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ORION PICTURES CORPORATION ANNOUNCES FISCAL YEAR RESULTS

 ORION PICTURES CORPORATION ANNOUNCES FISCAL YEAR RESULTS
 NEW YORK, Sept. 4 /PRNewswire/ -- Orion Pictures Corporation (NYSE: OPC) announced today that, for the fiscal year ended February 29, 1992, its reported revenues from continuing operations were $491,117,000, and it reported a loss from continuing operations of $280,832,000 and a net loss of $312,071,000, or $13.87 per share. In the preceding fiscal year, the Company recorded revenues from continuing operations of $507,304,000, a loss from continuing operations of $60,648,000 and a net loss of $62,985,000, or $3.17 per share.
 The Company stated that the loss for the year consisted principally of the following: items relating to its chapter 11 filing and impending reorganization; the previously-announced discontinuance of its television production unit; and writedowns to estimated net realizable value of certain theatrical films.
 Included in the Company's results for the 1992 fiscal year are a net loss for the quarter ended February 29, 1992 of $210,000,000 ($9.33 per share) on revenues from continuing operations of $90,430,000, compared to a net loss of $48,084,000 ($2.14 per share) on revenues from continuing operations of $176,624,000 during the preceding year's fourth quarter.
 ORION PICTURES CORPORATION
 Consolidated Statements of Operations
 (In thousands, except per-share amounts)
 Fiscal years ended in February, 1992 1991
 Continuing operations:
 Revenues $491,117 $507,304
 Cost of rentals 445,645 449,757
 Gross profit 45,472 57,547
 Other costs and expenses:
 Selling, general
 and administrative 62,364 57,992
 Prepetition provision for
 relocation and
 reorganization costs 14,000 ---
 Prepetition financial
 restructuring costs 6,629 ---
 Interest expense, net
 (contractual interest
 $55,824 for the year ended
 February 29, 1992) 46,254 55,246
 Income (loss) before
 chapter 11 reorganization
 items and provision
 for income taxes (83,775) (55,691)
 Chapter 11 reorganization items 192,562 ---
 Income (loss) before provision
 for income taxes (276,337) (55,691)
 Provision for income taxes 4,495 4,957
 Income (loss) from
 continuing operations (280,832) (60,648)
 Discontinued television
 operations:
 Income (loss) from operations,
 net of income taxes (12,322) (2,337)
 Estimated loss on
 discontinuance, net of
 income taxes (18,917) ---
 Income (loss) from discontinued
 television operations (31,239) (2,337)
 Net income (loss) ($312,071) ($62,985)
 Income (loss) from continuing
 operations per common share:
 Primary ($12.40) ($2.92)
 Fully diluted ($12.48) ($3.05)
 Net income (loss) per
 common share:
 Primary ($13.78) ($3.03)
 Fully diluted ($13.87) ($3.17)
 -0- 9/4/92
 /CONTACT: Jeffrey Lloyd of Sitrick and Company, 310-788-2850, for Orion Pictures Corporation; or Paul Wagner of Orion Pictures Corporation, 212-632-5745/
 (OPC) CO: Orion Pictures Corp. ST: California IN: ENT SU: ERN


JB-KJ -- LA003 -- 6793 09/04/92 08:04 EDT
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Publication:PR Newswire
Date:Sep 4, 1992
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