LPAC........
Laser-Pacific Media Corporation Announces 114% Increase in Earnings Per Share For First Quarter 1999 -- FY99 First Quarter EPS $0.15 Versus $0.07
May 7, 1999
HOLLYWOOD, Calif., May 6 /PRNewswire/ via NewsEdge Corporation -- Laser-Pacific Media Corporation (Nasdaq: LPAC) announced the results of its operations for the first quarter ended March 31, 1999.
Net income for the quarter ended March 31, 1999 rose to $1,155,000, or $0.15 per share diluted, representing an increase of 114% in earnings per share. This compares to net income of $555,000, or $0.07 per share diluted, for the quarter ended March 31, 1998.
Revenues for the first quarter were $7,942,000 compared to revenues of $8,052,000 for the comparable quarter last year. The first quarter results benefited from an increase in revenues of $1,140,000 from continuing operations, or 17% over the comparable 1998 quarter. This increase virtually offsets the elimination of revenues resulting from the sale of the company's Canadian subsidiary, Pacific Video Canada LTD in May 1998.
James R. Parks, Chairman of the Board of Laser-Pacific, said, "The first quarter results were an excellent start for the year. The market demand for our post-production services has grown with the addition of new media outlets and the continued adoption of advanced digital technologies. In particular, we experienced increases in digital compression services including DVD, growth in our feature film mastering business, and increased volume in high definition television (HDTV) post-production."
Emory Cohen, President, said, "Our objective is to position Laser-Pacific at the cutting edge of new technologies and services. In order to support our leadership position in the industry we are continuing to invest in HDTV post-production technology, and increased feature film mastering capacity. We are also pursuing strategic industry partnerships. Recently, Laser-Pacific announced an agreement with Sony Electronics for the collaborative development of a 24-frame post-production system which is widely considered to be the next generation HDTV solution for the post-production industry. We expect HDTV post-production services to continue to be an additional source of growth in 1999."
Mr. Cohen concluded, "While we are entering the historically slower second quarter due to the seasonal nature of television production, we are encouraged by strong market demand for our services within the television and film industry, and our ability to provide new and improved services."
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
NOTE: Statements included within this press release which are not historical in nature constitute forward looking statements for the purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such statements involve uncertainties regarding actual results which could differ from those described herein. The factors include fluctuation in further penetration to new markets or in fluctuation in core service revenues. Careful consideration should be given to cautionary statements made in the Company's most recently filed SEC documents, in particular the Company's 10-K and previous 10-Qs.
LASER-PACIFIC MEDIA CORPORATION
AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended
March 31,
1998 1999
Revenues (1) $8,051,851 $7,941,609
Operating costs 5,927,686 5,416,689
Gross Profit 2,124,165 2,524,920
Selling, general and administrative
and other expenses 1,201,341 1,057,877
Income from operations 922,824 1,467,043
Interest expense 377,322 300,284
Other income 25,794 23,476
Income before income taxes 571,296 1,190,235
Provision for income taxes 16,000 34,900
Net Income $555,296 $1,155,335
Earnings per share
Net Income per basic share $0.08 $0.16
Net Income per diluted share $0.07 $0.15
Weighted average shares outstanding (basic) 7,128,172 7,167,296
Weighted average shares outstanding (diluted)7,510,300 7,809,066
(1) Revenues for the three months ended March 31, 1998, include
$1,250,000 in revenues from the Company's Canadian subsidiary, Pacific
Video Canada LTD which was sold May 15, 1998.
SOURCE Laser-Pacific Media Corporation
/CONTACT: Robert McClain, Chief Financial Officer of Laser-Pacific Media Corporation, 323-462-6266; or William F. Coffin, CEO, or Martin Halsall, Account Principal, both of Coffin Communications Group, 818-789-0100, for Laser-Pacific Media Corporation/ (LPAC)
[Copyright 1999, PR Newswire]
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