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ORION PICTURES CORP. ANNOUNCES FISCAL YEAR RESULTS

 LOS ANGELES, June 9 /PRNewswire/ -- Orion Pictures Corp. (NASDAQ: ORPC) announced today that, for the fiscal year ended Feb. 28, 1993, it recognized revenues from continuing operations of $222,318,000 and incurred a loss from continuing operations of $72,973,000, or $11.29 per share. The company also reported extraordinary gains aggregating $323,213,000 during the year, which resulted in the reporting of net income for the year of $250,240,000 or $38.70 per share. In the preceding fiscal year, the company reported revenues from continuing operations of $491,117,000, a loss from continuing operations of $280,832,000, or $1,744.47 per share, and a net loss of $312,071,000, or $1,938.50 per share.
 For the fiscal quarter ended Feb. 28, 1993, the company reported revenues from continuing operations of $52,707,000 and a loss of continuing operations of $41,657,000 or $2.08 per share. The company also recognized extraordinary gains of $10,621,000 during the quarter, which resulted in the reporting of a net loss of $31,036,000 or $1.55 per share for the period. For the comparable quarter in fiscal 1992, the company reported revenues from continuing operations of $90,430,000, a loss from continuing operations and a net loss of $210,000,000 or $1,312.54 per share.
 The per-share amounts set forth above are based on the weighted average number of shares of common stock outstanding during each period and reflect the impact of the recapitalization of the company as a result of the company's Modified Third Amended Joint Consolidated Plan of Reorganization (the "Plan") which was confirmed by the Bankruptcy Court on Oct. 20, 1992, and became effective on Nov. 5, 1992. Loss from continuing operations per share shown above for the year ended Feb. 28, 1993, would have been $4.54, if the Plan had become effective on March 1, 1992. Reported per share amounts for periods ended before Feb. 28, 1993, shown above have been restated to reflect the impact of the recapitalization.
 The company stated that certain events significantly affected results of operations in fiscal 1993, including the company's successful emergence from its Chapter 11 bankruptcy proceedings on Nov. 5, 1992. Several significant adjustments were recorded to reflect this emergence in the company's consolidated financial statements, which resulted in the recognition of an aggregate of $323,213,000 of extraordinary gains, net of income taxes. The company incurred $20,792,000 of costs directly related to the Chapter 11 proceedings during the year that adversely affected results from continuing operations. Results from continuing operations were also adversely affected by writedowns to estimated net realizable value of certain films.
 Separately, Orion also announced today that its board of directors has scheduled the 1993 Annual Meeting of Stockholders for July 19, 1993. The record date for the annual meeting will be the close of business on June 23, 1993. Orion expects to mail proxy materials relating to the annual meeting in late June.
 ORION PICTURES CORP.
 (Debtor-in-Possession from Dec. 11, 1991 to Nov. 5, 1992)
 Consolidated Statements of Operations
 (in thousands, except per-share amounts)
 Fiscal Years Ended in February,
 1993 1992
 Continuing operations:
 Revenues $222,318 $491,117
 Cost of rentals 214,812 445,645
 Gross profit 7,506 45,472
 Other costs and expenses:
 Selling, general and
 administrative 30,454 62,364
 Prepetition provision for
 relocation and
 reorganization costs --- 14,000
 Prepetition financial
 restructuring costs --- 6,629
 Interest expense, net
 (contractual interest
 $52,952 and $55,824 for
 the fiscal years ended
 in February 1993 and 1992) 23,533 46,254
 Loss from continuing
 operations before chapter 11
 reorganization items and
 provision for income taxes (46,481) (83,775)
 Chapter 11 reorganization items 20,792 192,562
 Loss before provision for
 income taxes (67,273) (276,337)
 Provision for income taxes 5,700 4,495
 Loss from continuing operations (72,973) (280,832)
 Discontinued television operations:
 Loss from operations,
 net of income taxes --- (12,322)
 Estimated loss on discontinuance,
 net of income taxes --- (18,917)
 Loss from discontinued
 television operations --- (31,239)
 Loss before extraordinary
 gains recognized upon emergence
 from chapter 11 (72,973) (312,071)
 Extraordinary gains recognized
 upon emergence from chapter 11,
 net of income taxes 323,213 ---
 Net income (loss) $250,240 ($312,071)
 Income (loss) per common share:
 Loss from continuing
 operations ($11.29) ($1,744.47)
 Loss before
 extraordinary gains ($11.29) ($1,938.50)
 Net income (loss) $38.70 ($1,938.50)
 -0- 6/10/93
 /CONTACT: Phillip Myers of Sitrick And Co., 310-788-2850, for Orion Pictures/
 (ORPC)


CO: Orion Pictures Corp. ST: California IN: ENT SU: ERN

JL -- LA027 -- 0361 06/09/93 18:20 EST
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