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GRAFF PAY-PER-VIEW REPORTS RECORD SECOND QUARTER AND SIX MONTHS RESULTS

GRAFF PAY-PER-VIEW REPORTS RECORD SECOND QUARTER AND SIX MONTHS RESULTS
 NEW YORK, Aug. 24 /PRNewswire/ -- In a press release issued at the CTAM (Cable Television Advertising and Marketing) National Conference in San Francisco, J. Roger Faherty, chairman of Graff Pay-Per-View Inc. (NASDAQ: GPPV), reported that the company achieved record results in both the second quarter and the first fix months of this year. For the six-month period ended June 30, Graff achieved a 37 percent revenue increase and a significant profit swing. Revenues were $6,421,876 in the latest period compared to $4,672,815 in the similar 1991 six-month period. Graff reported net income of $211,987 compared with a ($349,078) loss in the first half of last year.
 The net income results for the six-month period were after an extraordinary gain from the forgiveness of debt of $33,924 this year versus $37,787 in 1991. Income per share for the 1992 period was $0.04 plus $0.01 extraordinary income resulting in net income of $0.05 per share on 4,714,743 weighted average shares. In the similar period last year, the company reported a loss of ($0.15) per share and a $0.01 extraordinary item for a net loss of ($0.14) on 2,502,439 weighted average shares.
 For the second quarter ended June 30, 1992, Graff reported revenues of $3,218,419 versus $2,564,577 in the similar period in 1991, a 26 percent increase. Income before the extraordinary gain from forgiveness of debt was $124,701 or $0.02 per share in the 1992 quarter compared to $102,505 or $0.04 per share on 2,567,891 average number of shares outstanding in the 1991 second quarter. After the extraordinary gain, net income in the 1992 second quarter was $158,625 or $0.03 per share compared with 138,292 or $0.05 per share.
 Commenting on the outlook for 1992, Faherty said, "Based on the continuing growth of our cable affiliate base as well as an increase in home satellite dish subscribers, we believe 1992 will also produce record results.
 "In the second quarter, Graff Pay-Per-View introduced at least one of its satellite-delivered pay-per-view networks to approximately 800,000 new homes including Time Warner Cable's New York City Group, as well as the following Multi-System Operators (MSOs): ATC, Cablevision Industries, Comcast Cable Communications, the Lenfest Group, Multivision, Nashoba Cable, Inter Media Cable and Catawba Services."
 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 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 the pay-per-view industry.
 GRAFF PAY-PER-VIEW AND SUBSIDIARY
 Consolidated Condensed Statements of Operations
 (Unaudited)
 Periods ended Three months Six months
 June 30 1992 1991 1992 1991
 Revenues $3,218,419 $2,564,577 $6,421,876 $4,672,815
 Income (loss) before
 extraordinary item 124,701 102,505 178,063 (384,865)
 Extraordinary gain from
 forgiveness of debt 33,924 35,787 33,924 35,787
 Net inc. (loss) 158,625 138,292 211,987 (349,078)
 Earnings (loss) per
 common and common
 equivalent share (primary):
 Inc. (loss) before
 extraordinary item $0.02 $0.04 $0.04 $(0.15)
 Extraordinary item 0.01 0.01 0.01 0.01
 Net inc. (loss) $0.03 $0.05 $0.05 $(0.14)
 Weighted average number
 of shares outstanding
 Primary 5,291,431 2,567,891 4,714,743 2,502,439
 -0- 8/24/92
 /CONTACT: J. Roger Faherty, chairman of Graff Pay-Per-View Inc., 212-941-4134, or Edward Silverman or Cynthia A. Bond of Silverman, Heller & Bond Inc., 212-682-9222, for Pay-Per-View/
 (GPPV) CO: Graff Pay-Per-View Inc. ST: New York IN: ENT SU: ERN


TS-LR -- NY014 -- 2502 08/24/92 10:21 EDT
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Date:Aug 24, 1992
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