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CHRIS-CRAFT REPORTS 40 PERCENT INCREASE IN THIRD QUARTER EARNINGS

 CHRIS-CRAFT REPORTS 40 PERCENT INCREASE IN THIRD QUARTER EARNINGS
 NEW YORK, Nov. 5 /PRNewswire/ -- Chris-Craft Industries, Inc. (NYSE: CCN), today reported that its third quarter net income increased 40 percent to $19,430,000, or $.73 per share, from $13,878,000, or $.52 per share, last year. The increase in net income is primarily attributable to strong earnings at Chris-Craft's core television broadcasting business.
 Herbert J. Siegel, Chris-Craft chairman and president, stated, "The television advertising market remained generally sluggish in the third quarter. However, our television broadcasting division achieved significantly improved operating results, reflecting reduced programming expenses and, to a lesser degree, post-acquisition earnings of recently acquired station WWOR.
 "Television division operating revenues increased 32 percent, to $78,358,000 from last year's $59,370,000, but virtually all of the revenue increase was attributable to WWOR. Programming costs at our stations other than WWOR declined 29 percent in the quarter, producing a substantial increase in the combined earnings of those stations. Television division operating income totaled $12,082,000, reversing a corresponding operating loss of $5,605,000 in last year's third quarter."
 Interest and other income decreased in the third quarter to $32,262,000 from last year's $35,851,000, primarily due to the significant decline from last year in short-term interest rates and the utilization of funds to acquire WWOR.
 Chris-Craft net income for the first nine months of 1992 increased 16 percent to $47,413,000, or $1.77 per share, from $41,004,000, or $1.54 per share, last year. Television division operating revenues for the nine-month period increased 8 percent to $203,522,000 from last year's $188,274,000, as revenues attributable to WWOR more than offset a small decline in revenues recorded at the company's other stations. Earnings at those stations nonetheless rose significantly, due to a 13 percent decline in programming expenses. Television division operating income for the nine-month period accordingly totaled $13,282,000, reversing last year's corresponding operating loss of $3,314,000. After a reduction in corporate office expenses and a small decline in industrial division earnings, consolidated operating income totaled $7,105,000, compared to an operating loss of $10,806,000 in last year's nine-month period. Interest and other income declined to $94,773,000 from $103,460,000, as a substantial reduction in interest income was only partially offset by a decline in losses associated with certain nonoperating assets.
 Chris-Craft operates its eight-station television broadcasting division through 68 percent owned BHC Communications, 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, which was acquired by BHC on Aug. 24, 1992, are included in consolidated operating results from the date of acquisition. Chris- Craft operates its industrial division through wholly owned Chris-Craft Industrial Products, Inc.
 CHRIS-CRAFT INDUSTRIES, INC.
 Condensed Consolidated Statements of Income
 (Unaudited; in thousands except per share data)
 Periods ended Third Quarter Nine Months
 Sept. 30 1992(C) 1991 1992(C) 1991
 Operating revenues $ 84,219 $ 64,386 $221,080 $203,750
 Operating income (loss) 9,913 (7,745) 7,105 (10,806)
 Interest and other inc., net 32,262 35,851 94,773 103,460
 Income before income taxes
 and minority interest 42,175 28,106 101,878 92,654
 Income tax provision 11,200 6,325 26,100 23,125
 Income before minority int. 30,975 21,781 75,778 69,529
 Minority interest (A) (11,545) (7,903) (28,365) (28,525)
 Net income (B) $ 19,430 $ 13,878 $ 47,413 $ 41,004
 Average common equivalent
 shares outstanding 26,267 26,284 26,303 26,438
 Net income per share:
 Primary $.73 $.52 $1.77 $1.54
 Fully diluted $.55 $.40 $1.34 $1.16
 (A) -- Reflects the interest of stockholders other than Chris-Craft in the operating results of BHC Communications, Inc., Chris-Craft's television broadcasting subsidiary, 88 percent owned by Sept. 30, 1992, and the interest of stockholders other than BHC in the operating results of United Television, Inc., 53 percent owned by BHC at Sept. 30, 1992.
 (B) -- Before preferred stock dividend requirements of $126 in the third quarters, and $378 and $380 in the nine-month periods of 1992 and 1991, respectively.
 (C) -- Reflects the post-acquisition operating results of Pinelands, Inc. (owner of WWOR), which was acquired by BHC on Aug. 24, 1992, in a transaction accounted for under the purchase method.
 -0- 11/5/92
 /CONTACT: Laurence M. Kashdin of Chris-Craft, 305-946-4000/
 (CCN) CO: Chris-Craft Industries, Inc. ST: New York, Florida IN: ENT SU: ERN


GK-KW -- NY104 -- 7809 11/05/92 14:40 EST
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Date:Nov 5, 1992
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