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SPELLING REPORTS OPERATING RESULTS FOR FIRST QUARTER 1993

 FORT LAUDERDALE, Fla., May 17 /PRNewswire/ -- Spelling Entertainment Group (NYSE: SP; PSE), a leading producer and distributor of filmed entertainment, today announced first quarter earnings from continuing operations of $939,000, or two cents per share, as compared to $1,557,000, or three cents per share, for the same period in 1992.
 Revenue from continuing operations for the three months ended March 31, 1993 was $51,509,000 as compared to $57,601,000 for the three months ended March 31, 1992.
 Spelling President and Chief Executive Officer Steven R. Berrard commented that "Revenue and earnings for the first quarter of the prior year benefited from the delivery of a made-for-television movie and the international distribution of the movie Storyville. During the first three months of 1993, television production revenue included episodes of Beverly Hills, 90210 and Melrose Place but operating results did not reflect any benefit from made-for-television movies or the film titles recently acquired from Carolco Television."
 Berrard commented further that "the company expects operating results for the remainder of 1993 to benefit from the licensing of certain Carolco titles and the foreign theatrical release of Robert Altman's film Short Cuts. In addition, Spelling Television has several projects which are now being considered by the networks. These projects may result in additional series for the company."
 For the three months ended March 31, 1993, Spelling incurred a loss from discontinued operations of $5,515,000 compared to a loss of $1,629,000 in the same period in 1992.
 The current period loss from discontinued operations is primarily due to a previously announced one-time payment of $5 million for insurance protection to cover excess expenditures which may arise in connection with certain environmental matters, bankruptcy claims and other related matters.
 Recent developments have included the order of additional episodes of Beverly Hills, 90210 and Melrose Place by Fox Broadcasting Network for the upcoming 1993-94 television season.
 Also, effective April 1, 1993, Blockbuster Entertainment Corporation (NYSE: BV) acquired 24,522,375 shares of the company's common stock from American Financial Corporation and certain related entities. The acquisition of such shares, together with shares previously acquired, resulted in ownership by Blockbuster of approximately 53.8 percent of the company's outstanding common stock.
 Spelling's operations encompass a broad range of businesses in the filmed entertainment industry including the worldwide distribution of television programs and motion pictures and the development and production of television series, mini-series, movies for television and feature films. The company holds a library in excess of 12,000 hours of programming.
 Spelling Entertainment Group's common stock trades on the New York Stock Exchange and Pacific Stock Exchange.
 The following is a condensed statement of operations for the three- month periods ended March 31, 1993 and March 31, 1992.
 SPELLING ENTERTAINMENT GROUP INC.
 Unaudited Condensed Consolidated Statements of Operations
 (in thousands, except per share data)
 Three months ended
 March 31,
 1993 1992
 Revenue $ 51,509 $ 57,601
 Costs and expenses 44,750 50,191
 Operating income 6,759 7,410
 Other expense, net 4,146 3,485
 Earnings from continuing
 operations before income
 tax expense 2,613 3,925
 Income tax expense 1,674 2,368
 Earnings from continuing
 operations 939 1,557
 Loss from discontinued
 operations (5,515) (1,629)
 Loss before extraordinary
 items (4,576) (72)
 Extraordinary items --- 620
 Net earnings (loss) $(4,576) $ 548
 Preferred stock dividend
 requirement 203 203
 Net earnings (loss) applicable
 to common stock $(4,779) $ 345
 Earnings (loss) per common share:
 Continuing operations $ .02 $ .03
 Loss before extraordinary item (.09) (.01)
 Net earnings (loss) (.09) .01
 Weighted average number of
 common shares 50,996 45,514
 -0- 5/17/93
 /CONTACT: Gregory K. Fairbanks of Blockbuster Entertainment Corporation, 305-832-3250, for Spelling Entertainment Group/
 (SP BV)


CO: Spelling Entertainment Group Inc.; Blockbuster Entertainment
 Corporation ST: Florida IN: ENT SU: ERN


JB-BR -- FL005 -- 9022 05/17/93 08:38 EDT
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:May 17, 1993
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