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INFINITY BROADCASTING CORPORATION REPORTS RECORD 1992 THIRD QUARTER OPERATING RESULTS

 INFINITY BROADCASTING CORPORATION REPORTS RECORD 1992
 THIRD QUARTER OPERATING RESULTS
 NEW YORK, Nov. 4 /PRNewswire/ -- Infinity Broadcasting Corporation (NASDAQ: INFTA) today issued the following results for the third quarter of 1992:
 Net revenues for the third quarter of 1992 were $41,702,000 as compared to $31,894,000 for the third quarter of 1991, an increase of approximately 31 percent.
 Broadcast cash flow (defined as station operating income excluding depreciation, amortization and corporate general and administrative expenses) for the third quarter of 1992 was $19,809,000 as compared to $16,181,000 for the third quarter of 1991, an increase of approximately 22 percent.
 Mel Karmazin, president and chief executive officer of the company, commented that he was pleased with the company's third quarter performance in achieving both record revenues and cash flow, particularly in light of the generally weak economic environment. Mr. Karmazin added that the third quarter of 1992 was the highest revenue quarter in the company's history.
 The increase in revenues and broadcast cash flow was due principally to the acquisition of New York radio station WFAN-AM effective April 17, 1992 as well as higher local advertising revenues at the company's stations. On a pro forma basis, assuming the acquisition of WFAN had occurred as of the beginning of 1991, net revenues for the third quarter of 1992 would have increased by approximately 6 percent, and broadcast cash flow would have increased by approximately 8 percent.
 Operating income for the third quarter of 1992 was $10,539,000 as compared to $8,867,000 for the third quarter of 1991, an increase of approximately 19 percent. The increase was due principally to higher broadcast cash flow partially offset by higher depreciation and amortization expenses as a result of the acquisition of WFAN.
 Net financing expense (defined as interest expense less interest income) for the third quarter of 1992 was $9,054,000 as compared to $13,580,000 for the third quarter of 1991, a decrease of approximately 33 percent. The decrease was due principally to lower borrowings as well as lower interest rates in the third quarter of 1992, principally as a result of the redemption of the company's 14.25 percent subordinated discount debentures.
 Net earnings before extraordinary items of the third quarter of 1992 were $1,484,000 (9 cents per share) as compared to a net loss of $4,715,000 (79 cents per share) for the third quarter of 1991.
 In the third quarter of 1991, the company recorded an extraordinary gain of $18,020,000 ($3.02 per share) as a result of the purchase of approximately $87 million principal amount of the company's 14.25 percent discount debentures.
 Net Results for the Nine Months Ended Sept. 30, 1992
 Net revenues for the nine months ended Sept. 30, 1992 were $105,324,000 as compared to $85,357,000 for the nine months ended Sept. 30, 1991, an increase of approximately 23 percent. The increase was due principally to the acquisition of New York radio station WFAN-AM effective April 17, 1992 as well as higher local advertising revenues at the company's stations.
 Broadcast cash flow for the nine months ended Sept. 30, 1992 was $48,268,000 as compared to $39,399,000 for the nine months ended Sept. 30, 1991, an increase of approximately 23 percent.
 On a pro forma basis, assuming the acquisition of WFAN had occurred as of the beginning of 1991, net revenues for the nine months ended Sept. 30, 1992 would have increased by approximately 6 percent and broadcast cash flow would have increased by approximately 9 percent.
 Operating income for the nine months ended Sept. 30, 1992 was $23,893,000 as compared to $16,335,000 for the nine months ended Sept. 30, 1991, an increase of approximately 46 percent. The increase was due principally to higher broadcast cash flow partially offset by higher depreciation and amortization expenses as a result of the acquisition of WFAN.
 Net financing expense for the nine months ended Sept. 30, 1992 was $29,272,000 as compared to $40,494,000 for the nine months ended Sept. 30, 1991, a decrease of approximately 28 percent. The decrease was due principally to lower borrowings as well as lower interest rates in the nine months ended Sept. 30, 1992.
 As a result of the company's common stock IPO, the company in the first quarter of 1992 recorded a non-recurring non-cash charge of approximately $6,503,000, resulting from the issuance in 1990 of approximately 371,603 shares of the company's common stock to management.
 Net loss before extraordinary items for the nine months ended Sept. 30, 1992 was $11,886,000 as compared to a net loss of $24,164,000 for the nine months ended Sept. 30, 1991, a decrease of 51 percent. Net loss before extraordinary items for the nine months ended Sept. 30, 1992 included a one-time non-cash charge of $6,503,000, triggered by the company's common stock IPO, relating to the issuance in 1990 of common stock to management. Excluding the effect of this charge, net loss before extraordinary items for the nine months ended Sept. 30, 1992 would have been $5,383,000 as compared to $24,164,000 for the nine months ended Sept. 30, 1991, a decrease of approximately 78 percent.
 Also, in the nine months ended Sept. 30, 1992, the company recorded an extraordinary charge of $8,277,000, including write-off of deferred financing costs of approximately $3,375,000, as a result of the redemption of all of the remaining, approximately $98 million of the company 14.25 percent subordinated discount debentures.
 Infinity Broadcasting owns and operates 18 radio stations: WXRK-FM. WFAN-AM and WZRC-AM, New York; KROQ-FM, Los Angeles; WJMK-FM and WJJD-AM, Chicago; WYSP-FM, Philadelphia; KOME-FM, San Jose/San Francisco; WBCN-FM, Boston; WOMC-FM, Detroit; KVIL-AM/FM, Dallas; WJFK-FM, Washingon, D.C.; KHYZ-AM, Houston; WJFK-AM/WLIF-FM, Baltimore and WQYK-AM/FM, Tampa/St. Petersburg, Fla. In addition, the company has entered into an agreement pending FCC approval to
acquire radio stations: WUSN-FM, Chicago; WZLK-FM, Boston; WZGC-FM, Atlanta; and


WIP-AM, Philadelphia.
 Infinity Broadcasting Corporation is listed on NASDAQ and trades with the symbol INFTA.
 INFINITY BROADCASTING CORPORATION AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited, dollars in thousands, except for share amounts)
 Periods ended Three months Nine months
 Sept. 30: 1992 1991 1992 1991
 Total revenues $ 47,987 $ 36,644 $120,698 $ 97,955
 Less agency commissions 6,285 4,750 15,374 12,598
 Net revenues 41,702 31,894 105,324 85,357
 Station operating expenses
 excluding depreciation
 and amortization 21,893 15,713 57,056 45,958
 Station operating income
 before depreciation
 and amortization 19,809 16,181 48,268 39,399
 Depreciation and
 amortization 8,157 6,443 21,253 20,398
 Corporate general and
 administrative expenses 1,113 871 3,122 2,666
 Total operating expenses 31,163 23,027 81,431 69,022
 Operating income 10,539 8,867 23,893 16,335
 Other income (expense)
 Interest expense (9,081) (13,607) (30,367) (40,699)
 Interest income 27 27 1,095 205
 Other expense -- -- (6,503) --
 Earnings (loss) before
 income taxes and
 extraordinary item 1,485 (4,713) (11,882) (24,159)
 Income taxes 1 2 4 6
 Earnings (loss) before
 extraordinary item 1,484 (4,715) (11,886) (24,164)
 Extraordinary item-gain
 (loss) on purchase of debt -- 18,020 (8,277) 18,020
 Net earnings (loss) 1,484 13,305 (20,163) ( 6,144)
 Net earnings (loss) per
 share before
 extraordinary item $.09 ($.79) ($.78) ($4.07)
 Extraordinary item-gain (loss)
 on purchase of debt -- 3.02 (.54) 3.03
 Net earnings (loss) per share .09 2.23 (1.32) (1.04)
 Average shares and
 equivalents 16,049,884 5,957,859 16,255,466 5,941,757
 -0- 11/4/92
 /CONTACT: Farid Suleman of Infinity Broadcasting Corporation, 212-750-6400/
 (INFTA) CO: Infinity Broadcasting Corporation ST: New York IN: ENT SU: ERN


AH-TS -- NY023 -- 2457 11/04/92 11:53 EST
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