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KING WORLD REPORTS RECORD FIRST QUARTER RESULTS

 KING WORLD REPORTS RECORD FIRST QUARTER RESULTS
 NEW YORK, Jan. 14 /PRNewswire/ -- King World Productions, Inc.


(NYSE: KWP) today reported record revenues, net income, and earnings per share for the first fiscal quarter ended Nov. 30, 1991. Results were as follows:
 First quarter ended Nov. 30: 1991 1990 Pct. Change
 Revenues $204.4 million $175.0 million +17
 Net income $ 36.6 million $ 36.2 million +1
 Earnings per share $ 0.94 $ 0.93 +1
 Weighted average
 number of shares
 outstanding 39.1 million 38.8 million
 Commenting on the company's financial results, Stephen W. Palley, executive vice president and chief operating officer, said: "Our record first quarter results reflect the enduring strength of our three top-rated shows, 'Wheel of Fortune,' 'Jeopardy!' and 'The Oprah Winfrey Show,' and to a lesser extent, 'Inside Edition,' the sixth highest rated strip in syndication, and 'Candid Camera,' which premiered on Sept. 16, 1991.
 "The strong performance of our top-rated programs has bolstered our balance sheet. At the end of the quarter our cash position stood at $255.7 million, a $13.8 million increase over the $241.9 million we reported at the end of fiscal 1991.
 "Our 17 percent revenue gain for the quarter was primarily due to the introduction of 'Candid Camera,' and increased cash license fees from 'The Oprah Winfrey Show,' as well as from higher cash license fees from 'Wheel of Fortune' and 'Jeopardy!,' primarily due to a greater number of shows produced in the period."
 Palley added, "Net income and earnings per share increased only slightly for the quarter due to the effect of a 48 percent increase in selling, general and administrative expenses which resulted from substantially higher advertising and promotion expenditures associated with the introduction of 'Candid Camera' and higher advertising and promotion expenditures for the 1991-92 season of 'The Oprah Winfrey Show,' a disproportionately high portion of which was accrued in the first three months of the 1992 fiscal year. Absent the dilution of $0.04 from the results of WIVB-TV, our CBS affiliate in Buffalo, N.Y., earnings per share for both the first fiscal quarter of 1992 and 1991 would have been $0.98 and $0.97, respectively."
 In November 1991, King World's top-rated shows posted their strongest overall ratings performance ever. In addition, according to the November 1991 Nielsen Cassandra Ranking report, King World's shows retained their dominant positions in syndication: "Wheel of Fortune," the number one ranked show in syndication, posted a 16.7 rating, up from 16.0; "Jeopardy!," the number two ranked show in syndication, recorded a 13.5 rating, up from 13.4 and "The Oprah Winfrey Show," the third highest ranked show in first-run syndication, posted a 12.5 rating, up from the 10.9 rating recorded in the three month period ended Nov. 30, 1990. "Wheel of Fortune," posted its highest November sweeps ratings in four years while "Jeopardy!" recorded its highest November sweeps ratings in the show's history. "The Oprah Winfrey Show" recorded its highest rating for any sweeps period in its history. Also, "Inside Edition" posted a 7.9 rating, up from 7.0, as it proceeded to record its highest sweeps rating in the show's history. "Inside Edition" is now the highest ranked newsmagazine that airs during the access time period.
 In December, King World received a pilot order from the CBS television network to produce a new version of "Topper," a popular network television series in the mid-1950s that was also adapted into several feature films, including a 1937 version starring Cary Grant. John Landis, a renowned director, writer and producer who has directed many box office hits including "Coming to America," "Trading Places," and "National Lampoon's Animal House," will direct the pilot and executive produce the pilot and series if it is ordered by CBS.
 In November, King World acquired from Orion Pictures corporation the right to produce and distribute a new version of the classic television game show, "Hollywood Squares." This unique show combines humor with current events and information, delivered by popular actors and comedians. "Hollywood Squares" began its successful history in 1966 as a daily daytime series on the NBC television network and was first syndicated in 1971.
 For the trailing 12 months ended Nov. 30, 1991, compared with the comparable period in the prior year, revenues, net income, and earnings per share all rose. The figures are listed below:
 Trailing 12 Months
 Ended Nov. 30 1991 1990 Pct. change
 Revenues $505.3 million $460.4 million +10
 Net income $ 93.6 million(A) $ 86.8 million +8
 Earnings per share $ 2.38(A) $ 2.22 +7
 (A) -- Before the effect of a $2.6 million or $0.07 per share extraordinary loss relating to an investment in Financial News Network.
 Earnings per share for the 12 months ended Nov. 30, 1991 and 1990 reflect a dilution of $0.20 and $0.19, 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 also produces "Candid Camera," a half-hour comedy strip and the "Arts and Entertainment Revue," an hour-long weekly magazine produced by the company in association with the Arts and Entertainment Network. 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 except per share data)
 Three months ended Nov. 30 1991 1990
 Revenues $204,397 $175,024
 Expenses:
 Producers fees, programming
 and other direct
 operating costs 118,463 96,151
 SG&A expenses 24,401 16,436
 Depreciation and
 amortization 2,616 3,178
 Total 145,480 115,765
 Income from operations 58,917 59,259
 Interest expense (2,912) (2,883)
 Interest and dividend income 3,420 2,991
 Income before provision
 for income taxes 59,425 59,367
 Provision for income taxes 22,865 23,150
 Net income $ 36,560 $ 36,217
 Primary earnings per share $.94 $.93
 -0- 1/14/92
 /CONTACT: Allyson M. Kossow of King World Productions, 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


TS-PS -- NY004 -- 9370 01/14/92 08:14 EST
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