation's largest participants in the emerging pay- per-view industry, owns and operates two satellite-delivered, 24-hour-a- day television networks featuring films and entertainment programs. Programming on the networks is sold on a pay-per-view basis through cable television systems to more than 6.5 million subscribers across the United States including Alaska and Hawaii. Graff's programming is available in hotels, as well as to consumers with home satellite dish antennas. Founded in 1987, Graff has concentrated exclusively on the development of its pay-per-view business and has grown to become a leader in this industry.
 GRAFF PAY-PER-VIEW INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited)
 Nine months ended Sept. 30 1992 1991
 Revenues $9,790,257 $7,517,074
 Inc. (loss) before extraord. item $ 529,782 $ (127,482)
 Earns. (loss) per com. & com. equiv.
 share (primary):
 Inc. (loss) bef. extraord. item $0.11 $(0.05)
 Earns. per com. share, assuming full
 dilution:
 Inc. (loss) bef. extraord. item $0.10 $(0.05)
 Weighted aver. no. of shrs. outstanding:
 Primary 4,941,135 2,744,994
 Assuming full dilution 5,152,983 2,744,994
 Three months ended Sept. 30 1992 1991
 Revenues $3,368,381 $2,844,259
 Inc. (loss) before extraord. item $ 351,719 $ 257,383
 Earns. (loss) per com. & com. equiv.
 share (primary):
 Inc. (loss) bef. extraord. item $0.07 $0.08
 Earns. per com. share, assuming full
 dilution:
 Inc. (loss) bef. extraord. item $0.07 $0.07
 Weighted aver. no. of shrs. outstanding:
 Primary 5,299,372 3,151,360
 Assuming full dilution 5,299,372 3,683,092
 For the nine months ended Sept. 30, 1992, the company reported a $33,924 or $0.01 per share extraordinary gain from forgiveness of debt. In the similar period of 1991, this gain was $1,539,551, or $0.56 per share.
 For the three months ended Sept. 30, 1991, the company reported an extraordinary gain from forgiveness of debt of $1,503,764 or $0.48 per primary share.
 -0- 11/9/92
 /CONTACT: J. Roger Faherty, chairman of Graff, 212-941-1434; or Edward Silverman or Cynthia A. Bond of Silverman, Heller & Bond, 212-682-9222, for Graff/
 (GPPV) CO: Graff Pay-Per-View Inc. ST: New York IN: ENT SU: ERN


GK-PS -- NY020 -- 8589 11/09/92 10:04 EST
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