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GRAFF PAY-PER-VIEW REPORTS RECORD YEAR END RESULTS

 GRAFF PAY-PER-VIEW REPORTS RECORD YEAR END RESULTS
 NEW YORK, July 28 /PRNewswire/ -- Roger Faherty, chairman of Graff


Pay-Per-View Inc. (OTC), one of the nation's largest participants in the emerging pay-per-view industry, today reported revenues of $10,671,945 and income of $602,808, or 17 cents per weighted average fully diluted share for calendar 1991. Net income of $2,143,833 in 1991 includes an extraordinary gain of $1,541,025. This compares with revenues of $4,093,861 and a net loss of $2,693,997 or ($1.38) per weighted average primary share in 1990.
 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."
 Graff 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 with over six million subscribers. Graff's programming is also available in hotels across the United States including Alaska and Hawaii, 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 one of the leaders in the pay-per-view industry.
 GRAFF PAY-PER-VIEW INC. AND SUBSIDIARY
 Consolidated Statements of Operations
 Years ended Dec. 31 1991 1990
 Revenues $10,671,945 $ 4,093,861
 Income (loss) before
 extraordinary gain 602,808 (2,693,997)
 Extraordinary gain from
 forgiveness of debt 1,541,025 --
 Net income (loss) $ 2,143,833 $(2,693,997)
 Earnings (loss) per common and
 common equivalent share (primary):
 Income (loss) before
 extraordinary item $.21 ($1.38)
 Extraordinary item .53 --
 Net income (loss) $.74 $(1.38)
 Earnings per common share,
 assuming full dilution:
 Income before extraordinary item $.17 --
 Extraordinary item .41 --
 Net income $.58 --
 Weighted average number of shares
 outstanding:
 Primary 2,887,828 1,949,440
 Assuming full dilution 3,745,133 1,949,440
 -0- 7/28/92
 /CONTACT: J. Roger Faherty, chairman of Graff, 212-941-4134; or Edward Silverman or Cynthia A. Bond, of Silverman, Heller & Bond, 212-682-9222, for Graff/ CO: Graff Pay-Per-View Inc. ST: New York IN: ENT SU: ERN


GK-TS -- NY019 -- 3950 07/28/92 09:52 EDT
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Publication:PR Newswire
Date:Jul 28, 1992
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