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CHRIS-CRAFT INDUSTRIES REPORTS 12 PERCENT IN 1992 EARNINGS

 NEW YORK, Feb. 9 /PRNewswire/ -- Chris-Craft Industries, Inc. (NYSE: CCN) today reported that its net income in 1992 increased 12 percent, to $65,150,000, or $2.39 per share, from $58,258,000, or $2.12 per share, in 1991. The increase in net income primarily reflects strong earnings at Chris-Craft's core television broadcasting business, as well as a substantial decline from 1991 in non-operating losses. These positive factors, together with additional earnings arising from Chris-Craft's increased ownership of BHC Communications, Inc., its majority-owned subsidiary which operates Chris-Craft's television broadcasting business, more than offset a large decline in interest income.
 Herbert J. Siegel, Chris-Craft chairman and president, stated, "Except for Olympics and political advertising, which did not significantly benefit the Television Division, demand for television advertising was generally sluggish throughout 1992. Nonetheless, total earnings posted by our station group increased sharply, primarily due to reduced programming expenses and post acquisition earnings at station WWOR, which BHC acquired in August 1992.
 "While operating revenues at BHC stations other than WWOR declined slightly in 1992, the addition of WWOR brought Television Division operating revenues for the year to a record $307,883,000, up 17 percent from 1991's $262,568,000. Programing costs at BHC stations other than WWOR declined 12 percent, and earnings at these stations more than doubled. Including WWOR, station earnings rose 172 percent which, after corporate office and program development expenses, produced an increase in Television Division operating income to $27,896,000 from $4,042,000 in 1991.
 "Chris-Craft's 1992 earnings also benefited form BHC's purchases in 1992 of its own common shares, which increased our ownership in BHC to 69.1 percent at Dec. 31, 1992, from 65.4 percent at Dec. 31, 1991, and correspondingly increased the percentage of BHC's earnings included in Chris-Craft's consolidated net income."
 Interest and other income, net declined to $128,566,000 from $136,814,000 in 1991. A $21.5 million decline in interest income, resulting primarily from the utilization of funds to acquire WWOR and lower short-term interest rates, was only partially offset by smaller non-operating losses and increased income associated with BHC's holdings of Time Warner Inc. convertible preferred stock.
 Chris-Craft fourth quarter net income increased to $17,737,000, or $.65 per share, from $17,254,000, or $.63 per share, in 1991. Fourth quarter Television Division operating revenues increased 40 percent to $104,361,000 from $74,294,000 as revenues attributable to WWOR more than offset a small decline in revenues at other BHC stations. Earnings at these stations nonetheless increased, primarily due to an 8 percent decline in programming expenses. After WWOR earnings and reduced development expense, fourth quarter Television Division operating income nearly doubled, to $14,614,000 from $7,356,000 in 1991. However, consolidated operating income rose more modestly, to $9,700,000 from $6,991,000, primarily due to a provision for market value based benefit plan expense. Interest and other income, net in the fourth quarter increased slightly to $33,793,000 from the prior year's $33,354,000, as a $7 million reduction in interest income was more than offset by an increase in income associated with BHC's Time Warner shares and a reduction in non-operating losses.
 Time Warner has called for redemption all shares of its Series D 11 percent pay in kind convertible preferred stock, including those held by BHC, and Chris-Craft will record a related 1993 first quarter gain, before income taxes and minority interest, of approximately $94 million. BHC and its subsidiaries continue to hold Time Warner Series C 8-3/4 percent cash pay convertible preferred stock.
 CHRIS-CRAFT INDUSTRIES, INC.
 Condensed Consolidated Statements of Income
 (In thousands, except per-share data)
 Periods ended Fourth Quarter Year
 Dec. 31 (Unaudited)
 1992(A) 1991 1992(A) 1991
 Oper. revenues $110,475 $80,085 $331,535 $283,835
 Oper. income (loss) 9,700 6,991 16,805 (3,815)
 Interest & other
 income, net 33,793 33,354 128,566 136,814
 Income before inc.
 taxes and minority
 interest 43,493 40,345 145,371 132,999
 Inc. tax provision 11,700 11,175 37,800 34,300
 Income before
 minority interest 31,793 29,170 107,571 98,699
 Minority int.(B) (14,056) (11,916) (42,421) (40,441)
 Net income(C) 17,737 17,254 65,150 58,258
 Average common equiv.
 shares outstdg.(D) 27,144 27,137 27,100 27,298
 Net income per share(D):
 Primary $.65 $.63 $2.39 $2.12
 Fully diluted .49 .48 1.80 1.60
 (A) -- Reflects the post-acquisition operating results of Pinelands, Inc. (owner of WWOR), acquired by BHC on Aug. 24, 1992, in a transaction accounted for under the purchase method.
 (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 Dec. 31, 1992, and the interest of stockholders other than BHC in the operating results of United Television, Inc., 53 percent owned by BHC at Dec. 31, 1992.
 (C) -- Before preferred stock dividend requirements of $126 in the fourth quarters, and $504 and $506 in 1992 and 1991, respectively.
 (D) -- After giving retroactive effect to the 3 percent stock dividend declared Jan. 28, 1993.
 -0- 2/9/93
 /CONTACT: William D. Siegel of Chris-Craft Industries, 212-421-0200/
 (CCN)


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

CK-KB -- NY041 -- 4632 02/09/93 11:45 EST
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Date:Feb 9, 1993
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