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REGIONAL EARNINGS

Live Entertainment Shows Small Profit in Quarter

April 20, 1993

Live Entertainment Inc., a Van Nuys distributor and retailer of videocassettes that recently emerged from bankruptcy reorganization, reported a small profit in the final quarter of 1992.

Live said that it earned $420,000 in the three months that ended Dec. 31, in contrast with a year-earlier loss of $7.81 million. Its revenue declined 27%, to $89.6 million from $122.4 million a year before.

For all of 1992, Live lost $14.8 million, compared to a $108-million loss in 1991. Its annual revenue fell to $291.4 million, down 19% from $361.4 million.

The 1992 results included a $4-million gain from the restructuring of some of its notes. Without the gain and other items, Live's loss from continuing operations was $2.73 million in the fourth quarter and $16.4 million for the year. Nonetheless, Live said its auditors are no longer questioning the company's ability to survive.

Live said its financial problems in 1992 stemmed from a lack of cash and financing and high debt costs. Under a new financing package, Live now has $67 million in available credit. It also has a new three-year video distribution deal.

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