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LASER-PACIFIC ANNOUNCES FIRST QUARTER RESULTS

 HOLLYWOOD, Calif., May 17 /PRNewswire/ -- Laser-Pacific Media Corp. (NASDAQ: LPAC) today announced results for the first quarter ended March 31, 1993, reflecting changing television programming schedules.
 Robert E. Seidenglanz, chairman and chief executive officer, said the quarter's results did not include any revenue contribution from an IBM technology-driven venture that began development subsequent to the close of the year. The operation is expected to generate revenues later this year.
 Laser-Pacific, in a joint development effort with IBM, will open a highly advanced digital compression service facility in the latter part of 1993. It will facilitate the emerging technologies of CD- based full-motion video, video on demand and other digitally distributed media.
 Laser-Pacific posted an operating loss for the first quarter of $134,602 vs. operating income of $313,442 a year earlier. The loss is principally the result of a drop in revenues from $9.5 million in the first quarter of 1992, to $7.9 million in the first quarter of 1993. Interest expense also increased by 61 percent in the 1993 first quarter, compared to the year-earlier period from $257,339 to $415,558. The net loss was $549,620, or $.09 per share, in the first quarter of 1993, compared with net income of $56,103, or $.01 per share in the 1992 period.
 Laser-Pacific's results and the revenue decline reflect continuing volatility throughout the motion picture and television industries caused by recessionary conditions and changes in program formats.
 Apart from its involvement in a large number of television pilot programs, the company's strategic focus for the future emphasizes participation in the evolution or new technologies. He added that Laser-Pacific's balance sheet, strengthened by the previously reported multiyear $13 million credit agreement, showed a $1.5 million reduction in total liabilities to $16.0 million.
 Laser-Pacific established its leadership position by providing quality post-production services to producers of prime-time series aired by ABC, CBS, NBC and Fox networks.
 The company's strategic future focus is to aggressively participate in the evolution of new technologies to benefit new as well as existing clients. Its goal is to be at the forefront of new emerging markets that require a redefinition of conventional media, lessening the company's dependence on the fluctuating conditions in existing markets over which it has little control. It will continue to be an industry leader in this core business, but will be positioned on a broader horizon.
 LASER-PACIFIC MEDIA CORP. AND SUBSIDIARIES
 Condensed Consolidated Statements of Operations
 (Unaudited)
 Three Months Ended
 March 31,
 1993 1992
 Revenue $7,906,308 $9,492,899
 Operating expenses 6,721,632 7,635,094
 Gross profit 1,184,676 1,857,805
 Selling, general & administrative,
 research & development and
 other expenses 1,318,738 1,544,363
 Income (loss) from operations (134,602) 313,442
 Interest expense 415,558 257,339
 Net income (loss) ($549,620) $56,103
 Net income (loss) per common and
 common equivalent shares ($.09) $.01
 Weighted average common and common
 equivalent shares outstanding 6,418,172 6,418,172
 -0- 5/17/93
 /CONTACT: Robert Seidenglanz, chairman & CEO of Laser-Pacific Media, 213-462-6266; or Craig A. Parsons of Pondel Parsons & Wilkinson, 310-207-9300, for Laser-Pacific Media/
 (LPAC)


CO: Laser-Pacific Media Corp. ST: California IN: ENT SU: ERN

JL-BP -- LA006 -- 9161 05/17/93 11:31 EDT
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Publication:PR Newswire
Date:May 17, 1993
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