LASER-PACIFIC MEDIA CORPORATION
REPORTS THIRD QUARTER 1991 RESULTS
HOLLYWOOD, Calif., Nov. 14 /PRNewswire/ -- Laser-Pacific Media Corp. (NASDAQ: LPAC) today reported record revenues of $8,452,000 for the three months ended September 30, 1991. This compares with revenues for the same quarter last year of $7,767,000. Increased services to the Company's customer base, combined with lower interest expense and cost control measures contributed to a substantially lower loss in the quarter of $571,000 or $.10 per share, on a greater number of shares outstanding, compared to a loss of $836,000 or $.18 per share for the same period last year.
For the nine months ended September 30, 1991 revenues increased 13 percent to $25,937,000 compared with revenues of $22,967,000 for the nine months ended September 30, 1990. A lower net loss of $1,338,000 or $.27 per share, was recorded compared with a loss of $2,802,000, or $.60 per share for the same nine month period of 1990. The per share results reflect an increased number of shares outstanding due to the completion of the Company's initial public offering of 1,100,000 shares at $6 per share in August 1991.
Robert E. Seidenglanz, Chairman of the Board and Chief Executive Officer of Laser-Pacific Media Corporation noted that the Company normally experiences operating losses in the second and third fiscal quarters of the year. He indicated that the Company will continue to focus its attention on improving operating margins and maintaining costs.
Mr. Seidenglanz said that "In spite of the effects of the recession, we believe that we have made substantial progress in our strategic plan, which has resulted in our becoming the leading provider of services to filmed prime-time network television series and television movies in the United States.
"During the current television season, the Company provided services to over 70 filmed television series, mini-series, television movies and video taped series. During this recession our product mix is being affected by a higher percentage of one-half hour situation comedies, compared to one-hour dramatic programs, which are less costly to produce. Despite this, we have increased revenues through the third quarter. More importantly, the Company has significantly reduced its long term debt by almost $8,000,000 through the nine months ended September 30 and, with shareholders equity increased to $18,600,000, we are now in the strongest financial position of our Company's history, he said.
Laser-Pacific Media Corporation, homebased in Hollywood, Calif., is the leading provider of services to producers of filmed prime-time network television series and television movies made in the United States. The Company provides services to over 200 clients including the seven major Hollywood motion picture studios, mini-major studios, domestic pay cable television companies and independent production companies. Through its Electronic Laboratory(TM) and other related operations, the Company provides all technical aspects of processing and manipulation of picture and sound information after principal photography. The Electronic Laboratory, for which the Company received an Emmy Award in 1989 for Outstanding Achievement in Engineering Development, is the first facility engineered specifically and exclusively to apply electronic post-production technology to filmed television programs resulting in significant savings of time and money to producers.
LASER-PACIFIC MEDIA CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
Three Months Ended Nine Months Ended
September 30, September 30,
1990 1991 1990 l991
Revenues $7,767,336 $8,452,246 $22,967,365 $25,937,088
expenses 6,527,493 7,071,927 19,667,173 21,397,906
profit 1,239,843 1,380,319 3,300,192 4,539,182
expenses 1,600,966 1,882,255 4,769,341 4,710,276
operations (361,123) (501,936) (1,469,149) (171,094)
expense 474,673 69,129 1,332,764 1,166,982
Net (loss) $(835,796) $(571,065) (2,801,913) $(1,338,076)
shares $(.18) $(.10) $(.60) $(.27)
outstand. 4,679,000 5,568,000 4,679,000 4,979,000
/CONTACT: William F. Coffin of The Financial Relations Board, 818-783-2400, for Laser-Pacific, or Robert Seidenglanz, chairman & CEO, or Ralph Walters, CFO, both of Laser-Pacific Media Corp., 213-462-6266/
(LPAC) CO: Laser-Pacific Media Corp. ST: California IN: CPR SU: ERN BB -- LA014 -- 1165 11/14/91 14:38 EST