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NEW VALLEY CORPORATION REPORTS REDUCED LOSS FOR 1992

 UPPER SADDLE RIVER, N.J., Feb. 23 /PRNewswire/ -- New Valley Corporation (NYSE: NVL) reported today that its net loss for 1992 was $19.9 million, an improvement of 38 percent from the net loss of $32.1 million incurred in 1991. After giving effect to undeclared dividends on preferred shares, which are compounding, the 1992 net loss amounted to 43 cents per common share. This compares with 46 cents per share in 1991.
 For the fourth quarter of 1992, the net loss was $5.8 million, or 12 cents per common share, as compared with a net loss of $10.2 million, or 13 cents per share, in the year-earlier period.
 Total revenues were $111 million for the fourth quarter of 1992 and $449 million for the full year. This compares with 1991 revenue levels of $106 million and $426 million, respectively. The higher 1992 revenues reflect growth in all major components of New Valley's business, most notably the money transfer service provided domestically and throughout the world 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 United States and Canada and Mexico. The international unit of FSI provides Western Union Money Transfer service 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)
 Three months ended Dec. 31 1992 1991
 Total revenues $111,257,000 $106,043,000
 Net loss (5,802,000) (10,195,000)
 Undeclared dividends on
 preferred shares (15,929,000) (13,821,000)
 Net loss applicable
 to common shares $(21,731,000) $(24,016,000)
 Net loss per common share $(.12) $(.13)
 Weighted average number of
 common shares 185,933,000 184,503,000
 Twelve months ended Dec. 31 1992 1991
 Total revenues $449,084,000 $425,905,000
 Net loss (19,925,000) (32,092,000)
 Undeclared dividends on
 preferred shares (60,086,000) (52,148,000)
 Net loss applicable
 to common shares $(80,011,000) $(84,240,000)
 Net loss per common share $(.43) $(.46)
 Weighted average number of
 common shares 185,545,000 182,325,000
 -0- 2/23/93
 /CONTACT: Warren Bechtel of New Valley, 201-818-5790 or 212-868-8888/
 (NVL)


CO: New Valley Corporation ST: New Jersey IN: SU: ERN

GK -- NY074 -- 9520 02/23/93 14:58 EST
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Publication:PR Newswire
Date:Feb 23, 1993
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