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NEW VALLEY CORPORATION REPORTS IMPROVED THIRD-QUARTER AND NINE-MONTHS RESULTS

 NEW VALLEY CORPORATION REPORTS IMPROVED THIRD-QUARTER
 AND NINE-MONTHS RESULTS
 UPPER SADDLE RIVER, N.J., Nov. 2 /PRNewswire/ -- New Valley Corporation (NYSE: NVL) reported today that its net loss for the three months ended Sept. 30, 1992 was $3.4 million, an improvement of 40 percent from the net loss of $5.6 million incurred in the third quarter of 1991. After giving effect to undeclared dividends on preferred shares, which are compounding, the 1992 third-quarter net loss amounted to 10 cents per common share, unchanged from the year-earlier level.
 For the first nine months of 1992 the corporation had a net loss of $14.1 million, which was 36 percent less than the net loss of $21.9 million for the first nine months of 1991. The nine-months loss per common share was 32 cents, as compared with 33 cents last year.
 Total revenues were $118 million in the third quarter and $338 million for nine months -- increases of 7 percent and 6 percent, respectively, over 1991 levels. The higher 1992 revenues reflect growth in all major components of New Valley's business, most notably the money transfer service provided by the corporation's wholly owned subsidiary, Western Union Financial Services, Inc. (FSI).
 New Valley Corporation conducts its principal operations through FSI. The North American unit of FSI provides Western Union Money Transfer, bill-payment and other financial services to consumers and businesses in the United States. It also provides Money Transfer service in Canada and between the U.S. and Canada and Mexico. The international unit of FSI provides Western Union Money Transfer services in countries outside of North America. In addition, the company provides Western Union Mailgram(R) and other messaging services to high- volume users through its Western Union Priority Services unit.
 NEW VALLEY CORPORATION
 SUMMARY OF CONSOLIDATED REVENUES AND INCOME (LOSS)
 Periods ended Three months
 Sept. 30, 1991 1992
 Total revenues $ 109,479,000 $ 117,634,000
 Net loss $ (5,623,000) $ (3,359,000)
 Undeclared dividends on
 preferred shares $ (13,368,000) $ (15,387,000)
 Net loss applicable
 to common shares $ (18,991,000) $ (18,746,000)
 Net loss per common share $ (.10) $ (.10)
 Weighted average number of
 common shares 183,652,000 185,650,000
 NEW VALLEY CORPORATION
 SUMMARY OF CONSOLIDATED REVENUES AND INCOME (LOSS)
 Periods ended Nine months
 Sept. 30, 1991 1992
 Total revenues $ 319,862,000 $ 337,827,000
 Net loss $ (21,897,000) $ (14,123,000)
 Undeclared dividends on
 preferred shares $ (38,514,000) $ (44,323,000)
 Net loss applicable
 to common shares $ (60,411,000) $ (58,446,000)
 Net loss per common share $ (.33) $ (.32)
 Weighted average number of
 common shares 181,592,000 185,415,000
 -0- 11/2/92
 /CONTACT: Warren Bechtel of New Valley, 201-818-5790, or 212-868-8888/
 (NVL) CO: New Valley Corporation ST: New Jersey IN: SU: ERN


SH -- NY063 -- 1648 11/02/92 13:21 EST
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Publication:PR Newswire
Date:Nov 2, 1992
Words:477
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