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PRISM ENTERTAINMENT PRE-TAX PROFITS SHOW $1 MILLION TURNAROUND IN FIRST QUARTER ON 168 PERCENT SALES INCREASE

 PRISM ENTERTAINMENT PRE-TAX PROFITS SHOW $1 MILLION TURNAROUND
 IN FIRST QUARTER ON 168 PERCENT SALES INCREASE
 LOS ANGELES, June 16 /PRNewswire/ -- Barry Collier, chairman of the board and president of Prism Entertainment Corporation (AMEX: PRZ) today announced substantial increases in both sales and earnings for the three months ended


April 30, 1992.
 For the three months ended April 30, 1992, pre-tax income was $549,000 compared with a loss of $458,000 last year.
 Sales increased 168 percent to $5,541,000 for the first quarter from $2,061,000 for the same three month period last year. Sales for the first quarter of $5,500,000 represented more than 50 percent of all of last years sales of $10,600,000.
 Net income was $329,000 or $0.16 per share for the three months ended April 30, 1992, as compared to a net loss of $275,000, or $0.13 per share for the three months ended April 30, 1991.
 "This performance is most gratifying since it reinforces and justifies the company's decision to develop and finance our own films and have more control over the product we bring to the market place," stated Collier. "As we announced in February 1992, it is our plan to release one Prism Pictures film each month. During the first quarter, the Prism Pictures titles were, "Night Eyes 2," "All American Murder" and "Prey of the Chameleon."
 Ancillary sales on this product, namely sales to pay and basic cable, network television and syndication and theatrical markets increased to 13 percent of first quarter sales compared with 8 percent for all of last year.
 In June the company will launch the initial release of its Capital Cities/ABC Television films as part of its distribution agreement with ABC Video. Prism will release a minimum of one ABC video title per month, intended to compliment the release of one Prism Pictures film per month. In addition, the company will continue to acquire independent films from other sources.
 Prism Entertainment Corporation and its subsidiaries acquires rights to theatrical and television films and other programming for distribution to the home video, pay and basic cable, network television and syndication, and theatrical markets primarily in the United States and Canada.
 PRISM ENTERTAINMENT CORPORATION
 Consolidated Statements of Earnings
 Three months ended April 30 1992 1991
 Net sales $5,541,000 $2,061,000
 Income (loss) before provision
 (benefit) for income taxes 549,000 (458,000)
 Provision (benefit) for income taxes 220,000 (183,000)
 Net income (loss) 329,000 275,000
 Weighted average number of
 shares outstanding 2,097,000 2,097,000
 Primary earnings (loss) per share 0.16 (0.13)
 Weighted average number of common
 and common equivalent shares outstanding 3,124,000 --
 Fully diluted earnings per share 0.14 --
 -0- 6/16/92
 /CONTACT: Riaya Aboul Ela of Prism Entertainment, 310-277-3270, or Gordon H. Wolfe of Wolfe Lombard, Inc., 212-545-8400, for Prism Entertainment/
 (PRZ) CO: Prism Entertainment Corporation ST: California IN: ENT SU: ERN


TQ-OS -- NY024 -- 0591 06/16/92 10:44 EDT
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jun 16, 1992
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