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BHC FIRST QUARTER NET INCOME SOARS

 NEW YORK, April 19 /PRNewswire/ -- BHC Communications, Inc. (AMEX: BHC) today reported that its first quarter net income rose 324 percent to $75,918,000, or $2.92 per share, from last year's $17,925,000, or $.65 per share. The increase in net income reflects substantial gains on disposition of marketable securities, as well as a strong increase in television station earnings. The increase in per share earnings also reflects a decrease in the number of common shares outstanding to 26 million from 27.5 million in last year's first quarter.
 Herbert J. Siegel, BHC chairman and president, stated, "BHC recorded pretax gains totalling $93.7 million on the disposition of our Time Warner Inc. Series D 11 percent convertible preferred shares, which were redeemed quarter earnings, our core television broadcasting business also produced excellent results for the period. Operating revenues of our eight station group increased 61 percent, reflecting revenues of station WWOR, acquired in August 1992 and not included in 1992 first quarter results, as well as a solid increase in revenues of our seven other stations. Station group income was further enhanced by WWOR earnings and a 22 percent decline in programming costs at our stations other than WWOR. As a result, first quarter operating income totalled $8,796,000, reversing an operating loss of $11,057,000 in last year's first quarter."
 Interest and other income rose to $116,169,000 from $33,358,000 in 1992. The Time Warner gains were partially offset by a $10,800,000 decline in interest and dividend income.
 BHC will record a further pretax gain of approximately $121 million on the disposition in the second quarter of its remaining holdings of Time Warner convertible preferred stock. Such disposition reflects Time Warner's redemption on April 1, 1993 of its Series C 8-3/4 percent convertible preferred stock for 8-3/4 percent convertible subordinated debentures due 2015.
 BHC operates eight television stations, three wholly owned and five owned by its 54 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, acquired by BHC 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 March 31, 1993 represented 69 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.
 BHC COMMUNICATIONS, INC.
 Condensed Consolidated Statements of Income
 (Unaudited, in thousands except per share data)
 Three months ended March 31 1993 1992
 Operating revenues $89,581 $55,662
 Operating income (loss) 8,796 (11,057)
 Interest and other income 116,169(A) 33,358
 Income before income taxes
 and minority interest 124,965 22,301
 Income tax provision 43,000 5,400
 Income before minority interest 81,965 16,901
 Minority interest (B) (6,047) 1,024
 Net income 75,918 17,925
 Average common shares outstanding 25,997 27,487
 Net income per share 2.92 .65
 (A) -- Includes $93,741 on the disposition of marketable securities.
 (B) -- Reflects the interest of stockholders other than BHC in the operating results of 54 percent owned United Television, Inc.
 -0- 4/19/93
 /CONTACT: William D. Siegel of BHC Communications, Inc., 212-421-0200/
 (BHC)


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

TS-OS -- NY038 -- 7220 04/19/93 09:33 EDT
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Publication:PR Newswire
Date:Apr 19, 1993
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