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THE CHARTER COMPANY ANNOUNCES EARNINGS

 THE CHARTER COMPANY ANNOUNCES EARNINGS
 CINCINNATI, March 31 /PRNewswire/ -- The Charter Company


(NYSE: CHR) reported net earnings of $13 million or $.27 per share for 1991 which includes $636,000 from continuing operations and $12.3 million from discontinued operations, including previously reported gains and losses from asset sales. Charter realized a gain of $13.4 million on the sale of its investment in a Middle East Oil concession in April and a $4.9 million loss on the sale of its investment in preferred stock of The Circle K Corporation in December.
 Following its acquisition of an 82 percent interest in the voting stock of Spelling Entertainment Inc. in May 1991, Charter's operations are in the television entertainment business. Earnings include Spelling's results for the last eight months of 1991. All of Charter's former businesses are being accounted for as "discontinued operations."
 Net earnings of $1.0 million (less than $.01 per share) in 1990 consisted primarily of income from Charter's discontinued oil and investment operations and included a writedown of $20 million related to the Circle K investment.
 American Financial Corporation owns 53 percent of Charter's 45.3 million shares. Charter's common stock trades on the New York and Pacific Stock Exchanges under the symbols CHR and CHRP, respectively.
 THE CHARTER COMPANY AND SUBSIDIARIES
 CONDENSED STATEMENT OF EARNINGS
 (in Thousands, Except Per Share Amounts)
 Three Months ended
 December 31,
 1991 1990(A)
 Continuing Operations:
 Television programming revenues $59,334 ---
 Costs and Expenses 52,210 ---
 Operating Income 7,124 ---
 Other Income (Expense) (3,700) (850)
 Earnings (loss) from continuing
 operations before tax 3,424 (850)
 Income tax expense (benefit) 1,423 (289)
 Earnings (loss) from continuing
 operations 2,001 (561)
 Discontinued operations (4,180) 4,452
 Extraordinary Items (2,079) 242
 Net Earnings ($4,258) $4,133
 Preferred dividend requirement 203 203
 Net earnings applicable to
 Common Stock ($4,461) $3,930
 Earnings (loss) per Common Share:
 Continuing operations $.04 ($.02)
 Discontinued operations (.09) .09
 Extraordinary items (.04) ---
 Net earnings (.09) .07
 Average number of Common Shares 45,457 45,908
 Cash dividends per Common Shares $.05 $.05
 Year ended
 December 31,
 1991 1990(A)
 Continuing Operations:
 Television programming revenues $122,748 ---
 Costs and Expenses 106,951 ---
 Operating Income 15,797 ---
 Other Income (Expense) (12,326) (2,680)
 Earnings (loss) from continuing
 operations before tax 3,471 (2,680)
 Income tax expense (benefit) 2,835 (911)
 Earnings (loss) from continuing
 operations 636 (1,769)
 Discontinued operations 7,369 2,553
 Extraordinary Items 4,959 242
 Net Earnings $12,964 $1,026
 Preferred dividend requirement 810 810
 Net earnings applicable to
 Common Stock $12,154 $216
 Earnings (loss) per Common Share:
 Continuing operations --- ($.06)
 Discontinued operations .16 .05
 Extraordinary items .11 .01
 Net earnings .27 ---
 Average number of Common Shares 45,392 46,549
 Cash dividends per Common Shares $.05 $.05
 (A) 1990 amounts have been restated from amounts previously reported for discontinued operations.
 -0- 3/31/92
 /CONTACT: Sandra W. Heimann of The Charter Company, 513-579-2482/
 (CHR) CO: The Charter Company ST: Ohio IN: ENT SU: ERN


LC -- CL017 -- 3629 03/31/92 17:32 EST
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Date:Mar 31, 1992
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