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 NEW YORK, Oct. 15 /PRNewswire/ -- BHC Communications, Inc. (AMEX: BHC),today reported its core television broadcasting business achieved record third quarter operating results. Operating income increased substantially and pretax income rose 17 percent, to $48,816,000 from $41,893,000 last year. However, due to an increase in BHC's effective income tax rate, third quarter net income declined to $24,516,000, or $.95 per share, from last year's $28,650,000, or $1.08 per share. Higher third quarter taxes reflect the recently enacted retroactive increase in the corporate Federal income tax rate, as well as an increase in the proportionate amount of pretax income subject to full income tax.
 Herbert J. Siegel, BHC chairman and president, stated: "The solid performance of BHC's television station group resulted in record third quarter operating revenues, station earnings and operating income. Operating revenues rose 28 percent to $100,216,000 from last year's $78,358,000, and station earnings increased 87 percent. Operating income accordingly grew to $24,480,000, up 129 percent from $10,701,000 last year.
 "These strong increases reflect a full quarter of operating results at station WWOR, included in last year's results only after its acquisition by BHC on Aug. 24, 1992, as well as strong results at BHC's other seven stations. Operating revenues at those stations rose 7 percent and their earnings rose 60 percent additionally reflecting a 10 percent decline in their programming expenses, including the favorable resolution of a disputed music license fee arrangement."
 Third quarter interest and other income declined to $24,336,000 from $31,192,000 last year. A $21.5 million decline in dividend income, which reflects the disposition earlier in 1993 of BHC's holdings of Time Warner Inc. convertible preferred stock, was only partially offset by an increase in interest income.
 BHC net income for the first nine months of 1993 totaled $193,073,000, or $7.45 per share, up 156 percent from last year's $75,565,000, or $2.80 per share. The increase is primarily due to pretax gains of $215.1 million on disposition of BHC's Time Warner convertible preferred shares. Operating income soared to $58,320,000 from last year's $9,138,000, reflecting WWOR results for the full period and a 148 percent increase in earnings at BHC's other seven stations, which benefited from a 13 percent reduction in their programming expenses and an 8 percent increase in their operating revenues. Interest and other income for the period totaled $283,668,000 versus $96,401,000 last year, as the Time Warner gains and an increase in interest income were partially offset by a $49.4 million decline in dividend income. BHC's effective income tax rate for the period increased to 39 percent from last year's 25 percent.
 BHC operates eight television stations, three wholly owned and five through its 54 percent owned subsidiary, United Television, Inc. BHC's signals reach approximately 20 percent of the country's population, including the two largest television markets, New York and Los Angeles. Operating results of WWOR, acquired in August 1992, are included in BHC's consolidated operating results from the date of acquisition. Chris-Craft Industries, Inc. owns all of BHC's Class B common shares, which at Sept. 30, 1993 represented 70 percent of BHC's outstanding equity and 96 percent of its voting power. BHC's Class A common shares, which represent the balance of BHC's outstanding equity and voting power, trade on the American Stock Exchange.
 Condensed Consolidated Statements Of Income
 Third Quarter And Nine Months Ended Sept. 30, 1993 and 1992
 (Unaudited, in thousands except per share data)
 Third Quarter Nine Months
 1993 1992 1993 1992
 Operating revenues $ 100,216 $78,358 $302,996 $ 203,522
 Operating income $ 24,480 $10,701 $ 58,320 $ 9,138
 Interest and
 other income 24,336 31,192 283,668(A) 96,401
 Income bef. inc. taxes
 and minority interest 48,816 41,893 341,988 105,539
 Income tax provision 21,000 10,800 133,000 26,200
 Income before
 minority interest 27,816 31,093 208,988 79,339
 Minority interest(B) (3,300) (2,443) (15,915) (3,774)
 Net income $ 24,516 $28,650 $193,073 $75,565
 Average common
 shares outstanding(C) 25,875 26,480 25,920 26,948
 Net income per shares $ .95 $1.08 $7.45 $2.80
 (A) Includes gains on the disposition of BHC's Time Warner Inc. convertible preferred stock of $215,061.
 (B) Reflects the interest of stockholders other than BHC in the operating results of United Television, Inc., 54 percent owned at Sept. 30, 1993.
 (C) Average common shares outstanding declined in the 1993 periods, reflecting purchases by BHC of its own shares.
 -0- 10/15/93
 /CONTACT: William D. Siegel of BHC Communications, 212-421-0200/

CO: BHC Communications, Inc. ST: New York IN: TLS SU: ERN

SH-MP -- NY065 -- 2885 10/15/93 16:02 EDT
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Publication:PR Newswire
Date:Oct 15, 1993

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