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LASER-PACIFIC CUTS QUARTERLY LOSS BY 55 PERCENT

 LASER-PACIFIC CUTS QUARTERLY LOSS BY 55 PERCENT
 HOLLYWOOD, Calif., Oct. 28 /PRNewswire/ -- Laser-Pacific Media


Corp. (NASDAQ: LPAC) today reported an 8 percent improvement in operating revenues and a 55 percent reduction in its operating loss for third quarter ended Sept. 30, 1992, compared with the year- earlier period. Although the seasonal quarterly net loss approximated that of the prior year, operating results actually improved, excluding significant fire insurance proceeds recorded in the prior-year period.
 Robert E. Seidenglanz, chairman and chief executive officer, said the company's rebound extended beyond the quarterly results and included an important refinancing, the no-impact resolution of patent litigation and an improved beginning of the new television season compared to the prior year.
 Laser-Pacific is benefiting from increased activity related to the new 1992-93 television series, as contrasted to an unusual and weak season last year. He noted that the 1992-93 primetime television season reflects an improvement in programming mix early in the 1992-93 season, including an increase in hour-long dramatic series and an expansion of the Fox network's primetime hours. Laser- Pacific is currently providing post-production services for more than 45 shows for all major studios as well as independent production companies.
 "We hope this pickup in recent activity to volume levels closer to our expectations, plus more primetime hours, is the beginning of a longer term pattern. Historically, our fourth and first quarters are strongest, since the quarters run concurrent with the new television season," Seidenglanz stated.
 He added that the previously announced cost reduction efforts and a strengthened balance sheet resulting from the recent signing of a new multiyear $13 million credit agreement, enhance Laser-Pacific's future prospects.
 Subsequent to the close of the quarter, all litigation relating to the company's patent for high resolution transfer of images was settled without material effect to the company.
 The net loss for the third quarter was $677,756, or $.10 per share, compared with a net loss of $1,071,065, or $.19 per share, net of $500,000 of insurance proceeds, for the third quarter of last year. The net loss reported in the prior-year period was $571,065, or $.10 per share, including the insurance proceeds. Revenues for the third quarter increased to $8,590,904 from $7,952,000, net of insurance proceeds, in the same period a year ago. Including the insurance proceeds, revenues reported in the 1991 third quarter were $8,452,246.
 For the nine months of 1992, Laser-Pacific reported a net loss of $2,149,050, or $.33 per share, compared with a net loss of $2,488,000, or $.50 per share, net of $1,150,000 of insurance proceeds, for the first nine months of last year. Including the insurance proceeds, the net loss for the 1991 nine month period was $1,338,076, or $.27 per share. Revenues for the current nine-month period were $24,595,082, compared with $24,787,000, net of insurance proceeds, a year ago ($25,937,088 including the insurance proceeds).
 Per share amounts for the 1992 periods were calculated on 15 percent and 29 percent more shares outstanding for the third quarter and nine months, respectively, because of the successful completion of the company's initial public offering of 1.1 million shares in August 1991.
 Laser-Pacific established its leadership position by providing quality post-production services to a majority of primetime series aired by ABC, CBS, NBC and Fox networks.
 Its customer base of global media companies includes every major Hollywood studio, independent production company, domestic and pay cable companies, and more than 200 others. Client series include "Murphy Brown," "Cheers," "Wings," "Beverly Hills 90210," "Going to Extremes" and "Seinfeld," among many others.
 LASER-PACIFIC MEDIA CORP. AND SUBSIDIARIES
 Condensed Consolidated Statements of Operations
 (Unaudited)
 Three Months Ended September Nine Months Ended September
 1991 1992 1991 1992
 Revenues $8,452,246(a) $8,590,904 $25,937,088(b) $24,595,082
 Operating
 expenses 7,071,927 7,393,510 21,397,906 21,442,870
 Gross profit 1,380,319 1,197,394 4,539,182 3,152,212
 Selling, general
 and administrative,
 research and
 development
 and other
 expenses 1,882,255 1,424,503 4,710,276 4,270,561
 Income (loss)
 from
 operations (501,936) (227,109) (171,094) (1,118,349)
 Interest
 expense 69,129 440,647 1,166,982 1,030,701
 Net (loss) ($571,065) ($677,756) ($1,338,076) ($2,149,050)
 Net loss per
 common and common
 equivalent
 shares ($.10) ($.10) ($.27) ($.33)
 Weighted average
 common and
 common equivalent
 shares
 outstanding 5,568,000 6,418,000 4,979,000 6,418,000
 (a) Includes $500,000 of insurance proceeds.
 (b) Includes $1,150,000 of insurance proceeds.
 -0- 10/28/92
 /CONTACT: Robert E. Seidenglanz of Laser-Pacific Media, 213-462-6266; or Craig Parsons or Keith Karpe of Pondel Parsons & Wilkinson, 310-207-9300, for Laser-Pacific Media/
 (LPAC) CO: Laser-Pacific Media Corp. ST: California IN: ENT SU: ERN


LS-JB -- LA012 -- 5799 10/28/92 09:03 EST
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