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GREAT AMERICAN COMMUNICATIONS COMPANY ANNOUNCES FIRST QUARTER RESULTS

 GREAT AMERICAN COMMUNICATIONS COMPANY
 ANNOUNCES FIRST QUARTER RESULTS
 CINCINNATI, May 13 /PRNewswire/ -- Great American Communications Company (NASDAQ: GACC) (GACC) reported financial results for its first quarter ended March 31, 1992. While revenues for the quarter rose slightly to $47.4 million from $45.6 million a year ago, operating cash flow was virtually unchanged at $9.7 million. After interest, depreciation and amortization, and miscellaneous income and expense, GACC's loss from continuing operations was $26.7 million compared to $35.8 million in the 1991 quarter. The improvement is due primarily to the effects of lower interest expense as a result of debt reductions from proceeds of asset sales and other refinancing transactions which occurred in 1991.
 GACC's net loss for the first quarter of 1992 was $27.2 million, compared to net earnings of $34.9 million in the same period of 1991. Results for the 1991 quarter included net gains of $70.7 million attributable to discontinued operations and refinancing transactions.
 Revenue and cash flow increases at GACC's television stations were offset by the effect of the sale of Indianapolis and Pittsburgh radio stations in January 1992 and weakness at several other radio stations. On a same station basis, operating income before depreciation and amortization was up 5 percent from $10 million in 1991 to $10.5 million in 1992.
 As previously announced, GACC is currently discussing various debt restructuring alternatives with certain of its creditors. A restructuring plan would likely include a reduction in total indebtedness, an extension of maturities, lower interest rates and reduced cash dividend and interest payments. GACC has engaged the investment banking firm of Donaldson, Lufkin and Jenrette to assist in its restructuring efforts. The restructuring efforts are in the early stages and there are no developments to be reported.
 GACC and its subsidiaries own and operate six network-affiliated television stations, and 11 FM and six AM radio stations throughout the country. GACC's common stock trades over-the-counter under the symbol GACC.
 GREAT AMERICAN COMMUNICATIONS COMPANY
 CONSOLIDATED STATEMENT OF OPERATIONS
 (In thousands, except per share amounts)
 Three Months Ended
 March 31,
 1992 1991(a)
 Net revenues:
 Broadcasting $ 42,830 $ 41,335
 Other 4,560 4,274
 Total 47,390 45,609
 Costs and expenses:
 Operating expenses 20,768 19,016
 Selling, general and administrative 16,943 16,923
 Total 37,711 35,939
 Operating income before depreciation
 and amortization 9,679 9,670
 Depreciation and amortization 11,128 10,905
 Operating loss (1,449) (1,235)
 Other income (expense):
 Interest expense (18,296) (24,610)
 Minority interest (7,343) (7,173)
 Investment income 643 101
 Miscellaneous, net (218) (2,851)
 Total (25,214) (34,533)
 Loss before income taxes (26,663) (35,768)
 Income taxes (b) 8,150 --
 Loss from continuing operations (34,813) (35,768)
 Discontinued operations (c) --- (25,783)
 Loss before extraordinary items (34,813) (61,551)
 Extraordinary items (d) 7,650 96,439
 NET EARNINGS (LOSS) ($27,163) $34,888
 PER SHARE DATA (Primary and Fully
 Diluted):
 Loss from continuing operations ($.61) ($1.00)
 Loss before extraordinary items ($.61) ($1.73)
 Net earnings (loss) ($.48) $.98
 Average common shares 56,729 35,634
 (a) -- Results for 1991 have been restated to reflect the results of GACC's Entertainment Group as discontinued operations. GACC sold its entertainment businesses and operations during 1991.
 (b) -- The provision for federal income taxes reflects the effects of a taxable gain recognized upon the sale of GACC's Indianapolis and Pittsburgh radio stations; GACC's book basis exceeded its tax basis in the stations.
 (c) -- Discontinued operations includes a $17.2 million provision for the loss on sale of GACC's investment in Spelling common and preferred stock, which was sold in May 1991.
 (d) -- Extraordinary items represent the utilization of net operating loss carryforwards in 1992 and a net gain from the refinancing of long-term debt during 1991.
 -0- 5/13/92
 /CONTACT: Sandra Heimann of Great American Communications Company, 513-579-2177/
 (GACC) CO: Great American Communications Company ST: Ohio IN: ENT SU: ERN


KK -- CL004 -- 9566 05/13/92 10:20 EDT
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Date:May 13, 1992
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