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CHRIS-CRAFT REPORTS HIGHER SECOND QUARTER AND SIX MONTH NET INCOME

 CHRIS-CRAFT REPORTS HIGHER SECOND QUARTER AND SIX MONTH NET INCOME
 NEW YORK, July 17 /PRNewswire/ -- Chris-Craft Industries, Inc. (NYSE: CCN) today reported that its second quarter net income rose to $17,294,000, or $.65 per share, from $14,697,000, or $.55 per share, in last year's second quarter. The increase in net income reflects higher earnings recorded by Chris-Craft's core television broadcasting business as well as a decline in net losses recognized on certain non-operating assets, which factors more than offset a decrease in interest income.
 Herbert J. Siegel, Chris-Craft chairman and president, stated, "Television division operating revenues in the second quarter declined two percent, to $69,502,000 from $70,650,000, reflecting continued weak demand for television advertising. However, a reduction in television station operating expenses more than offset the revenue decline. Television division operating income accordingly increased to $10,876,000 from last year's $8,635,000.
 "Unfortunately, there is no clear indication that the television advertising market will strengthen in the near future. However, we expect television station operating expenses for the last six months of the year to be significantly lower than in last year's corresponding period."
 The increase in television division operating income, together with higher industrial division earnings and lower corporate office expenses, brought consolidated operating income to $9,134,000, up 39 percent from last year's $6,584,000.
 Interest and other income, net decreased in the second quarter to $29,562,000 from $30,365,000. Interest income declined significantly, reflecting the drop from last year in short-term interest rates, but losses recognized on certain non-operating assets also declined.
 Net income for the first six months of 1992 rose slightly to $27,983,000, or $1.05 per share, from $27,126,000, or $1.01 per share, in last year's period. Television division operating revenues declined three percent, to $125,164,000 from $128,904,000. The revenue decline, combined with an increase in program development expenses, exceeded the reduction in six month television station operating expenses, and television division operating income for the period declined to $1,200,000 from $2,291,000 last year. After an increase in industrial division earnings and a decrease in corporate office expenses, the consolidated operating loss for the period narrowed to $2,808,000 from $3,061,000. Interest and other income, net for the six month period declined to $62,511,000 from last year's $67,609,000, as an $8.4 million reduction in interest income was only partially offset by a reduction in losses recognized on certain non-operating assets.
 Chris-Craft operates seven television stations through 68 percent owned BHC Communications, Inc. Currently the nation's seventh largest television broadcaster, its signals reach nearly 13 percent of the country's population. BHC has outstanding a tender offer to acquire all common shares of Pinelands, Inc., owner of WWOR-TV, an independent television station which broadcasts across a tristate area including New York City.
 CHRIS-CRAFT INDUSTRIES, INC.
 Condensed Consolidated Statements of Income
 (Unaudited -- In thousands except per share data)
 Periods Ended Second Quarter Six Months
 June 30 1992 1991 1992 1991
 Operating revenues $75,785 $76,099 $136,841 $139,364
 Operating income (loss) 9,134 6,584 (2,808) (3,061)
 Interest & other income,
 net 29,562 30,365 62,511 67,609
 Inc. bef. inc. taxes &
 minority interest 36,696 36,949 59,703 64,548
 Income tax provision 9,650 9,300 14,900 16,800
 Inc. bef. minority int. 29,046 27,649 44,803 47,748
 Minority interest (A) (11,752) (12,952) (16,820) (20,622)
 Net income (B) 17,294 14,697 27,983 27,126
 Avg. com. equiva. shares
 outstanding 26,273 26,477 26,319 26,514
 Net income per share:
 Primary $.65 $.55 $1.05 $1.01
 Fully diluted .49 .42 .80 .77
 (A) Reflects the interest of stockholders other than Chris-Craft in the operating results of BHC Communications, Inc., Chris-Craft's television broadcasting subsidiary, 68 percent owned at June 30, 1992, and the interest of stockholders other than BHC in the operating results of United Television, Inc., 52 percent owned by BHC.
 (B) Before preferred stock dividend requirements of $126 and $127 in the second quarters and $252 and $254 in the six month periods of 1992 and 1991, respectively.
 -0- 7/17/92
 /CONTACT: Laurence M. Kashdin of Chris-Craft Industries, 305-946-4000/
 (CCN) CO: Chris-Craft Industries, Inc. ST: New York, Florida IN: ENT SU: ERN


LD-PS -- NY057 -- 0400 07/17/92 16:44 EDT
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Date:Jul 17, 1992
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