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GRANITE ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER OF 1992

 GRANITE ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER OF 1992
 NEW YORK, April 13 /PRNewswire/ -- Granite Broadcasting Corporation (NASDAQ: GBTVK) today announced its results for the three months ended March 31, 1992. Net revenue was $8,046,000 compared with $7,531,000 in 1991, a 6.8 percent increase. Operating cash flow (operating income before depreciation and amortization) for the three months ended March 31, 1992, was $2,513,000 compared with $2,042,000 in 1991, a 23.1 percent increase.
 "Granite's four stations experienced gains in net revenue and significant increases in operating cash flow during the first quarter of 1992," said W. Don Cornwell, chairman and chief executive officer. "All of our stations, with the exception of WEEK, experienced growth in non- political national advertising exceeding 20 percent. For the quarter, Granite's non-political national advertising increased by 13.6 percent. Despite the continuing strike at Caterpillar, Inc., which is headquartered in Peoria, Ill., WEEK-TV had an overall gain in net revenue of 12 percent. In addition, the expense reduction program implemented during 1991 continued into 1992 resulting in a slight decrease in station operating expense. As a result, the company's operating cash flow margin increased from 27.1 percent during the first quarter of 1991 to 31.2 percent during the 1992 first quarter."
 Granite is a New York-based group broadcasting company founded in 1988 to acquire and manage network-affiliated television stations and other media and communications-related properties. The company currently owns and operates KNTV(TV), the ABC affiliate serving San Jose, Calif., and the Salinas-Monterey, Calif., television market; WPTA-TV, the ABC affiliate serving Fort Wayne, Ind.; WEEK-TV, the NBC affiliate serving Peoria-Bloomington, Ill.; and KBJR-TV, the NBC affiliate serving Duluth, Minn., and Superior, Wis. The company was ranked 18 on Black Enterprise Magazine's 1990 Black Enterprise 100 List.
 GRANITE BROADCASTING CORPORATION
 (in thousands except per share data and number of shares)
 Three Months
 Percent
 Period ended 3/31/91 3/31/92 Change
 Net revenue $ 7,531 $ 8,046 6.8
 Station operating
 expense 5,274 5,256 (0.3)
 Depreciation 704 549 22.0
 Amortization 1,062 908 (14.5)
 Station operating
 income 491 1,333 171.5
 Corporate expense 215 277 28.8
 Operating income 276 1,056 282.6
 Interest expense 2,663 2,911 9.3
 Other 57 108 89.5
 Net loss $ (2,444) $ (1,963) (19.7)
 Div. requirement on
 series A
 preferred stock (10) (10)
 Net loss attributable
 to common
 shareholders $ (2,454) $ (1,973) (19.6)
 Net loss per
 common share $ (9.16) $ (0.59)
 Wtd. avg. common shares
 outstanding (A) 267,788 3,362,130
 Operating cash
 flow (B) $ 2,042 $ 2,513 23.1
 Operating cash
 flow margin
 (in percents) 27.1 31.2
 (A) On Jan. 22, 1992, the company completed its initial public offering of 3,450,000 shares of common stock (nonvoting). Giving effect to the issuance of such shares as well as shares issuable upon conversion of the outstanding issues of convertible preferred stock, the company's total number of shares (fully diluted) outstanding as of April 13, 1992, is 7,315,802.
 (B) "Operating cash flow" means operating income plus depreciation and amortization.
 -0- 4/13/92
 /CONTACT: Don Cornwell, chief executive officer of Granite Broadcasting, 212-826-2530/
 (GBTVK) CO: Granite Broadcasting Corporation ST: New York IN: ENT SU: ERN


SH -- NY048 -- 7747 04/13/92 12:11 EDT
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