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MERCOM REPORTS YEAR END RESULTS

 WILKES-BARRE, Pa., Jan. 29 /PRNewswire/ -- Mercom, Inc. (OTC Bulletin Board: MEROC) today reported a net loss of $1,144,000 or $.48 per average common share, for the year ended Dec. 31, 1992, as compared to a net loss of $7,784,000 or $3.25 per average common share, for the year ended Dec. 31, 1991.
 The net loss before income tax benefits was $1,144,000 in 1992 and $9,606,000 in 1991. Sales were $11,986,000 for 1992 as compared to $11,041,000 for 1991.
 The pre-tax improvement in results of $8,462,000 is primarily attributable to the nonrecurrence of certain legal, restructuring and proxy solicitation costs aggregating $6,435,000 in 1991. Increased subscribers, a subscriber rate increase and improved operating cost control contributed $1,226,000 to the improvement. A reduction in interest rates favorably affected the company by $568,000. The company's after tax improvement in results was $6,640,000 or $2.77 per average common share. The company did not record income tax benefits in 1992 due to uncertainty of realization. Such benefits aggregated $1,822,000 in 1991.
 The company's liabilities exceeded the book value of its assets by approximately $12,300,000 at Dec. 31, 1992.
 During the fourth quarter, the company's bank agreed to defer, until 1993, a portion of the payment on long-term debt due Dec. 31, 1992.
 Mercom provides cable television services to subscribers in southern Michigan and Port St. Lucie, Fla. Since December 1991, the company has been operating under the management of C-TEC Corporation (NASDAQ: CTEX), a diversified telecommunications company headquartered in Wilkes-Barre.
 Mercom is traded on NASD's Electronic Over-the-Counter Bulletin Board under the symbol MEROC.
 MERCOM, Inc.
 Consolidated Financial Data
 (Unaudited)
 Three months ended Dec. 31 1992 1991
 Sales $3,128,000 $2,808,000
 Benefit for income taxes --- 901,000
 Net (loss) (30,000) (5,831,000)
 (Loss) per average common share
 outstanding $(.01) $(2.44)
 Average common shares outstanding 2,393,530 2,393,530
 Year ended Dec. 31 1992 1991
 Sales $11,986,000 $11,041,000
 Benefit for income taxes --- 1,822,000
 Net (loss) (1,144,000) (7,784,000)
 (Loss) per average common share
 outstanding $(.48) $(3.25)
 Average common shares outstanding 2,393,530 2,393,530
 /delval/
 -0- 1/29/93
 /CONTACT: Carrie Thorpe, 717-825-1177, or Ralph Hromisin (finance), 717-825-1175, both of Mercom/
 (MEROC CTEX)


CO: Mercom, Inc.; C-TEC Corporation ST: Michigan, Florida, Pennsylvania IN: ENT SU: ERN

LJ-MJ -- PH033 -- 0868 01/29/93 15:33 EST
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Publication:PR Newswire
Date:Jan 29, 1993
Words:425
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