Printer Friendly

BHC COMMUNICATIONS REPORTS INCREASE IN 1992 EARNINGS

 NEW YORK, Feb. 9 /PRNewswire/ -- BHC Communications, Inc. (AMEX: BHC) today reported that its net income in 1992 increased to $109,295,000 or $4.09 per share, from $108,115,000, or $3.89 per share, in 1991. The dollar amount of net income rose only 1 percent as a substantial increase in television station earnings was offset by a reduction in interest and other income. However, per share earnings for the year increased 5 percent, as purchases of Class A common stock under BHC's previously announced stock repurchase program reduced the average number of common shares outstanding to 26.7 million from 27.8 million in 1991.
 Herbert J. Siegel, BHC chairman and president, stated: "Except for Olympics and political advertising, which did not significantly benefit BHC's television stations, demand for television advertising was generally sluggish throughout 1992. Nonetheless, total earnings posted by our station group increased sharply, primarily due to reduced programming expenses and post acquisition earnings at station WWOR, which BHC acquired in August 1992.
 "While operating revenues at BHC stations other than WWOR declined slightly in 1992, the addition of WWOR brought operating revenues for the year to a record $307,883,000, up 17 percent from 1991's $262,568,000. Programming costs at our stations other then WWOR, declined 12 percent, and earnings at these stations more than doubled. Including WWOR, station earnings rose 172 percent, which, after corporate office and program development expenses, produced an increase in operating income to $22,362,000 from $517,000 in 1991."
 Interest and other income declined to $130,433,000 from $144,968,000. A $20.4 million decline in interest income, resulting primarily from the utilization of funds to acquire WWOR and lower short-term interest rates, was only partially offset by increased income associated with BHC's holdings of Time Warner Inc. convertible preferred stock.
 BHC fourth quarter net income increased to $33,730,000, or $1.29 per share, from $29,766,000, or $1.08 per share, in 1991. While the dollar amount of net income rose 13 percent in the quarter, per share earnings increased 19 percent, due to the reduction in the average number of common shares outstanding. Fourth quarter operating revenues increased 40 percent, to $104,361,000 from $74,294,000, as revenues attributable to WWOR more than offset a small decline in revenues at other BHC stations. Earnings at these stations nonetheless increased, primarily due to an 8 percent decline in programming expenses. After WWOR earnings and reduced program development expense, fourth quarter operating income more than doubled, to $13,224,000 from $6,475,000 in 1991. Interest and other income in the fourth quarter declined modestly, to $34,032,000 form the prior year's $35,158,000, as a $6.8 million reduction in interest income was essentially offset by an increase in income associated with BHC's Time Warner shares.
 Time Warner has called for redemption all shares of its Series D 11 percent pay in kind convertible preferred stock, including those held by BHC, and BHC will record a related 1993 first quarter gain, before income taxes and minority interest, of approximately $94 million. BHC and its subsidiaries continue to hold Time Warner Series C 8-3/4 percent cash pay convertible preferred stock.
 BHC operates eight television stations, three wholly owned and five owned by its 53 percent owned subsidiary, United Television, Inc. The nation's sixth largest television broadcaster, BHC's signals reach approximately 20 percent of the country's population, including the two largest television markets, New York and Los Angeles. Operating results of WWOR, acquired by BHC on Aug. 24, 1992, are included in BHC's consolidated operating results form the date of acquisition. Chris-Craft Industries, Inc. owns all of BHC's Class B common shares, which at Dec. 31, 1992 represented 69 percent of BHC's outstanding equity and 96 percent of its voting power. BHC's Class A common shares, which represent the balance of BHC's outstanding equity and voting power, trade on the American Stock Exchange.
 BHC COMMUNICATIONS, INC.
 Condensed Consolidated Statements of Income
 (In thousands, except per share data)
 Fourth Quarter Year-ended
 (unaudited)
 1992(A) 1991 1992(A) 1991
 Operating revenues $104,361 $74,294 $307,883 $262,568
 Operating income 13,224 6,475 22,362 517
 Interest and other income 34,032 35,158 130,433 144,968
 Income before income taxes
 and minority interest 47,258 41,633 152,795 145,485
 Income tax provision 9,900 10,275 36,100 34,900
 Income before minority interest 37,356 31,358 116,695 110,585
 Minority interest (B) (3,626) (1,592) (7,400) (2,470)
 Net income 33,730 29,766 109,295 108,115
 Average common
 shares outstanding 26,092 27,625 26,734 27,790
 Net income per share 1.29 1.08 4.09 3.89
 (A) -- Reflects the post acquisition operating results of Pinelands, Inc. (owner of WWOR), acquired by BHC on Aug. 24, 1992 in a transaction accounted for under the purchase method.
 (B) -- Reflects the interest of stockholders other than BHC in the operating results of United Television, Inc., 53 percent at Dec. 31, 1992.
 -0- 2/9/93
 /CONTACT: William D. Siegel of BHC Communications, 212-421-0200/
 (BHC)


CO: BHC Communications, Inc. ST: New York IN: ENT SU: ERN

TS-WB -- NY025 -- 4608 02/09/93 11:11 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 9, 1993
Words:892
Previous Article:VF ANNOUNCES RECORD SALES AND EARNINGS FOR 1992 AND DECLARES DIVIDEND
Next Article:BRUNSWICK ANNOUNCES 1992 FINANCIAL RESULTS AND DECISION TO DIVEST ITS TECHNICAL SEGMENT
Topics:


Related Articles
BHC COMMUNICATIONS REPORTS SHARPLY HIGHER THIRD QUARTER EARNINGS
CHRIS-CRAFT REPORTS 40 PERCENT INCREASE IN THIRD QUARTER EARNINGS
CHRIS-CRAFT INDUSTRIES REPORTS 12 PERCENT IN 1992 EARNINGS
BHC FIRST QUARTER NET INCOME SOARS
CHRIS-CRAFT FIRST QUARTER NET INCOME SOARS
BHC REPORTS SHARPLY HIGHER SECOND QUARTER AND SIX MONTH NET INCOME
CHRIS-CRAFT REPORTS HIGHER SECOND QUARTER AND SIX MONTH NET INCOME
BHC COMMUNICATIONS REPORTS HIGHER THIRD QUARTER PRETAX EARNINGS, BUT LOWER NET INCOME
CHRIS-CRAFT REPORTS HIGHER THIRD QUARTER PRETAX EARNINGS, BUT LOWER NET INCOME
BHC COMMUNICATIONS, INC. 1993 NET INCOME SOARS 105%

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters