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READING COMPANY ANNOUNCES SECOND QUARTER RESULTS

 READING COMPANY ANNOUNCES SECOND QUARTER RESULTS
 PHILADELPHIA, Aug. 14 /PRNewswire/ -- Reading Company


(NASDAQ: RDGCA) today announced financial results for the three months ended June 30, 1992.
 For the second quarter of 1992, Reading had a net loss of $132,000 equivalent to $.03 per share vs. net income of $291,000 or $.06 per share in the three months ended June 30, 1991. Revenues in the three months ended June 30, 1992, totaled $988,000 vs. $1,192,000 in the same period last year.
 For the first six months of 1992, the company had a net loss of $3,084,000 or $.62 per share and revenues of $2,363,000, compared with net income of $1,953,000 or $0.39 per share and revenues of $3,705,000 for the six-month period last year.
 The loss for the six months ended June 30, 1992, was a result of a $3,271,000 valuation provision relating to the company's real estate holdings. Income in the corresponding six-month period last year included a $660,000 gain from Convention Center property sales and a $607,000 gain from the settlement of the company's rental guarantee on One Reading Center.
 Commenting on the results, Edward L. Kane, president, said, "Reading's recent financial results reflect our current holding posture as we review potential acquisition opportunities. While the sluggish economy and uncertain economic future dictate a conservative analytical approach, we are diligently seeking a long-term strategic purchase. Unfortunately, the combination of the prolonged recession and a reluctant lending environment have made our job more difficult and time- consuming. Nonetheless, we remain confident that our patience will be rewarded."
 Reading Company is a Philadelphia-based real estate holding company.
 READING COMPANY AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited; in thousands, except shares and per-share amounts)
 Periods ended Three months Six months
 June 30 1992 1991 1992 1991
 Revenues $988 $1,192 $2,363 $3,705
 Net (loss) income (132) 291 (3,084) 1,953
 Per-share information:
 Net (loss) income $(.03) $.06 $(.62) $.39
 Shares used in
 computation 4,973,847 4,971,988 4,973,163 4,971,631
 -0- 8/14/92
 /CONTACT: James A. Wunderle of the Reading Company, 215-735-8300/
 (RDGCA) CO: Reading Company ST: Pennsylvania IN: SU: ERN


MK-MP -- PH006 -- 9864 08/14/92 08:40 EDT
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Publication:PR Newswire
Date:Aug 14, 1992
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