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LASER-PACIFIC REPORTS FINAL 1991 RESULTS; FUTURE BENEFIT CITED AS RESULT OF NON-RECURRING COSTS

 LASER-PACIFIC REPORTS FINAL 1991 RESULTS;
 FUTURE BENEFIT CITED AS RESULT OF NON-RECURRING COSTS
 HOLLYWOOD, Calif., April 13 /PRNewswire/ -- Consistent with previously reported preliminary results, Laser-Pacific Media Corp. (NASDAQ: LPAC) today announced final audited 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 non-recurring legal expenses used to defend proprietary technologies and patents which represent future benefits to the company.
 As preliminarily reported in February, Laser-Pacific posted revenues in 1991 of $36.0 million, compared with $37.6 million in a 14-month prior year reporting period due to 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 $10,102,000, 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 $1,611,000, 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.
 Final per share results for 1991 reflected 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.
 Operating results for 1991 were better than those of the prior year, the company reported, when certain non-recurring direct and indirect expenses are excluded. Among the non-recurring expenses were costs associated with patent litigation, the initial stock offering and some merger expenses.
 Robert E. Seidenglanz, chairman of the board and chief executive officer, noted that 1991 results also reflected recessionary pressures 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.
 In 1992, the company plans to reduce operating costs by between $2 million and $3 million if business remains at current levels, benefiting from operating efficiencies and lower labor costs as a result of ongoing 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.
 "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," Seidenglanz said.
 Laser-Pacific, which won two Emmy Awards in 1988 and 1989 for outstanding achievement in engineering development, provides post production services for the motion picture and television industries.
 Its customer base includes global media companies, including every major Hollywood studio, independent production companies, domestic and pay cable companies and more than 200 others. Through its $59 million investment in plant and equipment, the firm provides the technical functions of processing, editing, and finishing images and sound required for motion pictures and television.
 LASER-PACIFIC MEDIA CORP. AND SUBSIDIARIES
 Consolidated Statements of Operations
 Years ended Dec. 31,
 1991 1990
 Revenues $36,039,333 $37,572,835
 Operating expenses:
 Direct 23,066,480 22,884,594
 Depreciation and amortization 5,967,523 6,271,172
 Merger costs --- 556,451
 Total 29,034,003 29,712,217
 Gross profit 7,005,330 7,860,618
 Selling, general and
 administrative expenses 6,177,795 5,750,268
 Research and development expenses 521,121 1,025,997
 Income from operations 306,414 1,084,353
 Interest expense 1,456,534 1,975,342
 Income (loss) before equity in
 net income (loss) of Pacific
 Video, Canada Ltd., income taxes
 and extraordinary credit (1,150,120) (890,989)
 Equity in net income (loss) of
 Pacific Video, Canada Ltd. (99,884) (88,338)
 Income (loss) before income
 taxes and extraordinary credit (1,250,004) (979,327)
 Provision for income taxes --- ---
 Income (loss) before
 extraordinary credit (1,250,004) (979,327)
 Extraordinary credit -- utilization
 of net operating loss carryforwards --- ---
 Net income (loss) ($1,250,004) ($979,327)
 Net income (loss) per common and
 common equivalent shares before
 extraordinary credit ($.23) ($.21)
 Extraordinary credit --- ---
 Net income (loss) per common and
 common equivalent shares ($.23) ($.21)
 Weighted average common and common
 equivalent shares outstanding 5,341,532 4,679,351
 LASER-PACIFIC MEDIA CORP.
 Consolidated Statements of Operations
 Three Months Ended
 Dec. 31,
 1991 1990
 Revenues 10,102,245 11,428,061
 Operating expenses:
 Direct 6,128,819 6,148,898
 Depreciation and amortization 1,507,278 1,485,804
 Merger costs 0 166,935
 Total 7,636,097 7,801,637
 Gross profit 2,466,148 3,626,424
 Selling, general & administrative 1,977,933 1,423,626
 R&D 44,506 292,296
 Income from operations 443,709 1,910,502
 Interest expense 289,552 499,715
 Income before equity in
 net (loss) of PVC 154,157 1,410,787
 Equity in net (loss) of PVC (66,085) 201,102
 Income/(loss) before income taxes 88,072 1,611,889
 Income taxes (net of utilization
 of NOL) 0 0
 Net income 88,072 1,611,889
 Weighted average common and
 common equivalent shares
 outstanding 6,843,067 5,762,743
 -0- 4/13/92
 /CONTACT: Robert Seidenglanz of Laser-Pacific Media Corp., 213-462-6266; or Craig A. Parsons or Keith H. Karpe of Pondel Parsons & Wilkinson, 310-207-9300, for Laser-Pacific Media/
 (LPAC) CO: Laser-Pacific Media Corp. ST: California IN: ENT SU: ERN


JL-DM -- LA008 -- 7608 04/13/92 09:31 EDT
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Date:Apr 13, 1992
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