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WESTWOOD ONE'S FIRST QUARTER OPERATING LOSS SHOWS A 39 PERCENT IMPROVEMENT

 WESTWOOD ONE'S FIRST QUARTER OPERATING LOSS
 SHOWS A 39 PERCENT IMPROVEMENT


Trailing 12 Months' Operating Income $5,500,000 vs. Loss of $1,100,000
 LOS ANGELES, April 2 /PRNewswire/ -- Westwood One Inc. (NASDAQ: WONE) reported a first quarter 5 percent increase in revenue, a 39 percent reduction in operating loss, and a 21 percent reduction in loss per share before the prior year extraordinary gain.
 For the first quarter ended Feb. 29, 1992, revenue rose 5 percent to $30,634,000 vs. $29,302,000 in the comparable prior-year quarter. The principle reasons for the revenue improvement were due to growth in the company's network market share plus the growth of the Radio & Records business.
 Operating loss for the first quarter improved 39 percent to a loss of $3,886,000 from a loss of $6,370,000 a year ago. This operating improvement was primarily due to continued emphasis on cost control and productivity along with the nonrecurrence of the prior-year expense associated with the format change at KQLZ-FM ("Pirate Radio"). The reduced operating loss was the principle contributor to the reduced net loss of $7,240,000, or $.49 per share, as compared to a net loss before extraordinary gain of $9,161,000, or $.62 per share last year. The prior year results include an extraordinary gain, net of taxes, of $25,618,000 due to a debt exchange offer in January 1991.
 Norman J. Pattiz, chairman and chief executive officer of Westwood One Inc., said, "I am delighted with the growth in revenue and the significant improvement in our first quarter operating performance, especially considering the depressed economy which has negatively affected the advertising industry."
 He further commented, "While a quarter is a very short period of time, the trailing 12 months' operating income of approximately $5,500,000 vs. an operating loss of approximately $1,100,000 for the comparable prior year represents a dramatic change for us. Our industry is still mired in a deep recession, which was evidenced by an overall decline in the national network market revenue during our first fiscal quarter with no short-term sign of recovery yet visible. Therefore, we are very cautious about the near-term but, with our improved financial results, we are starting to look beyond the near term at important strategies which, I believe, will have a positive long-term impact on our company."
 Westwood One is the nation's largest producer and distributor of news, talk, sports and entertainment radio programming and the parent company of the Mutual Broadcasting System and the NBC Radio Networks. The company owns and operates radio stations in New York City and Los Angeles and is the owner of the music industry trade publication Radio & Records.
 WESTWOOD ONE INC.
 Summary Operating Results
 (In thousands, except per share)
 (Unaudited)
 Three Months Ended
 Feb. 29, Feb. 28,
 1992 1991
 Revenue $30,634 $29,302
 Operating (loss) (3,886) (6,370)
 (Loss) before extraordinary gain (7,240) (9,161)
 Net income (loss) (7,240) 16,457
 Earnings per share:
 Primary:
 (Loss) before extraordinary
 gain (.49) (.62)
 Extraordinary gain --- 1.73
 Net income (loss) (.49) 1.11
 Fully Diluted:
 (Loss) before extraordinary
 gain (.49) (.38)
 Extraordinary gain --- 1.16
 Net income (loss) (.49) .78
 Average Shares Outstanding:
 Primary 14,866 14,781
 Full diluted 14,866 22,116
 -0- 4/2/92
 /CONTACT: Bruce E. Kanter, executive VP and CFO of Westwood One, 310-840-4320/
 (WONE) CO: Westwood One Inc. ST: California IN: ENT SU: ERN


TS-KJ -- LA009 -- 4203 04/02/92 08:48 EST
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Publication:PR Newswire
Date:Apr 2, 1992
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