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LASER-PACIFIC REPORTS 1991 RESULTS; NON-RECURRING COSTS REPRESENT FUTURE BENEFITS

 LASER-PACIFIC REPORTS 1991 RESULTS;
 NON-RECURRING COSTS REPRESENT FUTURE BENEFITS
 HOLLYWOOD, Calif., Feb. 10 /PRNewswire/ -- Laser-Pacific Media Corp. (NASDAQ: LPAC) today announced preliminary unaudited results of operations for the year ended Dec. 31, 1991. Revenues for 1991 approximated those of the prior year, while a net loss was incurred due in large part to certain non-recurring expenses that represent future benefits to the company.
 For the year ended Dec. 31, 1991, Laser-Pacific posted revenues of $36.0 million, compared with $37.6 million in a 14-month prior year reporting period because of the Pacific Video and Spectra merger in September 1990. On a comparable 12-month basis, revenues for 1991 were approximately $1.6 million higher than 1990. The company incurred a net loss of $1,250,000, equal to $.23 per share, vs. a net loss of $979,000, or $.21 per share in 1990.
 Revenues for the fourth quarter amounted to $10,026,000, compared with $11,428,000 a year ago. A net profit of $88,000, or $.01 per share was incurred for the fourth quarter, compared with a profit of $1,600,000, or $.28 per share, for the corresponding period last year. In the fourth quarter of 1990, approximately $650,000 of revenue was from insurance proceeds.
 Per share results for 1991 reflect an increased number of shares outstanding resulting from completion of the company's initial public offering of 1,100,000 shares in August 1991, and the conversion of Series A Preferred Stock into 638,821 shares of common stock.
 Robert E. Seidenglanz, chairman of the board and chief executive officer, said operating results for 1991 were better than those of the prior year, when certain non-recurring direct and indirect expenses, primarily costs associated with the company's patent litigation, Laser-Pacific's initial stock offering and additional cost related to the Pacific Video merger, are excluded.
 He noted that the 1991 results also reflected recessionary conditions throughout the entertainment industry and a resultant change in the company's product mix, with more emphasis on post production of situation comedies and movies, as compared with one-hour filmed television dramas.
 "We made real progress in 1991, despite the recession's impact on the entertainment industry," he said. "It is gratifying that throughout this period, we have maintained market share and our leadership position. Laser-Pacific continues to be the leading provider of post- production services for prime time television, with over 30 series currently on the air."
 In 1992, the company plans to reduce operating costs by between $2-3 million if business remains at current levels, benefiting from operating efficiencies and lower labor costs as a result of on-going consolidations following the merger. In addition, capital expenditures for 1992 are also targeted at less than $2 million, following a high level of capacity expansion over the past several years. In 1991 and 1990, capital expenditures were $3 million and $7 million, respectively.
 "Near term, we expect to achieve better operating efficiencies, improved cash flow and greater utilization of our existing facilities, as duplicate functions have been eliminated," Seidenglanz said.
 "These reductions in operating costs, along with lower interest expense due to steadily decreasing debt, should benefit our bottom line performance over the long term," he added.
 Laser-Pacific, which won two Emmy Awards in both 1988 and 1989 for outstanding achievement in engineering development, provides post production services for the motion picture and television industry. Its customer base includes global media companies, including every major Hollywood studio, large independent production companies, domestic cable and pay cable companies and more than 200 others. Through its $59 million investment in plant and equipment, Laser-Pacific provides the technical functions of processing, editing and finishing images and sound as required by motion picture and tel evision producers.
 -0- 2/10/92
 /CONTACT: Robert Seidenglanz, chairman and CEO of Laser-Pacific Media Corp., 213-462-6266; or Craig A. Parsons or Roger S. Pondel of Rifkind Pondel & Parsons, 310-207-9300, for Laser-Pacific Media Corp./
 (LPAC) CO: Laser-Pacific Media Corp. ST: California IN: ENT SU: ERN


JT-JL -- LA017 -- 8263 02/10/92 12:14 EST
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Date:Feb 10, 1992
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