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GREAT AMERICAN COMMUNICATIONS COMPANY ANNOUNCES YEAR END RESULTS

 CINCINNATI, March 31 /PRNewswire/ -- Great American Communications Company (NASDAQ-NMS: GACC) reported financial results for the year and fourth quarter ended Dec. 31, 1992. GACC reported revenues of $210.8 million in 1992, a 5-percent increase over the previous year. Operating income (after depreciation and amortization) increased 17 percent from $22 million in 1991 to $25.6 million in 1992. The fourth quarter also saw increased revenues and operating income. Revenues were $55.8 million, an increase of 6 percent over the fourth quarter of 1991, and operating income was $10.4 million, a 47-percent increase over the operating income for the same period in 1991.
 Due to several nonrecurring transactions, the loss from continuing operations and the net loss for 1992 are not comparable to 1991 results. In the fourth quarter of 1992, GACC reduced the carrying value of its broadcast assets by approximately $507 million. This adjustment was made to reduce the carrying value (book value) of the assets to their estimated current market value. The results from 1991, on the other hand, included gains from the sales of Black Entertainment Television and the Company's entertainment division (nearly $75 million) along with a $114 million gain on debt retirements. The loss from continuing operations and the net loss for 1992 were $576.3 million ($10.16 per share) and $560 million ($9.87 per share), respectively. The loss from continuing operations in 1991 was $66.6 million ($1.40 per share); net earnings for 1991 were $92 million ($1.93 per share).
 GACC is proceeding with a comprehensive restructuring plan announced in mid-February, 1993. As part of this restructuring, GACC has reached agreements with its bank lenders and 13 percent Subordinated Noteholders to defer principal payments on the bank debt and principal and interest payments on the 13 percent Notes for a period of time sufficient to allow the Company and its non-operating subsidiaries to complete a prepackaged plan of reorganization. As previously announced, GACC has filed preliminary materials with the SEC relating to the prepackaged plan but has not yet commenced the solicitation process.
 GACC and its subsidiaries own six network-affiliated television stations, 11 FM and six AM radio stations in major markets around the country. GACC's common stock trades over the counter under the symbol GACC.
 GREAT AMERICAN COMMUNICATIONS COMPANY
 CONSOLIDATED STATEMENT OF OPERATIONS
 (In Thousands, Except Per Share Amounts)
 Three months ended Twelve months ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Net revenues:
 Television broadcasting $38,690 $31,813 $140,786 $120,334
 Radio broadcasting 16,746 19,297 64,419 75,534
 Television program ventures 368 1,360 5,616 5,688
 55,804 52,470 210,821 201,556
 Costs and expenses:
 Operating expenses 18,826 18,537 80,431 74,628
 Selling, general and
 administrative 16,400 16,419 62,430 62,001
 Depreciation and
 amortization 10,148 10,408 42,329 42,965
 45,374 45,364 185,190 179,594
 Operating income 10,430 7,106 25,631 21,962
 Other income (expense):
 Revaluation of
 intangible assets(a) (507,100) --- (507,100) ---
 Interest expense (16,067) (20,000) (69,417) (88,071)
 Minority interest (7,901) (7,250) (30,478) (28,822)
 Corporate general and
 administrative expenses (707) (1,041) (4,119) (4,361)
 Investment income (581) 123 553 1,296
 Miscellaneous net (b) 8,760 34,669 8,600 31,359
 Federal income tax benefit 550 --- --- ---
 (523,046) 6,501 (601,961) (88,599)
 Earnings (loss) from
 continuing operations (512,616) 13,607 (576,330) (66,637)
 Discontinued operations(c) 3,150 76,456 10,697 44,367
 Earnings (loss) before
 extraordinary items (509,466) 90,063 (565,633) (22,270)
 Extraordinary items(d) 186 8,835 5,675 114,256
 Net earnings (loss) ($509,280) $98,898 ($559,958) $91,986
 Per share data
 (Primary and Fully Diluted):
 Earnings (loss) from
 continuing operations ($9.04) $.24 ($10.16) ($1.40)
 Earnings (loss) before
 extraordinary items (8.98) 1.59 (9.97) (.47)
 Net earnings (loss) (8.97) 1.74 (9.87) 1.93
 Average common shares 56,729 56,702 56,729 47,689
 Notes:
 Certain reclassifications have been made to conform to current year's presentation.
 (a) In December 1992, GACC reduced its intangible assets by approximately $507 million to reflect the carrying value of its broadcasting assets at estimated current market values. GACC's carrying value of its broadcasting assets would, in any event, be adjusted to estimated current market values upon consummation of the proposed restructuring as would GACC's liabilities and minority interest.
 (b) Included in "miscellaneous, net" in 1991 is a gain on the sale of GACC's investment in Black Entertainment Television. The 1992 amount includes a gain on the sale of GACC's investment in "Entertainment Tonight" in December.
 (c) "Discontinued operations" in 1991 represents the results of the Entertainment Group which was sold at a substantial gain in December 1991. During 1992 GACC recognized net gains from the receipt of additional proceeds related to the 1989 sale of Mid-Continent Casualty Company and the 1991 sale of its entertainment businesses and operations.
 (d) Extraordinary items represent net gains from the refinancing of long-term debt during 1991 and 1992.
 -0- 3/31/93
 /CONTACT: Gregory G. Thomas of Great American Communications Company, 513-562-8000/
 (GACC)


CO: Great American Communications Company ST: Ohio IN: ENT SU: ERN

LC -- CL022 -- 1769 03/31/93 18:55 EST
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