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PREMIERE RADIO NETWORKS INC. ANNOUNCES SECOND QUARTER RESULTS OF OPERATIONS

 PREMIERE RADIO NETWORKS INC. ANNOUNCES
 SECOND QUARTER RESULTS OF OPERATIONS


First Half Profits Up 103 Percent On 25 Percent Revenues Rise; First
 Quarter Earnings Up 13 Percent As Revenues Increase 16 Percent
 SHERMAN OAKS, Calif., Aug. 13 /PRNewswire/ -- Premiere Radio Networks Inc. (NASDAQ: PRNI) today announced a 13.5 percent increase in earnings for the three months ended June 30, 1992, and a 103 percent increase in earnings for the first six months. Operating revenues were up 16.6 percent for the quarter, and up 25.6 percent for the first half, said Stephen C. Lehman, president.
 Premiere, a leading supplier of programming services to radio stations around the country and of advertising time to national advertisers, reported earnings of $346,244 for the most recent quarter, compared to $305,038 for the same period a year earlier.
 This is equivalent to 13 cents per share on the 2,692,308 average shares outstanding during the latest quarter, compared to 15 cents per share on the two million shares outstanding a year earlier. Revenues for the period were $2,537,255, compared to $2,176,741 for the first quarter of 1991.
 For the first six months, Premiere's net income was $552,727, double the $271,962 earned during the same period a year earlier. The company reported revenues of $4,530,222, up from the $3,606,429 for the first half of 1991.
 Net income for the first half was equivalent to 24 cents per share on the 2,346,154 weighted average number of shares outstanding during the first six months of 1992 vs. 14 cents per share on the two million shares outstanding during the same period in 1991.
 Premiere completed an initial public offering on May 5, 1992, raising its total number of shares outstanding to three million from the two million that had been outstanding before the public offering. The "weighted average number of shares outstanding" reflects the number of days during the second quarter and the first half of 1992 that the new shares were in public hands.
 The company's performance "reflects the success of the integrated effort of both our programming and advertising sales activities," Lehman said.
 "Our comedy and music programming continues to attract the young adult and adult audiences that advertisers and broadcasters desire. That is why more than 1,300 radio stations in every major market in America continue to use our programming. The on-air commercial time we receive from these stations is sold by our advertising sales department to more than 140 national advertisers, who are eager to reach thee vast and highly attractive audiences," he said.
 While strong advertising sales accounted for most of the just- reported gains in revenues and profits, "Premiere's promotional marketing operations are an increasingly important source of revenue and income for the company," Lehman noted. "Premiere Marketing Promotions (PMP) provides a wide range of imaginative, highly effective promotional campaigns that draw crowds for our clients and make cash registers ring. Premiere has significantly strengthened PMP to ensure that we have the talent and capacity to handle the increasing demand for its services."
 Lehman also announced that on Aug. 3, Premiere moved its offices and studios from Hollywood to a 13,000 square-foot facility in Sherman Oaks, Calif.
 PREMIERE RADIO NETWORKS INC.
 Second Quarter Earnings
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Operating
 revenue $2,537,255 $2,176,741 $4,530,222 $3,606,429
 Income before
 taxes 581,924 519,656 926,032 463,308
 Net income 346,244 305,038 552,727 271,962
 Earnings per
 share 0.13 0.15 0.24 0.14
 Weighted average
 shares
 outstanding 2,692,308 2,000,000 2,346,154 2,000,000
 -0- 8/13/92
 /CONTACT: Harold S. Wrobel of Premiere Radio Networks, 818-377-5300; or Alexander Auerbach of Auerbach & Co., 818-501-4221/
 (PRNI) CO: Premiere Radio Networks Inc. ST: California IN: ENT SU: ERN


BP-LS -- LA012 -- 9475 08/13/92 09:04 EDT
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Date:Aug 13, 1992
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