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DATA BROADCASTING CORP. ANNOUNCES FIRST QUARTER EARNINGS

 NEW YORK, Nov. 17 ~PRNewswire~ -- Data Broadcasting Corporation (NASDAQ: DBCC) today announced net income of approximately $566,000, or 4 cents per share, on revenues of $13.5 million for the three months ended Sept. 30, 1992. DBC is the successor to the market quotation and market data business of Financial News Network Inc., and as such, reported financial results for prior years are not comparable. However, on a proforma basis the company's operations presented an impressive gain over like operations for the prior year's first quarter.
 Proforma revenues for like operations increased 10.2 percent over last year's $12.3 million, while overall costs declined by 6.7 percent to $12.3 million from last year's $13.2 million. This results in a pre-tax profit improvement of $2.1 million and a $1.5 million net profit turnaround from last year's $945,000 loss for like operations.
 The revenue increase results from an aggressive marketing program which increased DBC's customer base by approximately 11 percent from the prior year. Reduced costs are primarily a result of successful management initiatives to streamline operations during fiscal year 1992.
 DBC Co-Chief Executives Alan Hirschfield and Allan Tessler commented: "We are pleased with the initial financial results of the newly created DBC. The company's profitable turnaround is gratifying for us, our employees and our shareholders. We are equally pleased with our current balance sheet which reflects a strong cash position and a favorable current ratio. We remain optimistic about the prospects for increasing profitability as DBC expands its share of the financial information marketplace and develops new specialized information products."
 DBC is the successor registrant to Financial News Network Inc. (FNN), which successfully completed its bankruptcy reorganization under Chapter 11 of the Federal Bankruptcy Code on June 26, 1992. As a result of the application of "fresh start" accounting, the reported financial results of FNN for the first fiscal quarter ended Sept. 30, 1991, are not comparable to the company's results for the quarter ending Sept. 30, 1992.
 The financials in the chart that follow represent the comparable analysis prepared by management concerning like operations:
 DATA BROADCASTING CORPORATION
 Selected Financial Data
 (unaudited)
 (In thousands, except per share data)
 Three Months Ended
 Sept. 30,
 1992 1991(A)
 Total Revenues $13,524 $12,276
 Net Income (Loss) Before Taxes 1,187 (945)
 Provision for Income Taxes (621) 0
 Net Income (Loss) 566 (945)
 Net income (Loss) Per Share $0.04 (B)
 Weighted Average Number
 of Shares Outstanding 16,061,373 (B)
 (A) Proforma results of like operations.
 (B) Per share data for the first fiscal quarter ended Sept. 30, 1991, are not comparable due to the issuance of new shares pursuant to a plan of reorganization.
 Data Broadcasting Corporation is a leading provider of stock market quote services and other specialized market data vital to more than 20,000 clients worldwide. Data Broadcasting's main product lines include QuoTrek, Signal and MarketWatch (used primarily by individual investors) and Shark (used by securities industry professionals).
 -0- 11~17~92
 ~CONTACT: Amber Gordon of Data Broadcasting Corporation, 703-359-6236~
 (DBCC)


CO: Data Broadcasting Corporation ST: New York IN: SU: ERN

DC -- DC003 -- 1764 11~17~92 10:49 EST
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Publication:PR Newswire
Date:Nov 17, 1992
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