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GREAT AMERICAN COMMUNICATIONS COMPANY ANNOUNCES FIRST QUARTER RESULTS

 CINCINNATI, May 17 /PRNewswire/ -- Great American Communications Company (NASDAQ: GACC) reported results for the quarter ended March 31, 1993. GACC reported net revenues of $43.6 million in 1993; net revenues for the first quarter of 1992 were $44.4 million including the revenues attributable to GACC's interests in "Entertainment Tonight" which was sold in the fourth quarter of 1992. Net revenues for the broadcast stations were $43.6 million the first quarter of 1993 as compared to $42.8 million in the first quarter of 1992.
 Operating income before depreciation and amortization was $11.7 million for the first quarter of 1993 and $10.6 million for the first quarter of 1992 including the results of "Entertainment Tonight." The broadcast stations operating income before depreciation and amortization increased $2.7 million or 30 percent from $9.0 million in last years first quarter as a result of increased revenues and reductions in operating expenses.
 Operating income for the first quarter of 1993 was $4.8 million; the operating loss for the first quarter of 1992 was $1.8 million. This improvement was the net result of several factors including the increased operating income of the broadcast stations, the decline in depreciation and amortization attributable to the revaluation of the company's intangible assets in the fourth quarter of 1992 and the elimination of the operating income from "Entertainment Tonight." The net loss decreased from $27.2 million in the first quarter of 1992 to $20.6 million in 1993.
 GACC also announced that is expects to file this week with the Securities and Exchange Commission a registration statement covering securities to be offered in its proposed prepackaged plan of reorganization (the "Plan"). As previously announced, the Plan is part of a comprehensive financial restructuring of GACC and three of its non- operating subsidiaries. GACC's principal operating subsidiary, Great American Television and Radio Company, Inc., which owns all of GACC's television and radio stations, would not be a party to the Plan and would continue to operate its businesses in the ordinary course. The proposed terms of the Plan have been negotiated with unofficial committees representing substantial holders of major classes of debt of the Corporation and its subsidiaries and contemplates the issuance of reorganized GACC common stock and 14 percent notes in exchange for outstanding debt and preferred stock of GACC, GACC Holding Company and New GACC Holdings, Inc.
 Solicitation of acceptances of the Plan will be made only by means of a prospectus mailed to all securityholders.
 GACC and its subsidiaries own six network-affiliated television stations, 11 FM and five AM radio stations in major markets around 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,
 1993 1992(A)
 Net revenues:
 Television broadcasting $ 30,878 $30,925
 Radio broadcasting 12,697 11,905
 Television program ventures --- 1,594
 Total 43,575 44,424
 Costs and expenses:
 Operating expenses 17,200 18,642
 Selling, general and
 administrative 14,696 15,199
 Total 31,896 33,841
 Operating income before
 depreciation and amortization 11,679 10,583
 Depreciation and amortization 6,870 12,352
 Operating income (loss) 4,809 (1,769)
 Other income (expense):
 Interest expense (15,389) (18,296)
 Minority interest (7,901) (7,343)
 Corporate general and
 administrative expenses (944) (1,206)
 Investment income 88 643
 Miscellaneous, net (412) (57)
 Total (24,558) (26,259)
 Loss before income taxes (19,749) (28,028)
 Federal income tax benefit --- 815
 Loss before extraordinary items (19,749) (27,213)
 Extraordinary items (B) (837) ---
 NET LOSS ($20,586) ($27,213)
 PER SHARE DATA (Primary and
 Fully Diluted):
 Loss before extraordinary items ($.35) ($.48)
 Net loss (.36) (.48)
 Average common shares 56,729 56,729
 (A) -- The results for 1992 have been restated to reflect the retroactive effects of a change in the method of accounting for income taxes. The effect of this restatement increased the net loss for the three months ended March 31, 1993, by $50 thousand.
 (B) -- Extraordinary items represents costs incurred in connection with GACC's pending restructuring.
 -0- 5/17/93
 /CONTACT: Gregory C. Thomas of Great American Communications Company, 513-562-8000/
 (GACC)


CO: Great American Communications Company ST: Ohio IN: ENT SU: ERN

AR -- CL013 -- 9228 05/17/93 12:45 EDT
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Date:May 17, 1993
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