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REPUBLIC PICTURES CORP. REPORTS FOURTH-QUARTER AND YEAR-END RESULTS

 LOS ANGELES, March 17 /PRNewswire/ -- For the fourth fiscal quarter ended Dec. 31, 1992, Republic Pictures Corp. (NASDAQ: RPICA) had revenues of $12,646,000, an operating loss of $3,877,000 and a net loss of $2,672,000, or $0.58 per share, it was announced today by Russell Goldsmith, chairman and chief executive officer. For the year ended Dec. 31, 1992, the company had revenues of $68,348,000, an operating loss of $2,082,000, and a net loss of $3,513,000, or $0.77 per share.
 In the prior-year's fourth quarter, the company reported revenues of $22,746,000, operating income of $1,004,000, and net income of $397,000, or $0.09 per share. In fiscal year 1991, the company reported revenues of $81,685,000, operating income of $2,425,000, and net income of $648,000, or $0.15 per share.
 The company incurred operating losses in the 1992 fourth quarter and fiscal year principally because of approximately $3,400,000 in film cost writedowns and other reserves related to the company's international distribution operation, which was recently restructured in order to improve future operating results. In addition, the net loss for fiscal year 1992 includes a non-recurring, non-cash charge of $1,354,000 for the cumulative effect on prior years of adopting a new tax accounting rule (Statement of Financial Accounting Standards No. 109). Revenues decreased on a year-to-year basis, because 1991 included two network television mini-series.
 In 1992, the company achieved 26 percent annual sales growth at Republic Pictures Home Entertainment for the second consecutive year, reflecting new feature film releases, new promotions of the Republic classic film library, and the first six titles under an exclusive home video distribution agreement with The Hallmark Hall of Fame.
 The restructuring of the company's international distribution unit involved a change in management, a reduction of operating costs and a refocusing of the company's feature film acquisition strategy.
 In 1993, Republic Pictures Productions already has delivered one television movie and is in pre-production on two more. The company's 1993 U.S. home video release schedule includes more than 25 new films, as well as new sell-through promotions.
 As recently announced, in February 1993, Blockbuster Entertainment Corp. invested $25 million in newly issued common stock of the company, which will result in the company being largely debt- free.
 Republic Pictures is a leading independent producer and worldwide distributor of filmed entertainment. The company distributes its extensive classic library and contemporary product to the television, home video and theatrical marketplaces on a global basis. Republic Pictures Home Entertainment has grown to become the 10th-largest distributor in the U.S. home video industry. The Republic library includes such classics as "The Quiet Man," "High Noon" and "The Bells of St. Mary's," as well as the off-network television series "Bonanza" and "Beauty And The Beast."
 REPUBLIC PICTURES CORP. AND SUBSIDIARIES
 Consolidated Statement of Operations
 (000s, except per share data)
 Three months ended Year ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Operating revenues:
 Television $4,302 $12,959 $25,322 $47,391
 Video and theatrical 8,344 9,787 43,026 34,294
 Total 12,646 22,746 68,348 81,685
 Operating expenses:
 Television 3,431 12,225 25,012 43,663
 Video and theatrical 12,300 8,709 43,812 32,444
 General and
 administrative 792 808 3,695 3,153
 Total 16,523 21,742 72,519 79,260
 Sale of video
 duplication facility --- --- 2,089 ---
 Operating income
 (loss) (3,877) 1,004 (2,082) 2,425
 Other income and
 expenses:
 Interest expense, net
 of interest income (409) (443) (1,367) (1,638)
 Minority interest
 in television
 venture --- 99 --- 287
 Income (loss) before
 income taxes and
 cumulative effective
 of a change in
 accounting principles (4,286) 660 (3,449) 1,074
 Benefit (provision)
 for income taxes 1,614 (263) 1,290 (426)
 Income (loss) before
 cumulative effect of
 a change in accounting
 principles (2,672) 397 (2,159) 648
 Cumulative effect on
 prior years of a
 change in accounting
 for income taxes --- --- (1,354) ---
 Net income (loss) ($2,672) $397 ($3,513) $648
 Weighted average
 shares outstanding 4,629 4,364 4,557 4,358
 Per common share:
 Earnings (loss) before
 cumulative effect of
 a change in account-
 ing principles ($.58) $.09 ($.47) $.15
 Cumulative effect on
 prior years of a
 change in account-
 ing for income taxes --- --- (.30) ---
 Earnings (loss) per
 common share ($.58) $.09 ($.77) $.15
 -0- 3/17/93
 /CONTACT: Rachel McCallister of Rachel McCallister & Associates, 213-939-5991, or Steve Stern of Stern and Co., 310-471-5123, both for Republic Pictures/
 (RPICA)


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

BP-JL -- LA030 -- 7204 03/17/93 17:40 EST
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