American Radio Systems reports strong fourth quarter results.

BOSTON--(BUSINESS WIRE)--Feb. 27, 1997--American Radio Systems Corp. (NYSE: AFM) yesterday reported significant increases in revenues and broadcast cash flow.

For the fourth quarter of 1996, net revenues jumped 129.2 percent to $64.4 million from $28.1 million during the same period in 1995. Broadcast cash flow (before net local marketing agreement fees) increased 119.4 percent to $22.6 million from $10.3 million. On a same station basis for the fourth quarter of 1996, net revenues increased 14 percent and broadcast cash flow grew 22 percent. For the year ended Dec. 31, 1996, net revenues increased 82 percent to $178 million from $97.8 million in 1995, while broadcast cash flow (before net local marketing agreement fees) increased 85.3 percent to $58 million from $31.3 million. These increases resulted from improved radio station operations in virtually all of the company's markets and from the impact of station acquisitions.

Steve Dodge, chairman and CEO stated, "We believe the work we have done in 1996 sets the stage for accelerating same station growth rates in 1997 and beyond. We have emphasized the acquisition of stations in high growth markets, and we have invested heavily in the repositioning and marketing of over 20 underperforming FM stations. With strong initial ratings results in hand, we feel very good about our prospects for 1997, and for the second half of the year in particular."

                         AMERICAN RADIO SYSTEMS CORP.
                    Consolidated Statements of Operations
                     (in thousands, except per share data)

                     Three Months Three Months    Year       Year
                         Ended       Ended        Ended      Ended
                        Dec. 31,    Dec. 31,     Dec. 31,   Dec. 31,
                          1996        1995         1996       1995

Net revenues           $64,437     $28,149     $178,019    $97,772
Operating expenses:
  Operating expenses
   excluding depreciation
   and amortization and
   corporate general and
   administrative
   expenses             41,833      17,873      120,004     66,448
 Net local marketing
  agreement expense      3,250         450        8,128        600
 Depreciation and
  amortization           6,845       3,051       17,810     12,364
 Corporate general and
   administrative        1,431       1,330        5,046      3,908
    Total operating
     expenses           53,359      22,704      150,988     83,320
Operating income        11,078       5,445       27,031     14,452
Other income (expense):
  Interest expense      (7,070)     (3,526)     (22,287)   (12,497)
  Interest income          783       1,252        5,525      2,435
  Gains (losses) on
   sale of assets and
   other, net             (479)         (7)        (308)    11,544
    Total other income
     (expense)          (6,766)     (2,281)     (17,070)     1,482
INCOME FROM OPERATIONS
 BEFORE EXTRAORDINARY
 ITEM AND INCOME TAXES   4,312       3,164        9,961     15,934
INCOME TAX PROVISION    (1,865)     (1,376)      (4,826)    (6,829)
INCOME BEFORE
 EXTRAORDINARY LOSS      2,447       1,788        5,135      9,105
EXTRAORDINARY LOSS ON
 EXTINGUISHMENT OF DEBT     --        (817)          --       (817)
NET INCOME               2,447         971        5,135      8,288
REDEEMABLE COMMON
 AND PREFERRED STOCK
 DIVIDENDS              (2,406)         --       (4,973)      (815)
NET INCOME APPLICABLE TO
 COMMON STOCKHOLDERS       $41        $971         $162     $7,473
PRIMARY AND FULLY DILUTED
 PER COMMON SHARE AMOUNTS:
   Income before
    extraordinary loss   $0.00       $0.11        $0.01      $0.65
   Extraordinary loss       --      $(0.05)          --     $(0.06)
   Net income            $0.00       $0.06        $0.01      $0.59
PRIMARY AND FULLY
 DILUTED WEIGHTED
 AVERAGE NUMBER OF
 COMMON SHARES
 OUTSTANDING            21,984      15,181       20,510     12,646

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                 SELECTED CONSOLIDATED BALANCE SHEET DATA
                              (in thousands)

                                              Dec. 31,      Dec. 31,
                                                1996          1995

Cash and cash equivalents                    $10,447        $3,889
Working capital                               34,985        22,045
Intangible assets, net                       493,260       127,351
Total assets                                 716,303       248,796
Long-term debt, including current portion    330,672       152,504
Stockholders' equity                         396,162        76,035

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American Radio Systems Corp. shares began trading publicly in June 1995. The company owns and/or manages 47 FM and 22 AM stations in Boston, Baltimore, Portland, Sacramento, Hartford, Las Vegas, Austin, Buffalo, San Jose, West Palm Beach, Rochester, Dayton and Fresno. The company also has options and/or agreements to buy additional radio stations in Cincinnati, Sacramento, West Palm Beach, Rochester and Fresno. In addition, on Aug. 5, 1996, the company announced that it had reached an agreement to merge with EZ Communications Inc. EZ Communications owns and/or operates 23 radio stations in seven markets nationwide.

American Radio Systems Corp. management and EZ Communications Inc. management will be conducting a conference call at 11 a.m. (EST) (1-800-288-8974) on Thursday, Feb. 27, 1997 and will be available for questions. A recording of the call will be available at 1-800-475-6701 (access code 332094) until midnight Monday, March 3 for those parties unable to listen to the live call.

CONTACT: American Radio systems

Joe Winn or Bruce Danziger, 617/375-7500