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|RCA Press Release for March 9, 1981|
In a statement released today in conjunction with the publication of its 1980 Annual Report, RCA Chairman and Chief Executive Officer Edgar H. Griffiths said:
"RCA's first quarter earnings will be down considerably from the prior year. "
There are three reasons for this decline:
-- Heavy expenditures associated with the introduction of the RCA "SelectaVision" VideoDisc System,
-- An unfavorable sales climate in January and early February, coupled with industrywide increases in programming costs, adversely affecting the operating results of the NBC Television Network, and
-- Inclusion in the first quarter of 1980 of an unusual gain of $18. 1 million from insurance proceeds relating to the Satcom III satellite.
Mr. Griffiths said that virtually all of RCA's operating units were performing strongly. He also pointed out that the RCA VideoDisc System has received a very strong reception from distributors and dealers.