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SPELLING ENTERTAINMENT GROUP INC. REPORTS OPERATING INCOME UP 63 PERCENT IN THIRD QUARTER; UP 47 PERCENT FOR NINE MONTHS

 SPELLING ENTERTAINMENT GROUP INC. REPORTS OPERATING INCOME
 UP 63 PERCENT IN THIRD QUARTER; UP 47 PERCENT FOR NINE MONTHS
 CINCINNATI, Nov. 2 /PRNewswire/ -- Spelling Entertainment Group Inc. (NYSE/PSE: SP) (formerly The Charter Company) reported net earnings of $3.5 million ($.07 per share) for the third quarter of 1992. Net earnings for the first nine months of the year were $6.5 million ($.13 per share). Earnings for the first nine months of 1991 are not comparable because they included a large gain from the sale of certain discontinued oil operations and only five months of entertainment operations which were acquired in May of that year.
 Revenues of continuing operations were $74.6 million for the quarter, representing a 75 percent increase over the same quarter in 1991. Similarly, operating income increased to $8.6 million, up 63 percent over 1991's third quarter. These increases are attributable to increased network television production coupled with major new sales of programming acquired in recent years by Spelling's television distribution arm.
 Revenues and operating income of continuing operations for the first nine months of 1992 were $193.4 million and $23.7 million, respectively. Had Spelling Entertainment Inc. been acquired at the beginning of last year (rather than in May), pro forma revenues and operating income of continuing operations for the first nine months of 1991 would have been $117.4 million and $16.2 million, respectively. The increases in 1992 are due primarily to items affecting the third quarter and revenues recorded upon release of movies for foreign film distribution in the second quarter.
 The company's principal operations are now in the filmed entertainment business which are conducted through its wholly owned subsidiary, Spelling Entertainment Inc. Spelling is engaged principally in the development, production and distribution of television series, movies for television and television mini-series. Additionally, Spelling's Worldvision Enterprises subsidiary engages in the worldwide television and home video distribution of television and feature film programming produced by the company and third parties. The company also distributes feature films to various media in the international market, produces feature films financed and distributed primarily by other studios and licenses music and merchandising rights associated with its television properties.
 Spelling Entertainment Group's common stock trades on the New York and Pacific Stock Exchanges under the symbol SP. American Financial Corporation owns 48 percent of Spelling Entertainment Group's 51.3 million common shares.
 Spelling Entertainment Group Inc.
 Condensed Summary of Earnings
 (in thousands, except per share amounts)
 Three months ended
 September 30
 1992 1991
 Television Programming Revenues $74,623 $42,628
 Operating Income 8,589 5,265
 Earnings (loss) from continuing
 operations 1,817 (766)
 Discontinued operations --- 126
 Earnings (loss) before extraordinary
 items 1,817 (640)
 Extraordinary items 1,664 962
 Net earnings $3,481 $322
 Preferred dividend requirement $202 $202
 Net earnings applicable to common
 stock $3,279 $120
 Average number of common shares 49,537 45,408
 Earnings per common share:
 Continuing operations $.03 ($.02)
 Earnings before extraordinary items .03 ($.02)
 Net earnings $.07 ---
 Cash dividends per common share $.02 ---
 Pro Forma
 Nine months ended Nine Months Ended
 September 30 September 30,
 1992 1991(A) 1991(B)
 Television Programming
 Revenues $193,359 $63,414 $117,400
 Operating Income 23,746 8,673 16,200
 Earnings (loss) from
 continuing operations 4,879 (1,365) (400)
 Discontinued operations (1,629) 11,549 9,900
 Earnings (loss) before
 extraordinary items 3,250 10,184 9,500
 Extraordinary items 3,242 7,038 6,600
 Net earnings $6,492 $17,222 $16,100
 Preferred dividend
 requirement $607 $607 $607
 Net earnings applicable to
 common stock $5,885 $16,615 $15,493
 Average number of common
 shares 46,844 45,361 51,200
 Earnings per common share:
 Continuing operations $.09 ($.04) ($.02)
 Earnings before
 extraordinary items $.06 $.21 $.17
 Net earnings $.13 $.37 $.30
 Cash dividends per common
 share $.06 --- ---
 (A) -- Amounts are not comparable due to the acquisition of Spelling Entertainment Inc. in May 1991.
 (B) -- The pro forma amounts are based upon an assumption that 100 percent of the stock of Spelling Entertainment was acquired on Jan. 1, 1991.
 Amounts for 1991 have been restated for discontinued operations.
 -0- 11/2/92
 /CONTACT: Sandra W. Heimann of Spelling Entertainment Group Inc., 513-579-2482/
 (SP) CO: Spelling Entertainment Group Inc. ST: Ohio IN: ENT SU: ERN


KK -- CL010 -- 1643 11/02/92 13:13 EST
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Date:Nov 2, 1992
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