American Radio Systems Reports Strong Second Quarter Results.

BOSTON--(BUSINESS WIRE)--August 4, 1997--American Radio Systems Corporation (NYSE:AFM) today reported significant increases in revenues and broadcast cash flow for the quarter ended June 30, 1997.

For the three months ended June 30, 1997, net revenues increased 167.6 percent to $100.1 million from $37.4 million during the same period in 1996. Broadcast cash flow (before net local marketing agreement revenues) increased 183.6 percent to $36.3 million from $12.8 million last year. For the six month period ended June 30, 1997, net revenues increased 152.5 percent to $154.3 million from $61.1 during the same period in 1996. Broadcast cash flow grew 171.0 percent to $49.6 million from $18.3 million last year. On a same station basis for the second quarter of 1997, comparing all stations owned or operated for the entire quarter to those stations' results during the second quarter of 1996, net revenues increased 13.6 percent and broadcast cash flow grew 21.4 percent.

Steve Dodge, American's Chairman & CEO, stated, "In terms of year to year comparisons, this is the quarter that had concerned us the most, and our results turned out to be very solid. Strong overall ratings gains continue, and we look forward to the second half of the year in radio. As well, our tower subsidiary is now positioned to emerge as a significant cash flow contributor."

American Radio Systems Corporation began trading shares publicly in June, 1995. The Company owns and/or programs and markets approximately 100 radio stations in Boston, Seattle, Cincinnati, Baltimore, Pittsburgh, Portland, Sacramento, St. Louis, Charlotte, Kansas City, Hartford, Las Vegas, Austin, Buffalo, San Francisco/San Jose, West Palm Beach, Rochester, and Fresno. The Company also has options and/or agreements to buy additional radio stations in Portland, San Francisco/San Jose, Pittsburgh, West Palm Beach, Kansas City, St. Louis and Riverside.

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American Radio Systems Corporation Management will be conducting a conference call at 11:00 A.M. (EDT) (1-800-553-0358) on Tuesday, August 5, 1997 and will be available for questions. A recording of the call will be available at 1-800-475-6701 (Access Code: 350455) beginning at 1:00 P.M. and ending on August 8 at 11:59 P.M. EDT for those parties unable to listen to the live call.

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AMERICAN RADIO SYSTEMS CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)

                                        Three Months Ended June 30,
                                           1997              1996

NET REVENUES                           $  100,108      $    37,444
OPERATING EXPENSES:
  Operating expenses excluding
    depreciation and amortization,
    net local marketing agreement
    and corporate general and
    administrative expenses                63,847           24,650
  Net local marketing agreement
    (revenues) expenses                      (591)           2,139
  Depreciation and amortization            16,140            2,639
  Corporate general and administrative      2,156            1,259
    Total expenses                         81,552           30,687
OPERATING INCOME                           18,556            6,757
OTHER INCOME (EXPENSE):
  Interest expense                        (15,732)          (4,261)
  Interest income and other                   489            1,523
  Gains (losses) on sale of assets,
    and other, net                            420               (1)
    Total other income (expense)          (14,823)          (2,739)
INCOME (LOSS) FROM OPERATIONS BEFORE
  EXTRAORDINARY ITEM AND INCOME TAXES       3,733            4,018
INCOME TAX (BENEFIT) PROVISION              1,312            1,807
LOSS BEFORE EXTRAORDINARY LOSS              2,421            2,211
EXTRAORDINARY LOSS ON EXTINGUISHMENT
  OF DEBT, NET OF INCOME TAX BENEFIT OF
  $1,013 IN 1997
NET (INCOME) LOSS                           2,421            2,211
REDEEMABLE PREFERRED STOCK DIVIDENDS       (8,094)            (134)
NET INCOME (LOSS) APPLICABLE TO COMMON
  STOCKHOLDERS                         $   (5,673)     $     2,077
PRIMARY AND FULLY DILUTED PER
  COMMON SHARE AMOUNTS:
  Loss before extraordinary loss       $     (.20)     $       .10
  Extraordinary loss
  Net income (loss)                    $     (.20)     $       .10
WEIGHTED AVERAGE NUMBER OF COMMON
  SHARES OUTSTANDING                       29,089           20,142


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                                         Six Months Ended June 30,
                                             1997        1996

NET REVENUES                           $   154,345 $     61,092
OPERATING EXPENSES:
  Operating expenses excluding
    depreciation and amortization,
    net local marketing agreement
    and corporate general and
    administrative expenses                104,731       42,774
  Net local marketing agreement
   (revenues) expenses                       1,341        2,589
  Depreciation and amortization             23,564        4,839
  Corporate general and administrative       3,934        2,340
    Total expenses                         133,570       52,542
OPERATING INCOME                            20,775        8,550
OTHER INCOME (EXPENSE):
  Interest expense                         (23,236)      (8,964)
  Interest income and other                  1,145        3,640
  Gains (losses) on sale of assets,
    and other, net                             639          (35)
    Total other income (expense)           (21,452)      (5,359)
INCOME (LOSS) FROM OPERATIONS BEFORE
  EXTRAORDINARY ITEM AND INCOME TAXES         (677)       3,191
INCOME TAX (BENEFIT) PROVISION                (374)       1,436
LOSS BEFORE EXTRAORDINARY LOSS                (303)       1,755
EXTRAORDINARY LOSS ON EXTINGUISHMENT
  OF DEBT, NET OF INCOME TAX BENEFIT OF
  $1,013 IN 1997                            (1,639)
NET INCOME (LOSS)                           (1,942)       1,755
REDEEMABLE PREFERRED STOCK DIVIDENDS       (14,292)        (134)
NET INCOME (LOSS) APPLICABLE TO COMMON
  STOCKHOLDERS                         $   (16,234)  $    1,621
PRIMARY AND FULLY DILUTED PER
  COMMON SHARE AMOUNTS:
  Income (loss) before extraordinary
   loss                                $      (.58)  $      .09
  Extraordinary loss                          (.07)
  Net income (loss)                    $      (.65)  $      .09
WEIGHTED AVERAGE NUMBER OF COMMON
  SHARES OUTSTANDING                        25,080       19,026


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SELECTED CONSOLIDATED BALANCE SHEET DATA
(In Thousands)
                                       June 30, 1997    December 31,
                                           1997              1996

CASH AND CASH EQUIVALENTS             $   14,469        $    10,447
RESTRICTED CASH                            8,896
WORKING CAPITAL                           55,743             34,986
INTANGIBLE ASSETS, NET                 1,542,526            493,260
TOTAL ASSETS                           1,918,238            796,303
LONG-TERM DEBT, INCLUDING CURRENT
  PORTION                                760,563            330,672
STOCKHOLDERS' EQUITY                     684,697            396,163

CONTACT: American Radio Systems Corp.

Joe Winn

617/375-7500