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MULTIMEDIA REPORTS NET EARNINGS FOR SECOND QUARTER

 MULTIMEDIA REPORTS NET EARNINGS FOR SECOND QUARTER
 GREENVILLE, S.C., July 21 /PRNewswire/ -- Walter E. Bartlett,


Chairman of the Board and Chief Executive Officer of Multimedia, Inc., (NASDAQ-NMS: MMEDC) announced today operating results for the second quarter ended June 30, 1992. The Company had net earnings of $15,813,000 for the second quarter of 1992, compared with net earnings of $14,435,000 for the second quarter of 1991. The earnings per share for the quarter were $.42 compared with $.39 for the second quarter of 1991.
 Revenues for the second quarter totaled $142,845,000, compared with $134,628,000 for the second quarter of last year, an increase of 6.1 percent. Operating profit for the second quarter was $45,438,000, an increase of 7.2 percent from the 1991 second quarter operating profit of $42,390,000.
 For the quarter, newspaper revenues increased 1.8 percent from $33,063,000 to $33,659,000. Broadcasting revenues were $43,495,000 compared with
$42,369,000, an increase of 2.7 percent. Cablevision revenues increased 13.0 percent from $33,741,000 to $38,143,000. Entertainment revenues gained 8.2 percent from $25,455,000 to $27,548,000. Operating cash flow(A) for the quarter totaled $56,865,000, an 8.1 percent increase over the 1991 second quarter amount of $52,618,000. Newspaper cash flow(A) increased 6.4 percent to $11,848,000; broadcasting cash flow(A) increased 0.4 percent to $13,987,000; cablevision cash flow(A) increased 12.9 percent to $19,107,000; and entertainment cash flow(A) increased 13.1 percent to $13,935,000.
 The Company had year-to-date net earnings of $26,183,000 compared with $23,411,000 for 1991, an increase of 11.8 percent. Earnings per share for the first six months increased 11.1 percent from $.63 in 1991 to $.70 in 1992. Revenues for the year are up 5.9 percent from $253,803,000 to $268,851,000. Operating profit for the six months was $80,201,000, a 5.0 percent increase. Year-to-date operating cash flow(A) increased from $96,751,000 to $103,149,000, or 6.6 percent.
 Multimedia Cablevision includes the Company's security alarm business which has increased to 35,000 subscribers at June 30, 1992 from 21,000 a year ago.
 Multimedia, Inc. is a diversified media communications company headquartered in Greenville, S.C., which publishes 12 daily and 49 non-daily newspapers, owns and operates five television and eight radio stations and a video production company, operates more than 100 cable television franchises in four states, and produces and syndicates quality television programming, including the Donahue and Sally Jessy Raphael shows.
 (A) Operating cash flow, as defined by the Company, is operating profit plus depreciation and amortization, and amortization of stock awards and stock options.
 MULTIMEDIA, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF EARNINGS
 THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 1992 AND 1991
 (UNAUDITED)
 (IN THOUSANDS EXCEPT PER SHARE DATA)
 THREE MONTHS SIX MONTHS
 1992 1991 1992 1991
 OPERATING REVENUES:
 NEWSPAPERS $ 33,659 33,063 63,491 63,018
 BROADCASTING 43,495 42,369 74,823 74,163
 CABLEVISION 38,143 33,741 75,446 65,924
 ENTERTAINMENT 27,548 25,455 55,091 50,698
 TOTAL OPERATING REVENUES 142,845 134,628 268,851 253,803
 OPERATING COSTS AND EXPENSES:
 PRODUCTION 47,493 46,533 91,230 89,045
 SELLING, GENERAL AND
 ADMINISTRATIVE 39,300 36,517 76,229 69,915
 DEPRECIATION 7,784 7,249 15,602 14,659
 AMORTIZATION 2,830 1,939 5,589 3,838
 TOTAL OPERATING COSTS
 AND EXPENSES 97,407 92,238 188,650 177,457
 OPERATING PROFIT 45,438 42,390 80,201 76,346
 INTEREST EXPENSE 18,302 19,905 37,080 40,481
 OTHER INCOME (EXPENSE), NET (185) 749 (150) 1,008
 EARNINGS BEFORE INCOME TAXES
 AND MINORITY INTEREST 26,951 23,234 42,971 36,873
 INCOME TAX EXPENSE 11,050 9,062 17,618 14,381
 MINORITY INTEREST (88) 263 830 919
 NET EARNINGS $ 15,813 14,435 26,183 23,411
 PER SHARE OF COMMON STOCK:
 NET EARNINGS $ .42 .39 .70 .63
 CASH DIVIDENDS -- -- -- --
 WEIGHTED AVERAGE SHARES 37,617 37,322 37,561 37,174
 -0- 7/21/92
 /CONTACT: Elizabeth S. Mills, Vice President-Corporate Communications, Multimedia, Inc., 803-298-4393 or 803-298-4389/
 (MMEDC) CO: Multimedia, Inc. ST: South Carolina IN: TLS SU: ERN


CM -- CH002 -- 1211 07/21/92 10:26 EDT
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Date:Jul 21, 1992
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