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REPUBLIC PICTURES CORPORATION REPORTS FOURTH QUARTER AND YEAREND RESULTS

 REPUBLIC PICTURES CORPORATION REPORTS FOURTH QUARTER
 AND YEAREND RESULTS
 LOS ANGELES, Feb. 28 /PRNewswire/ -- Republic Pictures Corporation (NASDAQ: RPICA) reported net income of $397,000, or 9 cents per share, on revenues of $22,746,000 for the fourth quarter ended Dec. 31, 1991, it was announced today by Russell Goldsmith, Chairman and Chief Executive Officer. Net income and revenues for the prior year's fourth quarter amounted to $697,000 (16 cents) and $21,918,000, respectively. Operating income amounted to $1,004,000 for the fourth quarter of 1991, as compared with $1,295,000 in the corresponding quarter of 1990.
 For the year ended Dec. 31, 1991, net income was $648,000, or 15 cents per share, on record revenues of $81,685,000, as compared with net income of $727,000, or 17 cents per share, and revenues of $57,351,000 in 1990. For the fiscal year 1991, operating income doubled to a record $2,425,000 from $1,209,000 in 1990. Net income decreased slightly because of increased interest expense and a greater share of operating income being attributable to the Company's television development and production venture with a third party.
 "This marks the Company's sixth consecutive profitable year, even as we have made significant investments in our long-term growth," said Mr. Goldsmith. "Together with our growing financial resources, which are stronger than ever, this makes Republic very well positioned for the future."
 Fourth quarter television revenues increased 5 percent to $12,959,000 from $12,331,000 in 1990. The fourth quarter of 1991 included the network license fees for three new television movies ("One Against the Wind," "What She Doesn't Know" and "Posing: Inspired by Three Real Stories") delivered in the quarter to CBS and NBC. The corresponding quarter of 1990 also featured strong television revenues, with the delivery of one four-hour miniseries.
 Video revenues for the fourth quarter increased 2 percent to $9,787,000 from $9,587,000. In the fourth quarter of 1991, the Company released seven new feature films and television productions. The prior year's fourth quarter also included a strong release slate.
 For the year ended December 31, 1991, television revenues increased 57 percent, to $47,391,000 from $30,120,000. In addition to the three new network movies delivered in the fourth quarter, 1991 also included revenues for two four-hour miniseries and one television movie completed earlier in the year ("Separate But Equal;" "Love, Lies and Murder" and "Fire! Trapped on the 37th Floor.") This level of network production activity represented a substantial increase over 1990. In addition to network license fees, these new productions generated international television and video revenues. Both years also included television revenues for the Company's film and television series library.
 Video revenues for the full year increased 26 percent, to $34,294,000 in 1991 from $27,231,000 in 1990, reflecting a stronger feature film release schedule. For example, the Company's largest selling rental title for 1991 was the third quarter release of "Cadence," which generated substantially greater revenues than did the largest of 1990, "Deceptions."
 Republic Pictures Corporation 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 General Motors Mark of Excellence Presentation "Separate But Equal" and The Hallmark Hall of Fame Presentation "One Against The Wind," respectively). The Company also acquires 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 CORPORATION AND SUBSIDIARIES
 SUMMARY FINANCIAL INFORMATION
 Year Ended December 31,
 1991 1990
 Total revenues $81,685,000 $57,351,000
 Operating income $2,425,000 $1,209,000
 Net income $648,000 $727,000
 Earnings per common share $.15 $.17
 Weighted average shares outstanding 4,358,000 4,335,000
 Three Months Ended December 31,
 1991 1990
 Total revenues $22,746,000 $21,918,000
 Operating income $1,004,000 $1,295,000
 Net income $397,000 $697,000
 Earnings per common share $.09 $.16
 Weighted average shares outstanding 4,364,000 4,336,000
 REPUBLIC PICTURES CORPORATION AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENT OF INCOME
 Three Months Year Ended
 Ended December 31, December 31,
 1991 1990 1991 1990
 Operating revenues:
 Television $12,959,000 $12,331,000 $47,391,000 $30,120,000
 Video 9,787,000 9,587,000 34,294,000 27,231,000
 22,746,000 21,918,000 81,685,000 57,351,000
 Operating expenses:
 Television 12,225,000 12,754,000 43,663,000 29,320,000
 Video 8,709,000 7,092,000 32,444,000 23,662,000
 General and
 administrative 808,000 777,000 3,153,000 3,160,000
 21,742,000 20,623,000 79,260,000 56,142,000
 Operating income 1,004,000 1,295,000 2,425,000 1,209,000
 Other income and
 expenses:
 Interest expense,
 net of interest
 income (443,000) (298,000) (1,638,000) (1,100,000)
 Minority interest
 in television
 venture 99,000 231,000 287,000 1,168,000
 Income before
 taxes 660,000 1,228,000 1,074,000 1,277,000
 Provision for
 income taxes 263,000 531,000 426,000 550,000
 Net income $397,000 $697,000 $648,000 $727,000
 Earnings per
 common share $.09 $.16 $.15 $.17
 Weighted average
 shares
 outstanding 4,364,000 4,336,000 4,358,000 4,335,000
 -0- 2/28/92
 /CONTACT: Steve Stern of Sitrick & Co., 310-788-2850; or David Kirchheimer, senior VP and CFO of Republic Pictures Corp., 310-302-1637/
 (RPICA) CO: Republic Pictures Corporation ST: California IN: ENT SU: ERN


KJ-JL -- LA028 -- 3962 02/28/92 19:43 EST
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