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READING COMPANY REPORTS FIRST QUARTER RESULTS

 READING COMPANY REPORTS FIRST QUARTER RESULTS
 PHILADELPHIA, May 15 /PRNewswire/ -- Reading Company


(NASDAQ: RDGCA) today announced financial results for the three months ended March 31, 1992.
 For the first quarter of 1992, Reading had a net loss of $2,952,000 or $0.59 per share compared with net income of $1,662,000 equivalent to $0.33 per share in last year's first quarter. Revenues for the three months ended March 31, 1992, totaled $1.4 million vs. $2.5 million in the comparable period last year.
 The loss in the quarter ended March 31, 1992, was a result of a $3,271,000 valuation provision relating to the company's real estate holdings. The company recently completed a review of its real property assets and, as a result, determined to reduce the total carrying value of those properties. Results in last year's first quarter included a $660,000 gain from Convention Center property sales and a $607,000 gain from real estate development activities.
 Commenting on the results, Edward L. Kane, president, said, "Our results for the current quarter reflect a re-evaluation of our real estate assets in light of current economic conditions. Our principal focus continues to be on utilization of our substantial liquid assets in the acquisition of a profitable operating company."
 Reading also announced that the company's Annual Meeting of Shareholders had been rescheduled to June 30, 1992.
 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)
 Three months ended March 31 1992 1991
 Revenues $1,375 $2,513
 Net (loss) income (2,952) 1,662
 Per-share information:
 Net (loss) income ($.59) $.33
 Shares used in computation 4,971,900 4,971,258
 -0- 5/15/92
 /CONTACT: James A. Wunderle of the Reading Company, 215-735-8300/
 (RDGC) CO: Reading Company ST: Pennsylvania IN: SU: ERN


MP-MK -- PH007 -- 0619 05/15/92 09:32 EDT
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Publication:PR Newswire
Date:May 15, 1992
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