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INFINITY BROADCASTING REPORTS RECORD 1992 FIRST QUARTER OPERATING RESULTS; NET REVENUES UP 5 PERCENT; BROADCAST CASH FLOW UP 9 PERCENT

 INFINITY BROADCASTING REPORTS RECORD 1992 FIRST QUARTER OPERATING


RESULTS; NET REVENUES UP 5 PERCENT; BROADCAST CASH FLOW UP 9 PERCENT
 NEW YORK CITY, May 7 /PRNewswire/ -- Infinity Broadcasting Corporation (NASDAQ: NFTA) today reported net revenues for the first quarter of 1992 were $23,372,000 as compared to $22,228,000 for the first quarter of 1991, an increase of approximately 5 percent. The increase was due principally to higher local advertising revenues at most of the company's stations. The above results do not include the results of New York radio station WFAN-AM, which was acquired effective April 16, 1992.
 Broadcast Cash Flow (defined as station operating income excluding depreciation, amortization and corporate general and administrative expenses) for the first quarter of 1992 was $7,733,000 as compared to $7,120,000 for the first quarter of 1991, an increase of approximately 9 percent.
 Operating income for the first quarter of 1992 was $1,693,000 as compared to an operating loss of $1,118,000 for the first quarter of 1991. The increase was due principally to higher advertising revenues as well as lower depreciation and amortization expenses.
 Net financing expense (defined as interest expense less interest income) for the first quarter of 1992 was $9,738,000 as compared to $13,718,000 for the first quarter of 1991, a decrease of 29 percent. The decrease was due principally to lower borrowings as well as lower interest rates in the first quarter of 1992.
 As a result of the company's common stock IPO, the company in the first quarter of 1992 recorded a non-recurring non-cash charge of approximately $6,503,000, resulting from the issuance in 1990 of approximately 371,603 shares of the company's common stock to management.
 Net loss before extraordinary items for the first quarter of 1992 was $14,549,000 as compared to a net loss of $14,838,000 for the first quarter of 1991, a decrease of $289,000. Net loss before extraordinary items for the first quarter of 1992 included a one-time non-cash charge of $6,503,000, triggered by the company's common stock IPO, relating the issuance in 1990 of common stock to management. Excluding the effect of this charge, net loss before extraordinary items for the first quarter of 1992 would have been $8,046,000 as compared to $14,838,000 for the first quarter of 1991, a decrease of $6,792,000.
 Also, in the first quarter of 1992, the company recorded an extraordinary charge of $8,277,000, including write-off of deferred financing costs of approximately $3,375,000, as a result of the redemption of all of the remaining, approximately $98 million of the company's 14.25 percent subordinated discount debentures. As a result of such redemption, the company's future interest expense will be reduced by approximately $4 million per year.
 Mel Karmazin, president and chief executive officer of the company, commented that the first quarter of 1992 was a major milestone for Infinity Broadcasting Corporation:
 -- The company reported record operating results.
 -- In February 1992, the company successfully completed its initial
 public offering of approximately 6,108,000 shares of its class A
 common stock.
 -- On March 24, 1992, the company sold $200 million principal amount
 of its 10 3/8 percent senior subordinated notes due 2002, through
 a public offering.
 -- In March 1992, the company called for the redemption of all its
 remaining $98 million 14.25 percent subordinated debentures.
 -- In April 1992, the company completed the acquisition of New York
 radio station WFAN-AM for approximately $70 million.
 Infinity Broadcasting owns and operates 18 radio stations:
 -- WXRK-FM, WFAN-AM and WZRC-AM, New York;
 -- KROQ-FM, Los Angeles;
 -- WJMK-FM and WJJD-AM, Chicago;
 -- WYSP-FM, Philadelphia;
 -- KOME-FM, San Jose/San Francisco;
 -- WBCN-FM, Boston;
 -- WOMC-FM, Detroit;
 -- KVIL-AM/FM, Dallas;
 -- WJFK-FM, Washington, D.C.;
 -- KXYZ-AM, Houston;
 -- WJFK-AM/WLIF-FM, Baltimore; and WQYK-AM/FM, Tampa/St.
 Petersburg.
 INFINITY BROADCASTING CORPORATION AND SUBSIDIARIES
 Consolidated Statements of Operations (Unaudited)
 (Dollars in thousands except for share amounts)
 Three months ended March 31 1992 1991
 Total revenues $ 26,573 $ 25,419
 Less agency commissions 3,201 3,191
 Net revenues 23,372 22,228
 Station operating expenses excluding
 depreciation and amortization 15,639 15,108
 Broadcast cash flow 7,733 7,120
 Depreciation and amortization 5,137 7,359
 Corporate general and admin. expenses 903 879
 Operating income (loss) 1,693 (1,118)
 Other income (expense):
 Interest expense (10,575) (13,806)
 Interest income 837 88
 Other expense (6,503) --
 Earnings (loss) before income taxes
 and extraordinary item (14,548) (14,836)
 Income taxes 1 1
 Earnings (loss) before extraord. item (14,549) (14,838)
 Extraord. item - loss on redemption
 of debt (8,277) --
 Net earnings (loss) $(22,826) $(14,838)
 Net earnings (loss) per share:
 Before extraordinary item $(1.06) $(3.60)
 Extraord. item - loss on redemption
 of debt (.61) --
 Net earnings (loss) per share $(1.67) $(3.60)
 Average shares and equivalents 13,667,000 4,117,000
 -0- 5/7/92
 /CONTACT: Farid Suleman of Infinity Broadcasting, 212-750-6400/
 (INFTA) CO: Infinity Broadcasting Corporation ST: New York IN: ENT SU: ERN


KD-OK -- NY099 -- 7796 05/07/92 16:23 EDT
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Date:May 7, 1992
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