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READING RELEASES PRELIMINARY 1991 FINANCIAL RESULTS

 READING RELEASES PRELIMINARY 1991 FINANCIAL RESULTS
 PHILADELPHIA, Feb. 12 /PRNewswire/ -- Reading Company


(NASDAQ: RDGCA) today announced preliminary unaudited financial results for the year ended Dec. 31, 1991.
 For the year, Reading had net income of $1,982,000 equivalent to $.40 per share compared with net income of $12,148,000 or $2.44 per share in 1990. Revenues in 1991 totaled $6,188,000 vs. $17,263,000 in 1990.
 For the three months ended Dec. 31, 1991, Reading had net income of $29,000 or $.01 per share compared with net income of $5,049,000 or $1.01 per share in the fourth quarter of 1990. Revenues totaled $1,287,000 in the three months ending Dec. 31, 1991, vs. $6,847,000 in the fourth quarter of 1990.
 Significant non-recurring components of the 1991 financial results include a $660,000 gain from completion of the Convention Center transaction and a $606,000 gain from settlement of issues relating to the company's rental guarantee of One Reading Center. Last year's results were dominated by $5.7 million in non-recurring gains from railroad investments, $5.2 million in gains from the Convention Center transaction, and a $637,000 gain from discontinued operations relating to the 1988 sale of the company's Energy Group.
 Commenting on the results, Edward L. Kane, president, said, "With cash and short-term investments in excess of $64 million at December 31, 1991, we enter 1992 well positioned to capitalize upon opportunities. Our challenge and our goal is to deploy those assets in a manner which will maximize shareholder values."
 Kane noted that the company's year-end audit has not been completed and that additional financial information would be released upon the conclusion of the year-end audit.
 READING COMPANY AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited; in thousands, except shares and per-share amounts)
 Periods ended Three months 12 months
 Dec. 31 1991 1990 1991 1990
 Revenues $1,287 $6,847 $6,188 $17,263
 Income from
 continuing operations 29 5,049 1,982 11,511
 Income from discontinued
 operations --- --- --- 637
 Net income 29 5,049 1,982 12,148
 Income per common share:
 From continuing operations $.01 $1.01 $.40 $2.31
 From discontinued operations --- --- --- .13
 Net income .01 1.01 .40 2.44
 Shares used in
 computation 4,971,964 4,970,133 4,971,794 4,970,268
 -0- 2/12/92
 /CONTACT: Anthony V. Scoma of Reading Company, 215-735-8300/
 (RDGC) CO: Reading Company ST: Pennsylvania IN: SU: ERN ' CC-KA -- PH023 -- 9222 02/12/92 11:57 EST
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Publication:PR Newswire
Date:Feb 12, 1992
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