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REPUBLIC PICTURES CORP. REPORTS FIRST QUARTER RESULTS

 LOS ANGELES, May 13 /PRNewswire/ -- Republic Pictures Corp. (NASDAQ: RPICA) reported net income of $156,000, or $0.03 per share, for the quarter ended March 31, 1993, it was announced today by Russell Goldsmith, chairman and chief executive officer. In the first quarter of 1992, the company incurred a net loss of ($851,000), or ($0.19) per share, after giving effect to a restatement disclosed last quarter for the cumulative effect on prior years of adopting a new tax accounting rule, which involved a charge of ($1,354,000).
 Revenues for the current year's first quarter were $14,662,000, an increase of 5 percent over the $14,027,000 reported in the first quarter of 1992. Operating income for the quarter ended March 31, 1993, amounted to $671,000, as compared with $1,163,000 in last year's first quarter (which included a non-recurring gain of $2,089,000).
 In comparison to last year's first quarter, operating results for Republic's television production and distribution unit benefited from lower operating costs and the network delivery to CBS of Republic Pictures Productions' highly rated television movie "Judgment Day: The John List Story," starring Robert Blake. Last year's first quarter did not include any network deliveries.
 Operating income for video and theatrical, comprising primarily U.S. Home Video, also improved substantially in the first quarter as compared with the prior year. The improvement primarily reflects many new successful U.S. video releases and catalog titles, as well as lower unit costs derived from a new video duplication agreement with Technicolor Inc., which commenced in last year's second quarter. Republic Pictures Home Entertainment released eight new rental titles in the first quarter, including "Red Shoe Diaries 2," the western feature "Mad at the Moon," starring Mary Stuart Masterson, and "The Swordsman," starring Lorenzo Lamas. New sell-thru promotions in the first quarter included "Sarah, Plain and Tall," which one year ago was the first title released to the rental market under Republic's exclusive U.S. home video distribution agreement with The Hallmark Hall of Fame. To date, Republic has sold approximately 200,000 units of "Sarah" at sell-thru, of which 100,000 were included in the first quarter.
 Goldsmith pointed out that "We are now seeing some of the benefits of our steadily increasing product flow, coupled with the meaningful cost-savings and efficiencies we anticipate from our new relationship with Technicolor and our recent cost reductions at Republic Pictures International."
 Goldsmith also said that "The current resurgence in the popularity of the western genre is beginning to benefit Republic Pictures, which has long been considered `The Home of the Western.'" In addition to "Mad at the Moon," he noted that the first quarter included significant sell-thru sales from both the video repromotion of some of Republic's John Wayne westerns and reorders for the company's western miniseries, "Son of the Morning Star." Republic's contemporary western thriller, "Shadow Hunter," starring Scott Glenn, is scheduled for video release later this summer.
 As previously announced, Blockbuster Entertainment Corp. has invested $25 million in Republic Pictures in exchange for 2.5 million shares of newly issued common stock. Proceeds from this investment will become available to Republic Pictures after certain shareholders approvals expected later in the current second quarter. At that time, the shares will be included in the calculation of earnings per share and Republic Pictures will begin realizing interest savings from becoming largely debt-free.
 Republic Pictures Corp. is a producer and worldwide distributor of television programs, including the winners of both the Emmy and Golden Globe Awards for Best Movie/Miniseries of 1991. The company also acquires and produces theatrical and television productions for its worldwide television, theatrical and home video distribution operations. Republic is well-known for its extensive library of classic films, such as "The Quiet Man" and "High Noon," its Emmy- winning series "Beauty and the Beast" and such other popular off- network series as "Bonanza."
 REPUBLIC PICTURES CORP. AND SUBSIDIARIES
 Condensed Consolidated Statement of Income
 (Unaudited)
 Three Months Ended March 31,
 1993 1992
 Operating revenues:
 Television $6,140,000 $3,786,000
 Video and theatrical 8,522,000 10,241,000
 Total 14,662,000 14,027,000
 Operating expenses:
 Television 5,824,000 4,446,000
 Video and theatrical 7,280,000 9,701,000
 General and administrative 887,000 806,000
 Total 13,991,000 14,953,000
 Sale of video duplication facility --- 2,089,000
 Operating income 671,000 1,163,000
 Other income and expenses:
 Interest expense, net of interest
 income (397,000) (349,000)
 Income before income taxes and
 cumulative effect of a change in
 accounting principles 274,000 814,000
 Provision for income taxes 118,000 311,000
 Income before cumulative effect of
 a change in accounting principles 156,000 503,000
 Cumulative effect on prior years of
 a change in accounting for
 income taxes --- (1,354,000)
 Net income (loss) $156,000 ($851,000)
 Per common share:
 Earnings before cumulative effect
 of a change in accounting principles $.03 $.11
 Cumulative effect on prior years of a
 change in accounting for income taxes --- (.30)
 Earnings (loss) per common share $.03 ($.19)
 Weighted average shares outstanding 4,622,000 4,431,000
 -0- 5/13/93
 /CONTACT: Rachel McCallister of Rachel McCallister & Associates, 213-939-5991, for Republic Pictures/
 (RPICA)


CO: Republic Pictures Corp. ST: California IN: ENT SU: ERN

LS-JB -- LA039 -- 8344 05/13/93 17:19 EDT
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Date:May 13, 1993
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