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KING WORLD REPORTS 30TH CONSECUTIVE QUARTER OF RECORD NET INCOME AND EARNINGS PER SHARE

 KING WORLD REPORTS 30TH CONSECUTIVE QUARTER OF RECORD NET INCOME AND
 EARNINGS PER SHARE
 NEW YORK, July 14 /PRNewswire/ -- King World Productions, Inc. (NYSE: KWP), today reported record net income and record earnings per share for the third fiscal quarter ended May 31, 1992 (in millions, except per share data):
 Third quarter ended May 31 1992 1991 Percent Change
 Revenues $ 90.2 $100.1 -10
 Net income $ 16.4 $ 16.0 + 3
 Earnings per share $ 0.42 $ 0.40 + 5
 Weighted average number
 of shares outstanding 39.0 39.7
 Nine months ended May 31 1992 1991 Percent Change
 Revenues $419.6 $382.4 +10
 Net income $ 74.3 $ 70.7 + 5
 Earnings per share $ 1.90 $ 1.81 + 5
 Weighted average number
 of shares outstanding 39.0 39.2
 Commenting on the company's results, Stephen W. Palley, executive vice president and chief operating officer, said: "The consistent performance of our top rated shows has enabled us to post record earnings for 30 consecutive quarters, a milestone in any industry. Posting strong ratings in May 1992, 'Wheel of Fortune,' 'Jeopardy!' and 'The Oprah Winfrey Show' continued to rank as the top three shows in first-run syndication. 'Inside Edition' is now the highest ranked newsmagazine in the access time period.
 "As a result of the revenue stream provided by the long-term contracts that we have secured with our client stations and our emphasis on controlling costs, we have been able to increase our cash position with each passing quarter. At the end of the third quarter, our cash position stood at $318 million, an increase of $102 million over the $216 million we reported at the end of May 1991. This money will either be used for funding the development and production of new programs, stock repurchases or acquisitions."
 Palley added, "Our 10 percent revenue decrease for the quarter was primarily a result of the production of a significantly smaller number of 'Jeopardy!' episodes in the period. Revenues also declined as a result of the cancellation of 'Instant Recall,' which accounted for 3 percent of our revenues for the third quarter of fiscal 1991.
 "Net income increased slightly for the third quarter, due primarily to a lower effective tax rate in fiscal 1992. Third quarter earnings per share increased by 5 percent over the prior year, as a result of the net income increase and a smaller weighted average number of shares outstanding. Absent the dilution of 5 cents for 1992's third quarter and 4 cents for 1991's third quarter from the results of WIVB-TV, our CBS affiliate in Buffalo, N.Y., earnings per share for the 1992 and 1991 third quarter periods would have been 47 cents and 44 cents, respectively."
 This broadcast season, "Jeopardy!," "The Oprah Winfrey Show" and "Inside Edition" are enjoying the highest ratings in the history of all three shows. And "Wheel of Fortune" is enjoying its best ratings this broadcast season in four years.
 "Wheel of Fortune" is coming off its highest May Sweeps rating in four years with a 15.2 rating, up from 14.4 in May 1991. The show has now maintained its number one position in television syndication for 34 consecutive quarterly sweeps periods.
 "Jeopardy!" is coming off its highest May sweeps ratings in the history of the show with a 12.8 rating in May 1992, up from a 12.4 in May 1991. The show was up in every adult demographic category and has remained the second highest ranked program in syndication for 27 consecutive quarterly sweeps periods. For the second year in a row, "Jeopardy!" received the Emmy Awards for Outstanding Game Show and Outstanding Game Show Direction, bringing the show's total to ten Emmy Awards.
 "The Oprah Winfrey Show" is coming off its highest May sweeps ratings in the history of the show with an 11.8 rating, up from the 11.1 rating recorded in May 1991, as it held its position as the third highest ranked program in syndication for 22 consecutive quarterly sweeps periods. "The Oprah Winfrey Show's" ratings during the current broadcast season are the highest in the program's history. This performance enabled the show to capture two more Emmy Awards: Best Talk Show and Best Talk Show Host, bringing the show's total to 13 Emmy Awards.
 "Inside Edition" is coming off its highest May sweeps ratings in the history of the show, with a 7.0 rating, up from 6.7 in May 1991, and for the first time passed "A Current Affair."
 "Inside Edition" is the highest ranking newsmagazine in the access time period, outranking "Entertainment Tonight," "A Current Affair" and "Hard Copy."
 "Inside Edition's" consistent ratings growth has enabled King World's Reality-Based Programming Staff to produce two offshoot versions of the show: "Inside Edition Extra," a regionally produced show which currently airs in Detroit and New York, and "Inside Edition Weekend," a weekly half-hour program set to premiere on Sept. 12.
 For the trailing 12 months ended May 31, 1992, compared with the comparable period in the prior year, revenues, net income, and earnings per share all rose. The figures are listed below (in millions, except per share figures):
 Trailing 12 months ended May 31 1992 1991 Percent Change
 Revenues $513.0 $484.2 + 6
 Net income $ 94.1 $ 89.2 + 5
 Earnings per share $ 2.40 $ 2.28 + 5
 Earnings per share for the 12 months ended May 31, 1992 and 1991, reflect a dilution of 21 cents and 19 cents, respectively, from the results of WIVB-TV. King World reports this cumulative data because its quarterly financial results are affected by the number of episodes of its programs produced during each quarter, a figure that may vary considerably from quarter to quarter. Therefore, the company believes that 12-month cumulative results may be helpful in evaluating its ongoing financial performance.
 King World is the leading distributor of first-run programming, including "Wheel of Fortune," "Jeopardy!" and "The Oprah Winfrey Show," the three highest rated strips in syndication, and "Inside Edition," a first-run syndicated newsmagazine strip which is also produced by the company. King World is providing production services for "Wild West C.O.W.-Boys of Moo Mesa," a cartoon series set to premiere on the ABC Television Network in September 1992. King World distributes its own library of 68 feature films and 210 television programs, and through its barter subsidiary, Camelot Entertainment Sales, Inc., sells national advertising time in King World and other television programming. In addition, King World is the owner of WIVB-TV, the CBS affiliate in Buffalo, N.Y. "Wheel of Fortune" and "Jeopardy!" are produced by Merv Griffin Enterprises and "The Oprah Winfrey Show" is produced by Harpo Productions, Inc.
 Source: All data A.C. Nielsen.
 KING WORLD PRODUCTIONS, INC. AND SUBSIDIARIES
 Consolidated Statements of Income
 (Unaudited; dollars in thousands)
 Periods ended: Three months Nine months
 May 31: 1992 1991 1992 1991
 Revenues $ 90,159 $100,090 $419,577 $382,438
 Expenses:
 Producers fees, programing
 and other direct operating
 costs 49,008 58,965 240,632 211,485
 SG&A expenses 12,958 11,270 51,699 41,385
 Depreciation & amortiz. 2,478 2,322 7,581 7,805
 Total 64,444 72,557 299,912 260,675
 Income from operations 25,715 27,533 119,665 121,763
 Interest expense (2,840) (2,957) (8,592) (8,700)
 Interest & dividend income 3,132 3,175 9,365 9,073
 Income before provision
 for income taxes 26,007 27,751 120,438 122,136
 Provision for income taxes 9,570 11,763 46,165 48,756
 Inc. before extraord. item 16,437 15,988 74,273 73,380
 Extraordinary item - loss
 on noncurrent marketable
 securities (less applicable
 income tax benefit of $1,706) -- -- -- (2,637)
 Net income $ 16,437 $ 15,988 $ 74,273 $ 70,743
 Primary earnings per share:
 Income before
 extraordinary item $.42 $.40 $1.90 $1.88
 Extraordinary item -- -- -- (.07)
 Net income $.42 $.40 $1.90 $1.81
 -0- 7/14/92
 /CONTACT: Allyson M. Kossow of King World, 212-315-4000; or Diana Brainerd or Christian Plunkett of the Abernathy/MacGregor Group, 212-371-5999, for King World/
 (KWP) CO: King World Productions, Inc. ST: New York IN: ENT SU: ERN


GK-TS -- NY009 -- 8983 07/14/92 09:36 EDT
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