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CHARTER REPORTS NINE MONTH EARNINGS OF $.37 PER SHARE AND EXPECTS TO INITIATE QUARTERLY DIVIDENDS IN 1992

         CHARTER REPORTS NINE MONTH EARNINGS OF $.37 PER SHARE
          AND EXPECTS TO INITIATE QUARTERLY DIVIDENDS IN 1992
    CINCINNATI, Nov. 15 /PRNewswire/ -- The Charter Company (NYSE: CHR) reported net earnings for the first nine months of 1991 of $17.2 million ($.37 per share) compared to a loss of $3.1 million ($.08 per share) in 1990.  The earnings in 1991 include $9.1 million from the results of operations and gain from the second quarter sale of Charter's Middle East oil concession which were reported as a discounted operation.  The loss in 1990 includes a $20 million loss provision recorded on an investment in securities.
    Net earnings for the third quarter of 1991 were $322,000 (less than $.01 per share) compared to $9.5 million ($.20 per share) in 1990.  The decrease in earnings was attributable primarily to the oil group which had lower sales and profit margins compared to the period in 1990 when oil markets were reacting to the events in the Middle East.
    Charter declared an annual dividend of $.05 per share for holders of record on Nov. 21, 1991 to be paid Dec. 6, 1991.  With the earnings of its Spelling Entertainment subsidiary expected to increase, Charter anticipates paying quarterly dividends of $.02 in 1992.
    Charter's 82 percent owned television entertainment subsidiary, Spelling Entertainment Inc., produces the highly successful Fox Network series, "Beverly Hills 90210."  In association with Lorimar, Spelling is also in production on a series titled "Jack of Hearts" to begin airing on CBS in January.  In recent months Spelling has produced the mini-series "Dynasty - The Reunion" that aired on ABC during October and the "Grass Roots" mini-series scheduled to air on NBC during the current television season.  In addition, Spelling is in pre-production on a television movie "Stranger in the Mirror" based on a Sidney Sheldon novel for ABC.
    Most of Spelling's revenues are derived from its Worldvision subsidiary, which licenses television programming and feature films for broadcast on television and cable stations both in the U.S. and foreign markets.  Besides "Beverly Hills 90210," Worldvision has various distribution rights to a large library of programming.
    American Financial Corporation owns 53 percent of Charter's 45.3 million common shares.  Charter's common stock trades on the New York and Pacific Stock Exchanges under the symbols CHR and CHRP, respectively.
                     THE CHARTER COMPANY AND SUBSIDIARIES
                       Condensed Statement of Operations
                   (in thousands, except per share amounts)
                                        Three months ended Sept. 30
                                            1991          1990
    Revenues:
    Petroleum marketing                  $112,670       $189,037
    Entertainment                          42,628            ---
    Investment income                         558          3,329
    Total                                $155,856       $192,366
    Earnings (loss) from continuing
     operations before income taxes(A)        558          9,565
    Income taxes                            1,198            381
    Earnings (loss) from continuing
     operations                             (640)          9,184
    Discontinued operations, net
     of taxes                                 ---            297
    Extraordinary items, net of taxes         962            ---
    Net Earnings (loss)                      $322         $9,481
    Preferred dividend requirement            202            202
    Net earnings (loss) applicable to
     common stock                           $ 120         $9,279
    Earnings (loss) per common share: -
        Continuing operations               ($.02)           .19
        Earnings (loss) before
         extraordinary items                 (.02)           .20
        Net earnings (loss)                   ---            .20
    Average number of common
      shares                               45,408         46,575
                                         Nine months ended Sept. 30
                                            1991          1990
    Revenues:
    Petroleum marketing                  $281,338       $416,588
    Entertainment                          63,414            ---
    Investment income                       5,010         10,033
    Total                                $349,762       $426,621
    Earnings (loss) from continuing
     operations before income taxes(A)      4,054         (4,099)
    Income taxes                            2,979            770
    Earnings (loss) from continuing
     operations                             1,075         (4,869)
    Discontinued operations, net
     of taxes                               9,109           1,762
    Extraordinary items, net of taxes       7,038            ---
    Net Earnings (loss)                  $ 17,222        ($3,107)
    Preferred dividend requirement            607            607
    Net earnings (loss) applicable to
     common stock                          $16,615       ($3,714)
    Earnings (loss) per common share: -
        Continuing operations                 $.01         ($.12)
        Earnings (loss) before
         extraordinary items                   .21          (.08)
        Ne         46,764
    Charter's operations include the results for Spelling Entertainment, Inc. following the acquisition of 82 percent of its common stock in May 1991.  Earnings (loss) from continuing operations in 1990 included an investment write-down of $20 million in the second quarter.  Prior year amounts have been restated to reflect Charter's oil producing concession as a discontinued operation.
    (A) -- Includes non-cash expenses for depreciation and amortization of intangibles of $2,285 and $387 for the three months ended Sept. 30, 1991 and 1990, respectively, and $4,387 and $1,129 for the respective nine month periods.
    -0-                       11/15/91
    /CONTACT:  Sandra Heimann of The Charter Company, 513-579-2482/
    (CHR) CO:  The Charter Company ST:  Ohio IN:  OIL SU:  ERN LC -- CL004 -- 1453 11/15/91 10:31 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 15, 1991
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