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BHC COMMUNICATIONS REPORTS LOWER SECOND QUARTER AND SIX MONTH NET INCOME

BHC COMMUNICATIONS REPORTS LOWER SECOND QUARTER AND SIX MONTH NET INCOME
 NEW YORK, July 17 /PRNewswire/ -- BHC Communications, Inc. (AMEX: BHC) today reported that its second quarter net income declined to $28,990,000 or $1.08 per share, from $31,633,000, or $1.13 per share, in last year's second quarter. BHC's core television broadcasting business recorded higher earnings for the period, but net income declined due to a decrease in interest income.
 Herbert J. Siegel, BHC chairman and president, stated, "Operating revenues in the second quarter declined 2 percent, to $69,502,000 from $70,650,000, reflecting continued weak demand for television advertising. However, a reduction in television station operating expenses more than offset the revenue decline. Operating income accordingly increased to $9,494,000 from last year's $7,753,000.
 "Unfortunately, there is no clear indication that the television advertising market will strengthen in the near future. However, we expect television station operating expenses for the last six months of the year to be significantly lower than in last year's corresponding period."
 Interest and other income decreased in the second quarter to $31,851,000 from $35,734,000, primarily reflecting the significant decline from last year in short term interest rates.
 BHC net income for the first six months of 1992 totaled $46,915,000, or $1.73 per share, compared to $55,624,000, or $1.99 per share, in last year's period. Operating revenues declined 3 percent, to $125,164,000 from $128,904,000. The revenue decline, combined with an increase in program development expenses, exceeded the reduction in six month television station operating expenses and BHC recorded an operating loss for the period of $1,563,000, compared to operating income of $528,000 last year. Interest and other income for the six month period declined to $65,209,000 from last year's $74,727,000, primarily reflecting a $7.8 million reduction in interest income.
 While the dollar amount of net income declined 8 percent in the second quarter and 16 percent in the six month period, corresponding per share amounts declined only 4 percent and 13 percent, respectively, as purchases by BHC of its Class A common shares reduced the average number of shares outstanding in the 1992 periods.
 BHC operates seven television stations, two wholly-owned and five through its 52 percent owned subsidiary, United Television, Inc. Currently the nation's seventh largest television broadcaster, BHC signals reach nearly 13 percent of the country's population. BHC has outstanding a tender offer to acquire all common shares of Pinelands, Inc., owner of WWOR-TV, an independent television station which broadcasts across a tristate areas including New York City.
 Chris-Craft Industries, Inc. owns all of BHC's Class B common shares, which at June 30, 1992, represented 68 percent of BHC's outstanding equity and 96 percent of BHC's voting power. BHC Class A common shares, which represent the balance of BHC's outstanding equity and voting power, trade on the American Stock Exchange.
 BHC COMMUNICATIONS INC.
 Condensed Consolidated Statements of Income
 (Unaudited, in thousands except per share data)
 Periods ended Second quarter Six months
 June 30: 1992 1991 1992 1991
 Operating revenues $69,502 $70,650 $125,164 $128,904
 Operating income (loss) 9,494 7,753 (1,563) 528
 Interest and other income 31,851 35,734 65,209 74,727
 Interest before income taxes
 and minority interest 41,345 43,487 63,646 75,255
 Income tax provision 10,000 10,100 15,400 18,700
 Income bef. minority interest 31,345 33,387 48,246 56,555
 Minority interest(A) (2,355) (1,754) (1,331) (931)
 Net income 28,990 31,633 46,915 55,624
 Avg. com. shares outstndg. 26,876 27,881 27,181 27,890
 Net income per share $1.08 $1.13 $1.73 $1.99
 (A) -- Reflects the interest of stockholders other than BHC in the operating results of 52 percent owned United Television, Inc.
 -0- 7/17/92
 /CONTACT: Laurence M. Kashdin of BHC Communications, 305-946-4000/
 (BHC) CO: BHC Communications Inc. ST: New York IN: ENT SU: ERN


AH-TS -- NY037 -- 0262 07/17/92 12:46 EDT
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Date:Jul 17, 1992
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