CHRIS-CRAFT REPORTS FIRST-QUARTER EARNINGS
CHRIS-CRAFT REPORTS FIRST-QUARTER EARNINGS NEW YORK, April 15 /PRNewswire/ -- Chris-Craft Industries, Inc.
(NYSE: CCN) today reported that first-quarter net income declined 14 percent to $10,689,000, or $.40 per share, from last year's $12,429,000, or $.46 per share.
Operating results of Chris-Craft's Television Broadcasting Division continued to be adversely affected by weak demand for television advertising. Interest income also declined from last year's period. Herbert J. Siegel, Chris-Craft chairman and president, stated, "Television Division operating revenues failed to surpass the corresponding prior-year amount for an unprecedented fifth consecutive quarter, reflecting the continuing impact of the recession on the television broadcasting industry. Television Division operating revenues for the quarter declined 4 percent, to $55,662,000 from $58,254,000 last year. "Television station operating expenses declined slightly from last year's first quarter, reflecting positive results from our ongoing effort to better align our cost of doing business with today's marketplace. However, the revenue decline, together with an increase in program development expense, resulted in a Television Division operating loss of $9,676,000, vs. an operating loss of $6,344,000 in last year's first quarter. "While seasonal factors generally make first-quarter operating revenues the weakest of the year, we do not expect demand for television advertising to strengthen until the nation's economy improves significantly." Interest and other income declined to $32,949,000 from $37,244,000 in last year's first quarter. Cash held in money market instruments increased significantly from last year's period, but interest income declined approximately $3.8 million, reflecting the decline in short- term interest rates. CHRIS-CRAFT INDUSTRIES, INC. Consolidated Statements of Income (Unaudited; in thousands, except per-share data) Three months ended March 31 1992 1991 Operating revenues $61,056 $63,265 Operating loss (11,942) (9,645) Interest and other income, net 32,949 37,244 Income before income taxes and minority interest 21,007 27,599 Income tax provision 5,250 7,500 Income before minority interest 15,757 20,099 Minority interest (A) (5,068) (7,670) Net income (B) 10,689 12,429 Average common equivalent shares outstanding (C) 26,392 26,551 Net income per share (C): - Primary $.40 $.46 - Fully diluted .30 .35 (A) -- Reflects the interest of stockholders other than Chris-Craft in the operating results of BHC Communications, Inc., Chris-Craft's television broadcasting subsidiary, 66 percent-owned at March 31, 1992, and the interest of stockholders other than BHC in the operating results of United Television, Inc., 52.4 percent-owned by BHC. (B) -- Before preferred stock dividend requirements of $126 in 1992 and $127 in 1991. (C) -- After giving effect to the April 1992 2 percent stock dividend. -0- 4/15/92 /CONTACT: Laurence M. Kashdin of Chris-Craft Industries, 305-946-4000/ (CCN) CO: Chris-Craft Industries, Inc. ST: New York IN: ENT SU: ERN
CK-OS -- NY055 -- 8684 04/15/92 12:15 EDT
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|Date:||Apr 15, 1992|
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