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CHARTER REPORTS EARNINGS FOR THE FIRST QUARTER OF 1992

 CHARTER REPORTS EARNINGS FOR THE
 FIRST QUARTER OF 1992
 CINCINNATI, May 12 /PRNewswire/ -- The Charter Company (NYSE: CHR) has announced that its 82 percent-owned subsidiary, Spelling Entertainment Inc. (AMEX: SP), earlier today reported that its revenues for the quarter ended March 31, 1992, had improved by about 50 percent while its earnings had nearly doubled from the previous year.
 Charter itself reported pretax earnings of $5.4 million from its continuing investment in Spelling and a pretax loss of $2.4 million from its discontinued petroleum operations. After a provision of $1.0 million for state and foreign taxes, Charter's net earnings for the quarter were $2.0 million ($.04 per share). While not comparable, because Charter did not acquire the Spelling investment until May 1991, net earnings in the first quarter of 1991 were $2.1 million (also $.04 per share), all from the discontinued operations and costs of operating the headquarters company.
 Currently, Charter's principal operations are conducted through Spelling in the filmed entertainment business. Spelling is engaged in the development, production and worldwide distribution of television programming, including the highly-popular Fox network series Beverly Hills, 90210 and the upcoming Fox TV series Melrose Place. Spelling also distributes feature films in international markets (such as the recently released, critically-acclaimed film, "The Player"), produces feature films financed and distributed primarily by major studios and licenses music and merchandising rights associated with its television properties.
 Charter's discontinued petroleum marketing operations supply residual fuel oil and other petroleum products to electric utilities and other commercial users, trade petroleum products on the open market, own and operate a petroleum terminal facility located in the Philadelphia/Wilmington area and maintain several terminals and pipelines for third parties. Charter expects to sell these operations by the end of the year.
 Charter's common stock trades on the New York and Pacific Stock Exchanges under the symbol CHR and CHRP, respectively. American Financial Corporation owns 53 percent of Charter's 45.4 million common shares.
 THE CHARTER COMPANY
 Summary of Operations
 (In Thousands, Except per Share Data)
 Three months ended March 31
 1992 1991(A)
 Revenues $ 57,601 $ ---
 Earnings (loss) from continuing
 operations 2,498 (425)
 Discontinued operations (1,629) 1,862
 Earnings before extraordinary item 869 1,437
 Extraordinary item - tax benefit
 from use of tax loss carryforward 1,104 708
 Net earnings $ 1,973 $ 2,145
 Preferred dividend requirement 203 203
 Net earnings applicable to common
 stock $ 1,770 $ 1,942
 Earnings per common share:
 Continuing operations $.05 ($.01)
 Earnings before extraordinary item .01 .03
 Net earnings $.04 $.04
 Average number of common shares(A) 45,514 45,248
 Note (A) -- Amounts for 1991 have been restated for discontinued operations.
 -0- 5/12/92
 /CONTACT: Sandra Heimann of The Charter Company, 513-579-2482/
 (CHR SP) CO: The Charter Company ST: Ohio IN: OIL SU: ERN


BM -- CL021 -- 9276 05/12/92 15:52 EDT
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Publication:PR Newswire
Date:May 12, 1992
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