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CHRIS-CRAFT FIRST QUARTER NET INCOME SOARS

 NEW YORK, April 19 /PRNewswire/ -- Chris-Craft Industries, Inc. (NYSE: CCN) today reported that its first quarter net income rose 363 percent to $49,501,000, or $1.81 per share, from last year's $10,689,000, or 39 cents per share. The increase in net income reflects substantial marketable securities gains at BHC Communications, Inc., Chris-Craft's 69 percent owned television broadcasting subsidiary, as well as a strong increase in Television Division earnings.
 Herbert J. Siegel, Chris-Craft chairman and president, stated, "BHC recorded pretax gains totalling $93.7 million on the disposition of its Time Warner Inc. Series D 11 percent convertible preferred shares, which were redeemed by cash by Time Warner during the first quarter.
 "While those gains were largely responsible for the tremendous increase in first quarter earnings, our core television broadcasting business also produced excellent results for the period. Operating revenues of our eight station Television Division 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. Television Division income was further enhanced by WWOR earnings and a 22 percent decline in programing costs at our stations other than WWOR. As a result, first quarter Television Division operating income totalled $10,186,000, reversing an operating loss of $9,676,000 in last year's first quarter."
 The significant improvement in Television Division earnings brought first quarter consolidated operating income to $6,714,000, compared to an operating loss of $11,942,000 in last year's period.
 Interest and other income rose to $114,382,000 from $32,949,000 in 1992. The Time Warner gains were partially offset by a $12,200,000 decline in interest and dividend income, and an increase in nonoperating losses.
 Chris-Craft's second quarter results will include Chris-Craft's share of a further BHC pretax gain of approximately $121 million on the disposition of BHC's 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.
 CHRIS-CRAFT INDUSTRIES, INC.
 Condensed Consolidated Statements of Income
 (Unaudited, in thousands except per share amounts)
 Three months ended March 31 1993 1992
 Operating revenues $96,285 $61,056
 Operating income (loss) 6,714 (11,942)
 Interest and other income, net 114,382(A) 32,949
 Income before income taxes
 and minority interest 121,096 21,007
 Income tax provision 42,300 5,250
 Income before minority interest 78,796 15,757
 Minority interest(B) (29,295) (5,068)
 Net income(C) 49,501 10,689
 Average common equivalent
 shares outstanding(D) 26,875 27,184
 Net income per share(D):
 Primary $1.81 $.39
 Fully diluted $1.37 $.29
 (A) -- Includes BHC marketable securities gains of $93,741.
 (B) -- Reflects the interest of stockholders other than Chris-Craft in the operating results of BHC Communications, Inc., Chris-Craft's television broadcasting subsidiary, 69 percent owned at March 31, 1993, and the interest of stockholders other than BHC in the operating results of United Television, Inc., 54 percent owned by BHC.
 (C) -- Before preferred stock dividend requirements of $124 in 1993 and $126 in 1992.
 (D) -- After giving effect to the April 1993, 3 percent stock dividend.
 -0- 4/19/93
 /CONTACT: William D. Siegel of Chris-Craft Industries, Inc., 212-421-0200/
 (CCN)


CO: Chris-Craft Industries, Inc. ST: New York IN: LEI SU: ERN

WB-TS -- NY051 -- 7270 04/19/93 10:19 EDT
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Date:Apr 19, 1993
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