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IMAGINE FILMS REPORTS FIRST QUARTER RESULTS

 IMAGINE FILMS REPORTS FIRST QUARTER RESULTS
 LOS ANGELES, Feb. 14 /PRNewswire/ -- Imagine Films Entertainment,


Inc. (NASDAQ: IFEI, IFEIU, IFEIW), today announced the following results for the first quarter ended Dec. 31, 1991: (All amounts are in thousands, except per share data).
 IMAGINE FILMS ENTERTAINMENT, INC.
 Selected Financial Data
 Three months ended Dec. 31 1991 1990
 Net revenues $3,764 $5,720
 Net income (loss) (84) 261
 Net income (loss) per share (.02) .05
 Commenting on these results, Brian Grazer and Ron Howard, co-chief executive officers of Imagine, said, "While the first quarter results were lower than last year, the small loss was in line with the company's expectations."
 The company is currently in post-production on two films, "Housesitter" and "Far and Away," and anticipates starting production on "Concierge" in March. These films will be released by Universal Pictures.
 "Housesitter," a romantic comedy starring Steve Martin and Goldie Hawn, directed by Frank Oz and produced by Brian Grazer, is scheduled for a May release. "Far and Away," starring Tom Cruise and Nicole Kidman and directed by Ron Howard and produced by Brian Grazer and Ron Howard, will be released this summer.
 "Concierge" is the story of the concierge of a top Manhattan Hotel who dreams of owning his own inn and uses his concierge skills to hook an investor while falling in love with the investor's beautiful mistress. The film will star Michael J. Fox and be directed by Barry Sonnenfeld (Addams Family) and produced by Brian Grazer.
 Imagine Films Entertainment, Inc. is an independent producer of feature films. The company was founded in November 1985 by its co-chief executive officers, producer Brian Grazer and director Ron Howard, and went public in 1986.
 IMAGINE FILMS ENTERTAINMENT, INC. AND SUBSIDIARIES
 Unaudited Condensed Consolidated Statements of Operations
 Quarter ended Dec. 31 1991 1990
 Net revenues:
 Feature film $1,554,000 $3,644,000
 Production and development 1,921,363 2,035,454
 Interest - net 288,823 40,144
 Total 3,764,186 5,719,598
 Costs and expenses:
 Cost of feature film revenues 1,212,000 3,401,000
 Salaries and related costs 1,839,616 1,420,582
 General and administrative 849,990 482,465
 Total 3,901,606 5,304,047
 Operating income (loss) (137,420) 415,551
 Partnership gain (loss)(A) -- (33,246)
 Income (loss) before income
 taxes and extraordinary credit (137,420) 382,305
 Provision (benefit) for income taxes (53,000) 158,000
 Income (loss) before extraordinary credit (84,420) 224,305
 Extraordinary credit(B) -- 37,000
 Net income (loss) (84,420) 261,305
 Per Common Share:
 Income (loss) before extraordinary credit (0.02) 0.04
 Extraordinary credit(B) -- 0.01
 Net income (loss) (0.02) 0.05
 (A) Television Limited Partnership
 On March 30, 1988, Imagine entered into a limited partnership with MCA, Inc. to develop and produce all types of television programming (network, cable, syndicated). The partnership was terminated in March 1991. All existing projects will be developed, produced and financed through MCA's infrastructure. Under the terms of the termination agreement, MCA agreed to assume existing liabilities and costs of terminating the partnership.
 (B) Extraordinary credit is due to the utilization of tax loss carryforwards for income tax purposes.
 -0- 2/14/92
 /CONTACT: Michael Meltzer, chief financial officer of Imagine Films Entertainment, 310-277-1665, or Diana Brainerd or Christian Plunkett of The Abernathy MacGregor Group, 212-371-5999, for Imagine Films Entertainment/
 (IFEI) CO: Imagine Films Entertainment, Inc. ST: California IN: ENT SU: ERN


JT-OS -- NY032 -- 0382 02/14/92 17:01 EST
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