Printer Friendly

BHC COMMUNICATIONS REPORTS SHARPLY HIGHER THIRD QUARTER EARNINGS

BHC COMMUNICATIONS REPORTS SHARPLY HIGHER THIRD QUARTER EARNINGS
 NEW YORK, Nov. 5 /PRNewswire/ -- BHC Communications, Inc. today reported that its third quarter net income increased to $28,650,000, or $1.08 per share, from $22,725,000, or $.82 per share, last year. A substantial increase in television station earnings was the primary factor in the 26 percent increase in the dollar amount of third quarter net income. Per share earnings for the quarter increased 32 percent, as purchases of class A common shares under BHC's previously announced stock repurchase program reduced the average number of common shares outstanding to 26.5 million from 27.8 million in last year's third quarter.
 Herbert J. Siegel, BHC chairman and president, stated, "The television advertising market remained generally sluggish in the third quarter. However, BHC's television station group achieved significantly improved operating results, reflecting reduced programming expenses and, to a lesser degree, post acquisition earnings of recently acquired station WWOR.
 "Operating revenues increased 32 percent, to $78,358,000 from last year's $59,370,000, but virtually all of the revenue increase was attributable to WWOR. Programming costs at BHC stations other than WWOR declined 29 percent in the quarter, producing a substantial increase in the combined earnings of those stations. Operating income totaled $10,701,000, reversing an operating loss of $6,486,000 in last year's third quarter."
 Interest and other income decreased in the third quarter to $31,192,000 from last year's $35,083,000, primarily due to the significant decline from last year in short-term interest rates and the utilization of funds to acquire WWOR.
 BHC net income for the first nine months of 1992 totaled $75,565,000, or $2.80 per share, compared to $78,349,000, or $2.81 per share, last year. The dollar amount of net income declined 4 percent, as a strong increase in television station earnings was offset by a decline in interest income. However, per share earnings were virtually unchanged due to the reduction in the average number of common shares outstanding.
 Operating revenues for the nine month period increased 8 percent, to $203,522,000 from last year's $188,274,000, as revenues attributable to WWOR more than offset a small decline in revenues recorded at BHC's other stations. Earnings at those stations nonetheless rose significantly, due to a 13 percent decline in programming expenses. Operating income for the nine month period totaled $9,138,000, reversing last year's operating loss of $5,958,000. Interest and other income declined to $96,401,000 from $109,810,000, primarily reflecting the decline from last year in short-term interest rates.
 BHC operates eight television stations, three wholly owned and five owned by its 53 percent owned subsidiary, United Television, Inc. The nation's sixth largest television broadcaster, 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, which was acquired by BHC on Aug. 24, 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, 1992 represented 68 percent of BHC's outstanding equity and 96 percent of BHC's 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.
 BHC COMMUNICATIONS, INC.
 Condensed Consolidated Statements of Income
 (Unaudited - in thousands except per share data)
 Period ended Third quarter Nine months
 Sept. 30 1992(A) 1991 1992(A) 1991
 Operating revenues $78,358 $59,370 $203,522 $188,274
 Operating income (loss) 10,701 (6,486) 9,138 (5,958)
 Interest and other income 31,192 35,083 96,401 109,810
 Income before income
 taxes and minority
 interest 41,893 28,597 105,539 103,852
 Income tax provision 10,800 5,925 26,200 24,625
 Income before minority
 interest 31,093 22,672 79,339 79,227
 Minority interest(B) (2,443) 53 (3,774) (878)
 Net income 28,650 22,725 75,565 78,349
 Average common shares
 outstanding 26,480 27,756 26,948 27,845
 Net income per share 1.08 .82 2.80 2.81
 (A) Reflects the post acquisition operating results of Pinelands, Inc. (owner of WWOR), which was acquired by BHC on Aug. 24, 1992 in a transaction accounted for under the purchase method.
 (B) Reflects the interest of stockholders other than BHC in the operating results of 53 percent owned United Television, Inc.
 -0- 11/5/92
 /CONTACT: Laurence M. Kashdin of BHC Communications, Inc., 305-946-4000/
 (BHC) CO: BHC Communications, Inc. ST: New York IN: ENT SU: ERN


LR-OS -- NY098 -- 7777 11/05/92 13:51 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 5, 1992
Words:793
Previous Article:FANSTEEL ADDS TWO BOARD MEMBERS
Next Article:BAKER FENTRESS DECLARES YEAR-END $.19 DIVIDEND; 1992 CAPITAL GAIN DISTRIBUTION TOTALS $1.42
Topics:


Related Articles
BHC COMMUNICATIONS REPORTS INCREASE IN 1992 EARNINGS
BHC COMMUNICATIONS REPORTS HIGHER THIRD QUARTER PRETAX EARNINGS, BUT LOWER NET INCOME
BHC TELEVISION STATION EARNINGS RISE 11% IN THIRD QUARTER; NET INCOME UP 33%
CHRIS-CRAFT TELEVISION STATION EARNINGS RISE 11% IN THIRD QUARTER; NET INCOME UP 72%
BHC REPORTS RECORD THIRD QUARTER TELEVISION STATION EARNINGS, LOWER NET INCOME
CHRIS-CRAFT REPORTS RECORD THIRD QUARTER TELEVISION STATION EARNINGS, LOWER NET INCOME
BHC REPORTS RECORD 1995 EARNINGS FOR ITS CORE TELEVISION STATION GROUP; AS EXPECTED, UNITED PARAMOUNT NETWORK START-UP LOSSES LOWER NET INCOME
CHRIS-CRAFT REPORTS RECORD 1995 EARNINGS FOR ITS CORE TELEVISION STATION GROUP
BHC Communications Reports Small Third Quarter Loss, per Share, Due to Increase in UPN Losses
BHC Communications, Inc. Reports Third Quarter Results.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters