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SPI HOLDING ANNOUNCES RESULTS OF OPERATIONS FOR THREE MONTHS AND NINE MONTHS ENDED SEPT. 30, 1991

    SPI HOLDING ANNOUNCES RESULTS OF OPERATIONS FOR THREE MONTHS
              AND NINE MONTHS ENDED SEPT. 30, 1991
    RICHARDSON, Texas, Nov. 4 /PRNewswire/ -- SPI Holding, Inc., today announced the results of operations for the three months and the nine months ended Sept. 30, 1991.
    For the three months ended Sept. 30, 1991, revenues increased 7.9 percent to $46.9 million as compared to $43.5 million in the same period of 1990.  This increase is primarily due to an increase in the average price per view and additional equipped hotel rooms.  The net loss from operations before the preferred stock dividend for the three months ended Sept. 30, 1991, was $10.8 million as compared to $15.5 million for the same period of 1990.  Loss per share after the preferred stock dividend was $6.86 for the three months ended Sept. 30, 1991, as compared to $7.96 loss per share for the comparable period in 1990 after restating for the effect of the 1-for-20 reverse stock split on Sept. 13, 1991.
    For the nine months ended Sept. 30, 1991, revenues increased 12.5 percent to $130.2 million as compared to $115.7 million for the comparable nine months of 1990.  This increase is primarily due to an increase in the average price per view and additional equipped hotel rooms.  Net loss from operations before the preferred stock dividend for the nine months ended Sept. 30, 1991, was $43.6 million as compared to a net loss of $52.6 million for the same period of 1990.  Loss per share after the preferred stock dividend was $23.93 for the nine months ended Sept. 30, 1991, as compared to $25.60 loss per share for the comparable period in 1990 after restating for the effect of the 1-for-20 reverse stock split on Sept. 13, 1991.
                           SPI HOLDING, INC.
                 (In millions, except per share data)
                           Three Months Ended       Nine Months Ended
                                Sept. 30                Sept. 30
                            1991        1990         1991       1990
    Revenues                $46.9       $43.5        $130.2     $115.7
    Operating income before
     deducting amortization,
     depreciation, interest
     & taxes                 20.8        16.6          53.2       42.4
    Net loss from
     operations             (10.8)      (15.5)        (43.6)     (52.6)
    Preferred Stock
     dividend                 9.7         8.3          28.0       24.0
    Net loss applicable
     to common
     shareholders          $(20.5)     $(23.8)       $(71.6)    $(76.6)
    Net loss per
     common share           $(6.86)     $(7.96)      $(23.93)   $(25.60)
    Average shares
     outstanding(A)      2,993,231   2,993,231     2,993,231  2,993,231
    (A) Restated for the 1-for-20 stock split on Sept. 13, 1991.
    -0-                     11/4/91
    /CONTACT:  Dan Hair, vice president and chief financial officer of SPI Holding, 214-234-2721/ CO:  SPI Holding, Inc. ST:  Texas IN: SU:  ERN PS -- NY090 -- 0975 11/04/91 18:26 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 4, 1991
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