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LASER-PACIFIC REPORTS FIRST QUARTER RESULTS

 LASER-PACIFIC REPORTS FIRST QUARTER RESULTS
 HOLLYWOOD, April 27 /PRNewswire/ -- Laser-Pacific Media Corp. today


reported results for the first quarter ended March 31, 1992.
 Net income for the quarter was $56,000, or $.01 per share, compared with $313,000, or $.06 per share, in the same period in 1991. Net income in the 1992 quarter included the extraordinary effect of litigation costs, primarily related to defense and protection of the company's patent, that reduced earnings per share by approximately 3 cents. Revenues for the first quarter were $9,492,899 vs. $9,944,585 in the same period last year.
 Robert Seidenglanz, chairman and chief executive officer, said the earlier reported and anticipated decline in revenues and earnings compared to the previous-year period reflected the industry change in prime time programming mix that began with the 1991-1992 television season late in 1991. This change to a greater proportion of half-hour comedies typically represented less revenue for Laser-Pacific, he noted. However, the company has maintained its substantial market leadership of both sitcoms and dramatic programs.
 Seidenglanz also noted that Laser-Pacific earlier reported cost reduction programs that will substantially decrease operating costs over the entire year. The primary cost reduction program instituted by the company is designed to match its operating costs to the changing product mix between sitcoms and dramatic series. He also said that the greatest effects of this and other cost reduction programs will be evident in the last half of the year.
 In the 1991-92 television season, Laser-Pacific's market leadership included post-production services for a total of 46 sitcoms and dramatic series for the four television networks and more than 54 other projects such as television movies, pay-cable series, mini-series, motion pictures and other programming.
 Its current sitcom clients include such top-rated shows as "Cheers," "Murphy Brown," "Designing Women" and "Evening Shade." Its dramatic series clients include shows as "Beverly Hills 90210," "Northern Exposure," "Quantum Leap," and "Matlock." Feature films or mini-series have included "A Woman Named Jackie," "MGM: When the Lion Roared," "Backfield in Motion," "Doing Time on Maple Drive," "Live From Death Row," and "The Hank Gathers Story."
 Looking forward to the 1992-23 television season, Laser-Pacific post-production clients account for approximately 40 percent of the sitcom and dramatic series pilots recently announced by the four television networks, Seidenglanz reported.
 Seidenglanz noted that there has been an exceptionally early indication of renewals by the networks of more than half of current Laser-Pacific clients' sitcoms and dramatic series.
 "We fully expect the company's long-term future financial results to realize benefits from our already-in-place $59 million capital investment and the cost reduction programs in operating costs," said Seidenglanz.
 He also said that the company's receivables were in "excellent shape," with only 8 percent in receivables more than 60 days past due, a substantial improvement over the 30 percent posted in Dec. 31, 1991.
 Laser-Pacific, which won two Emmy Awards in 1987 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 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
 Condensed Consolidated Statements of Operations
 (Unaudited)
 Three months ended
 March 31,
 1992 1991
 Revenue $9,492,899 $9,944,585
 Operating expenses 7,635,094 7,452,802
 Gross profit 1,857,805 2,491,783
 Selling, general & administrative,
 research & development
 and other expenses 1,534,363 1,622,696
 Income from operations 313,442 869,087
 Interest expense 257,339 474,791
 Income before income taxes 56,103 394,296
 Provision for income taxes --- 80,859
 Net income $56,103 $313,437
 Net per common and common
 equivalent shares $.01 $.06
 Weighted average common and
 common equivalent shares outstanding 6,843,000 5,612,000
 -0- 4/27/92
 /CONTACT: Robert 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/ CO: Laser-Pacific Media Corp. ST: California IN: ENT SU: ERN


CH-KJ -- LA022 -- 3275 04/27/92 14:50 EDT
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Date:Apr 27, 1992
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