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OUTLET COMMUNICATIONS ANNOUNCES 1992 OPERATING RESULTS; REGISTERS FIRST BACK-TO-BACK QUARTERLY PROFITS SINCE GOING PUBLIC IN 1987

 PROVIDENCE, R.I., March 10 /PRNewswire/ -- Outlet Communications, Inc. (NASDAQ-NMS: OCOMA) today reported a profitable fourth quarter and significantly improved operating results for the year ended Dec. 31, 1992. For the year, total revenues of $45,153,000 showed an increase of $5,719,000 or 14.5 percent over last year's $39,434,000.
 Revenues were up at both of the company's television stations with the Columbus, Ohio television station setting a new record high. In comparisons with other NBC network-affiliated stations and with stations of similar market size, the Outlet stations' revenue gains generally exceeded that of their peers.
 Operating income for 1992 amounted to $10,297,000. This was an increase of $8,065,000 and an improvement of more than 360 percent compared to last year's $2,232,000. The increase in operating income reflected not only revenue gains, but reduced expenses as well.
 Interest expense was lower in 1992 due to various repayments of long-term debt during the year. The company also had a nonrecurring pre-tax gain of $1,401,000 from the sale of real estate.
 For the year, the net loss was reduced to $1,552,000, or 24 cents per share. This was an improvement of 83 percent compared to last year's net loss of $9,265,000, or $1.41 per share. Last year's results included an extraordinary credit of $135,000 from the repurchase of outstanding notes.
 For the fourth quarter of 1992 Outlet reported a net profit of $167,000, or two cents per share, compared to last year's net loss of $1,329,000, or 20 cents per share. The turnaround resulted primarily from revenue gains and improvements in operating income. Fourth quarter revenues were $12,624,000 compared to last year's $11,842,000, and operating income was $3,806,000 against last year's $2,008,000. Since the company also reported a net profit in the third quarter of 1992, this was the first instance of back-to-back profitable quarters since Outlet became publicly-held in January 1987.
 Outlet remains on schedule with its announced move of corporate headquarters and WJAR-TV broadcast studios to Cranston, R.I., in early April 1993. By being more efficient, the new facility should assist Outlet to continue with its recent trend of improved operations.
 Outlet Communications, Inc., headquartered in Providence, R.I., owns and operates two VHF television stations that are both NBC network affiliates: WJAR-TV in Providence, R.I., and WCMH-TV, Columbus, Ohio.
 OUTLET COMMUNICATIONS
 Comparative Consolidated Summary of Earnings
 Fourth Quarter Twelve Months
 (Unaudited)
 Ended December
 1992 1991 1992 1991
 Broadcast revenue $12,624,000 $11,842,000 $45,153,000 $39,434,000
 Operating income $3,806,000 $2,008,000 $10,297,000 $2,232,000
 Interest expense (3,282,000) (4,092,000) (13,989,000)(15,340,000)
 Non-recurring gain,
 interest and other
 income (expense) (354,000) (588,000) 2,268,000 465,000
 Income taxes (benefit) 3,000 (1,343,000) 128,000 (3,243,000)
 Extraordinary
 credit --- --- --- 135,000
 Net income (loss) $167,000 $(1,329,000) $(1,552,000)$(9,265,000)
 Income (loss) per
 share before
 extraordinary credit 2 cents (20 cents) (24 cents) $(1.43)
 Extraordinary credit
 per share --- --- --- 2 cents
 Net income (loss) per
 share 2 cents (20 cents) (24 cents) $(1.41)
 Weighted average
 number of shares
 of common stock 6,552,500 6,552,500 6,552,500 6,552,500
 ----
 NOTE: Certain prior year amounts have been reclassified to conform
 to 1992 presentation.
 -0- 3/10/93
 /CONTACT: James G. Babb, chairman, president and CEO of Outlet Cmmunications, 401-455-9250/
 (OCOMA)


CO: Outlet Communications ST: Rhode Island IN: ENT SU: ERN

DJ -- NE012 -- 4792 03/10/93 15:43 EST
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Date:Mar 10, 1993
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