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KING WORLD REPORTS RECORD RESULTS FOR FISCAL 1991; COMPANY POSTS SEVENTH CONSECUTIVE YEAR OF RECORD FINANCIAL RESULTS

 KING WORLD REPORTS RECORD RESULTS FOR FISCAL 1991;
 COMPANY POSTS SEVENTH CONSECUTIVE YEAR OF RECORD FINANCIAL RESULTS
 NEW YORK, Nov. 20 /PRNewswire/ -- King World Productions, Inc. (NYSE: KWP), today reported record revenues, net income and earnings per share for the fiscal year ended Aug. 31, 1991. Results for the full year and fourth quarter are as follows:
 Fiscal year ended Aug. 31 1991 1990 Pct. Chng.
 Revenues (millions) $475.9 $453.7 5
 Net income before extraordinary
 item (millions) 93.2 84.1 11
 Net income (millions) $ 90.6(A) $ 84.1 8
 Earnings per share:
 Net income before extraordinary item $ 2.38 $ 2.15 11
 Net income $ 2.31(A) $ 2.15 7
 Weighted average number of shares
 outstanding (millions) 39.3 39.1
 Fourth quarter ended Aug. 31 1991 1990 Pct. Chng.
 Revenues (millions) $ 93.5 $101.8 (8)
 Net income (millions) $ 19.8 $ 18.5 7
 Earnings per share $ 0.50 $ 0.47 6
 Weighted average number of shares
 outstanding (millions) 39.6 38.9 --
 (A) -- After recording an extraordinary loss of $2.6 million (or $0.07 per share) in 1991's second fiscal quarter, in connection with the bankruptcy of Financial News Network, Inc.
 Commenting on the company's financial results, Stephen W. Palley, executive vice president and chief operating officer, said, "In 1991 we posted our seventh consecutive year of record financial results, despite the recession that has hurt many entertainment and media companies. We strengthened the dominant popularity of our four established programs, 'Wheel of Fortune,' 'Jeopardy!' and 'The Oprah Winfrey Show,' the top three shows in first-run syndication, and 'Inside Edition,' the seventh highest rated show in first-run strip syndication. In the programming development area, we added a new production of the classic television show, 'Candid Camera,' to our programming portfolio.
 "Our healthy financial condition reflects our operating success. At Aug. 31, 1991, King World's cash position was $242 million, up $89 million over the $153 million we reported at fiscal 1990's year end. Over time we plan to use this cash for investment in the television programming business, related acquisitions or stock repurchases. For now, we believe our strong balance sheet is a firm competitive advantage in this financially unstable economy.
 "Our 5 percent revenue gain for the year was primarily a result of increases in cash license fees from 'The Oprah Winfrey Show' and 'Inside Edition,' as well as from cash license fees and revenues from the sale of retained advertising time from 'Jeopardy!', due to an increased number of shows produced in the period, and from 'Instant Recall.' The revenue increases were partially offset by decreased revenues from 'Wheel of Fortune,' primarily due to a smaller number of shows produced in the period.
 "Net income and earnings per share for the year increased 11 percent, before giving effect to an extraordinary loss of $2.6 million (or $0.07 per share) taken in 1991's second fiscal quarter, in connection with the bankruptcy of Financial News Network, Inc. Earnings per share for fiscal 1991 and 1990 reflect a dilution of $0.20 and $0.19 from the results of WIVB-TV, our CBS affiliate in Buffalo, N.Y. Absent the dilution from WIVB-TV and the FNN investment, earnings per share were $2.58 in 1991 and $2.34 in 1990.
 "For the fourth consecutive year King World's programs ranked highest of all syndicated programs. That record has helped us attract long-term contracts from stations across the country. Both 'Wheel of Fortune' and 'Jeopardy!' have been sold in markets representing over 79 percent of the country for both the 1992-93 and 1993-94 broadcast seasons, including all top-ten markets. 'The Oprah Winfrey Show' has been renewed in markets representing 97 percent of the country through the 1992-93 broadcast season and over 74 percent of the country through 1995. Also, 'Inside Edition' has been renewed in markets representing 50 percent of the country through the 1992-93 season."
 In November, King World acquired from Orion Pictures Corporation the right to produce and distribute a new version of the classic television game show, 'Hollywood Squares.' This unique show combines humor with current events and information, delivered by popular actors and comedians. 'Hollywood Squares' began its successful history in 1966 as a daily daytime series on the NBC television network and was first syndicated in 1971.
 King World is the leading distributor of first-run programming, including 'Wheel of Fortune,' 'Jeopardy!' and 'The Oprah Winfrey Show,' the three highest rated strips in syndication, and 'Inside Edition,' which is also produced by the company. 'Arts and Entertainment Revue,' an hour-long weekly magazine, is also produced by King World in association with the Arts and Entertainment Network. The company also produces 'Candid Camera,' a new half hour strip based on the classic television show. King World distributes its own library of 68 feature films and 210 television programs and through its barter subsidiary, Camelot Entertainment Sales, Inc., sells national advertising time in King World and other television programming. In addition, King World is the owner of WIVB-TV, the CBS affiliate in Buffalo, N.Y. 'Wheel of Fortune' and 'Jeopardy!' are produced by Merv Griffin Enterprises and 'The Oprah Winfrey Show' is produced by Harpo Productions, Inc.
 Source: All data A.C. Nielsen.
 KING WORLD PRODUCTIONS, INC., AND SUBSIDIARIES
 Consolidated Statements of Income
 (Dollars in thousands, except per share data)
 Year ended Aug. 31 1991 1990
 Revenues $475,909 $453,749
 Expenses:
 Producers' fees, programming and
 other direct operating costs 260,398 249,824
 Selling, general and admin. expenses 50,835 50,827
 Depreciation and amortization 10,592 10,270
 Total 321,825 310,921
 Income from operations 154,084 142,828
 Interest expense 11,672 11,321
 Interest and dividend income 11,616 8,144
 Income before provision for income taxes 154,028 139,651
 Provision for income taxes 60,800 55,551
 Net income before extraordinary item 93,228 84,100
 Extraord. item - Loss on non-current
 marketable securities (less applicable
 income tax benefit of $1,706) (2,637) --
 Cumulative effect of change
 in accounting for income taxes -- --
 Net income $ 90,591 $ 84,100
 Primary earnings per share:
 Net income before extraord. item $2.38 $2.15
 Extraordinary item (.07) --
 Cumulative effect of change
 in accounting for income taxes -- --
 Net income $2.31 $2.15
 -0- 11/20/91
 /CONTACT: Allyson M. Kossow of King World, 212-315-4000, or Diana Brainerd or Christian Plunkett of the Abernathy/MacGregor Group, 212-371-5999, for King World/
 (KWP) CO: King World Productions, Inc. ST: New York IN: ENT SU: ERN


GK-OS -- NY009 -- 5308 11/20/91 09:53 EST
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