EPS up 26%, Revenues up 28%.......
Monday February 1, 7:47 pm Eastern Time
Company Press Release
SOURCE: Laser-Pacific Media Corporation
Laser-Pacific Media Corp Expects Record Earnings
From Operations for Fourth Quarter 1998
HOLLYWOOD, Calif., Feb. 1 /PRNewswire/ -- Laser-Pacific Media Corporation (Nasdaq: LPAC - news) announced today
that it estimates 1998 preliminary fourth quarter earnings per share to be approximately 25% higher than the same period last
year. Preliminary earnings from operations for the fourth quarter 1998 are estimated to exceed $1,900,000 or .24 per share
diluted, compared to $1,379,000, or .19 per share diluted, in the fourth quarter of 1997.
Company Chairman and Chief Executive Officer James R. Parks in announcing the results attributed this estimated increase in
fourth quarter earnings to ''increased activity in the Company's core business of providing technical services to television
program producers as well as increased activities in DVD and HDTV services.''
The Company expects revenues in the fourth quarter will exceed $9,300,000, a 4% increase compared to $8,955,000 in
revenues in the fourth quarter 1997. Parks further stated, ''that it is important to note that this fourth quarter revenue increase
reflects dramatic growth as the revenues from 1997 included revenues of $1,687,000 from the Company's Canadian subsidiary,
PV Canada.'' PV Canada was sold in the second quarter of 1998. The estimated fourth quarter 1998 revenues from domestic
operations of approximately $9,300,000 reflects a 28% increase over comparable domestic revenues of $7,268,000 in the
fourth quarter 1997.
''The current television season is one of the busiest in Laser-Pacific's recent history,'' Parks said. ''We are providing services
on more than 35 television programs this season as well as a broad range of post-production services on behalf of clients
including New Line Cinema, Home Box Office, ABC, CBS, Paramount/Viacom, Spelling Television, and Columbia/Tristar.
Laser- Pacific is also benefiting from an unprecedented volume of DVD authoring, encoding and design assignments and
continued growth of our feature film mastering business, a business we began offering just last year.
''In addition, our investment in high definition television (HDTV) post- production has established Laser-Pacific as a leader in
this emerging market. We expect HDTV services to become an important source of growth as the transition to digital television
gains momentum in the future.
''We expect the market for post-production services to grow with the addition of new media outlets and new digital
technologies. As a recognized leader in the industry, Laser-Pacific is well positioned to continue to benefit from these trends,''
Parks said.
Laser-Pacific Media Corporation is a supplier of film and video post- production services to major producers, studios,
networks, and multimedia customers. The Company has received four Emmy(TM) awards for outstanding achievement in
engineering development.
In conjunction with the provisions of the ''Safe Harbor'' section of the Private Securities Litigation Reform Act of 1995, this
news release contains forward-looking statements pertaining to future anticipated projected performance and developments, as
well as other statements relating to future operations. The Company's auditors have not completed their audit of the Company's
fourth quarter results. As such the revenues and earnings reported herein are preliminary and are subject to completion of the
audit. It is possible that the revenues and earnings reported herein may require adjustment on completion of the audit and may
change materially. All such forward- looking statements are only estimates of future results and there can be no assurance that
actual results will not materially differ from expectations. Further information on potential factors that could affect Laser-Pacific
are included in the Company's Form 10Q and Form 10K filed with the Securities and Exchange Commission.
SOURCE: Laser-Pacific Media Corporation
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