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CHARTER REPORTS EARNINGS FOR THE SECOND QUARTER OF 1992

 CHARTER REPORTS EARNINGS FOR THE SECOND QUARTER OF 1992
 CINCINNATI, Aug. 14 /PRNewswire/ -- The Charter Company (NYSE: CHR) has announced that net earnings were $2.5 million ($.05 per share) for the second quarter of 1992 and $3.0 million ($.06 per share) for the first half of the year. Excluding the effects of discontinued operations, Charter's net earnings for the first half of 1992 would have been $5.5 million ($.11 per share).
 Subsequent to June 30, 1992, Charter has sold its petroleum terminal facility and the related operations located in the Philadelphia/Wilmington area representing the majority of Charter's petroleum operations and expects to sell the remainder by the end of the year. No material gain or loss has been recognized or is expected on the disposition of these operations.
 While not comparable because Charter did not acquire the Spelling investment until May 1991, net earnings in the first half of 1991 were $16.9 million ($.36 per share) and in the second quarter of 1991 were $14.8 million ($.32 per share). Most of 1991 earnings was from discontinued operations, including the $13.4 million gain from the second quarter sale of Charter's Middle East oil producing operation.
 Charter's principal operations are now in the filmed entertainment business which are conducted through its wholly-owned subsidiary, Spelling Entertainment Inc. Spelling is engaged principally in the development, production and distribution of television series, movies for television and television mini-series. Additionally, Spelling's Worldvision Enterprises subsidiary engages in the worldwide television and home video distribution of television and feature film programming produced by the company and third parties. The company also distributes feature films to various media in the international market, produces feature films financed and distributed primarily by major studios and licenses music and merchandising rights associated with its television properties.
 Charter's common stock trades on the New York and Pacific Stock Exchanges under the symbol CHR and CHRP, respectively. American Financial Corporation owns 49 percent of Charter's 51.2 million common shares.
 The Charter Company
 Summary of Operations
 (In Thousands, Except Per Share Data)
 Three months ended
 June 30,
 1992 1991
 Revenues $61,135 $20,786
 Earnings (loss) from continuing
 operations 1,505 (174)
 Discontinued operations --- 9,561
 Earnings before extraordinary item 1,505 9,387
 Extraordinary item - tax benefit
 from use of tax loss
 carryforward 958 5,368
 Net earnings $2,463 $14,755
 Preferred dividend requirement 202 202
 Net earnings applicable to common
 stock $2,261 $14,553
 Average number of common shares 45,493 45,368
 Earnings (loss) per common share:
 Continuing operations $.03 $(.01)
 Earnings before extraordinary item .03 .20
 Net earnings $.05 $.32
 Cash dividends per common share $.02 ---
 Six months ended
 June 30,
 1992 1991
 Revenues $118,736 $20,786
 Earnings (loss) from continuing
 operations 3,062 (599)
 Discontinued operations (1,629) 11,423
 Earnings before extraordinary item 1,433 10,824
 Extraordinary item - tax benefit
 from use of tax loss
 carryforward 1,578 6,076
 Net earnings $3,011 $16,900
 Preferred dividend requirement 405 405
 Net earnings applicable to common
 stock $2,606 $16,495
 Average number of common shares 45,503 45,322
 Earnings (loss) per common share:
 Continuing operations $.06 $(.02)
 Earnings before extraordinary item .02 .23
 Net earnings $.06 $.36
 Cash dividends per common share $.04 ---
 Amounts for 1991 have been restated for discontinued operations. Net earnings for the first three months of 1992 have been restated for an adjustment relating to Charter's accounting for its investment in Spelling which reduced previously reported net earnings.
 -0- 8/14/92
 /CONTACT: Sandra Heimann of The Charter Company, 513-579-2482/
 (CHR) CO: The Charter Company ST: Ohio IN: OIL ENT SU: ERN


BM -- CL019 -- 0136 08/14/92 15:53 EDT
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Date:Aug 14, 1992
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