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ORION PICTURES CORPORATION REPORTS RESULTS

 ORION PICTURES CORPORATION REPORTS RESULTS
 LOS ANGELES, April 6 /PRNewswire/ -- Orion Pictures Corporation


(NYSE: OPC) today reported that for the third quarter of fiscal 1992, which ended November 30, 1991, the Company recognized revenues from continuing operations of $94,813,000 and incurred a loss from continuing operations and a net loss of $29,190,000, or $1.30 per share. In the third quarter of the preceding fiscal year, the Company reported revenues from continuing operations of $119,360,000, a loss from continuing operations of $11,518,000, or $.55 per share, and a net loss of $15,611,000 or $.75 per share.
 Revenues from continuing operations for the nine-month period ended November 30, 1991 were $400,687,000, the Company's loss from continuing operations was $70,832,000, or $3.12 per primary share and $3.15 per full diluted share, and the net loss was $102,071,000, or $4.50 per primary share and $4.54 per fully diluted share. For the comparable nine-month period in fiscal 1991, the Company reported revenues from continuing operations of $330,680,000, a loss from continuing operations of $17,025,000, or $.84 per primary share and $.89 per fully diluted share, and a net loss of $14,901,000, or $.74 per primary share and $.78 per fully diluted share.
 The company stated that several recent events adversely affected the Company's operations in the third quarter of fiscal 1992. First, the company adjusted the values of certain of its previously released films on the basis of its quarterly inventory review, which resulted in theatrical writedowns aggregating approximately $12,500,000 during the quarter. Second, the Company wrote off approximately $4,900,000 of costs, most of which were incurred and capitalized in preceding quarters, related to earlier negotiations with the Company's subordinated debtholders. Third, gross profit from profitable pictures decreased approximately $7,900,000 from the profit recorded in the third quarter of the preceding year due in part to a decrease in revenues of approximately 20 percent from the prior year's third quarter. In addition, the prior year's third quarter results were favorably affected by the theatrical release of "Dances With Wolves" in November 1990. The current year's quarter had no comparable theatrical release.
 The Company emphasizes that the reported results of operations are for the fiscal quarter which ended November 30, 1991, almost four months ago. On December 11, 1991, as previously reported, the Company and its domestic subsidiaries filed for protection under Chapter 11 of the Bankruptcy Code. The effect of the bankruptcy filing on the Company's financial position and results of operations will be reflected in future reported operating results.
 ORION PICTURES CORPORATION
 (Debtor-in-possession as of December 11, 1991)
 Condensed Consolidated Statements of Operations
 (in thousands, except per-share amounts)
 (unaudited)
 Three months ended Nine months ended
 November 30, November 30,
 1991 1990 1991 1990
 Continuing operations:
 Revenues $94,813 $119,360 $400,687 $330,680
 Cost of rental 90,846 100,061 364,052 263,939
 Gross profit 3,967 19,299 36,635 66,741
 Other costs and expenses:
 Selling, general
 and administrative 12,115 13,724 39,386 41,799
 Provision for relocation
 and reorganization
 costs --- --- 14,000 ---
 Financial restructuring
 costs 4,890 --- 6,230 ---
 Interest, net 15,052 15,292 40,656 39,524
 Income (loss) before
 income taxes (28,090) (9,717) (63,637) (14,582)
 Provision for income
 taxes 1,100 1,801 7,195 2,443
 Income (loss) from
 continuing operations (29,190) (11,518) (70,832) (17,025)
 Discontinued television
 operations:
 Income (loss) from
 operations, net
 of income taxes --- (4,093) (12,322) 2,124
 Estimated loss on
 discontinuance, net of
 income taxes --- --- (18,917) ---
 Income (loss) from
 discontinued
 television operations --- (4,093) (31,239) 2,124
 Net income (loss) ($29,190) ($15,611) ($102,071) ($14,901)
 Income (loss) per
 common share:
 Primary:
 Continuing operations ($1.30) ($.55) ($3.12) ($.84)
 Net income (loss) ($1.30) ($.75) ($4.50) ($.74)
 Fully diluted:
 Continuing operations ($1.30) ($.55) ($3.15) ($.89)
 Net income (loss) ($1.30) ($.75) ($4.54) ($.78)
 Number of common and
 common equivalent shares
 entering into computation:
 Primary 22,509 20,883 22,699 20,274
 Fully diluted 22,509 20,883 22,507 19,058
 -0- 4/6/92
 /CONTACT: Michael S. Sitrick or Amy Goldberg of Sitrick and Company, 310-788-2850, for Orion Pictures; or Paul Wagner of Orion Pictures, 212-632-5745/
 (OPC) CO: Orion Pictures Corporation ST: California IN: ENT SU: ERN


EH-AL -- LA026 -- 5620 04/06/92 19:12 EDT
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