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KING WORLD REPORTS RECORD SECOND QUARTER RESULTS

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


(NYSE: KWP) today reported record revenues, net income, and earnings per share for the second fiscal quarter ended Feb. 29, 1992, representing the company's 29th consecutive quarter of record operating results. Results were as follows:
 KING WORLD PRODUCTIONS, INC.
 Second Quarter Ended Feb. 29 1992 1991 Percent
 Change
 Revenues $125.0 million $107.3 million 17
 Net income $ 21.3 million $ 18.5 million 15
 Earnings per share $ 0.55 $ 0.47 17
 Weighted average number of
 shares outstanding 38.8 million 39.2 million
 Six Months Ended Feb. 29 1992 1991 Percent
 Change
 Revenues $329.4 million $282.3 million 17
 Net income $ 57.8 million $ 54.8 million 6
 Earnings per share $ 1.48 $ 1.40 6
 Weighted average number of
 shares outstanding 39.0 million 39.0 million
 Commenting on the company's financial results, Stephen W. Palley, executive vice president and chief operating officer, said: "Our record second quarter results reflect the syndication dominance 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.
 "The continued market dominance of our top shows has enabled us to receive long-term contracts from our client stations, resulting in a stable revenue stream. As a result of our programs' success and our emphasis on controlling costs, our balance sheet has steadily strengthened. At the end of the quarter our cash position stood at $283.9 million, a $28.2 million increase over the $255.7 million we reported at the end of the first quarter of 1992. This money will either be used for stock repurchases, acquisitions or other new business opportunities.
 "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 'Jeopardy!,' primarily due to a greater number of shows produced in the period."
 Palley added, "Net income and earnings per share for the quarter rose 15 percent to $21.3 million, and 17 percent to $0.55, respectively. Absent the dilution of $0.06 per share from the results of WIVB-TV, our CBS affiliate in Buffalo, N.Y., earnings per share for the second fiscal quarter of both 1992 and 1991 would have been $0.61 and $0.53, respectively."
 In February 1992, King World's top-rated shows all posted ratings gains over February 1991. According to the February 1992 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 17.5 rating, up from 16.5 in February 1991; "Jeopardy!," the number two ranked show in syndication, pulled a 14.5 rating, up from 14.0 and "The Oprah Winfrey Show," the third highest ranked show in syndication, posted a 12.9 rating, up from the 11.6 rating recorded in February 1991. Also, "Inside Edition," posted its highest sweeps rating since premiering three years ago, with a 8.0 rating, up 8 percent from 7.4 in February 1991. "Inside Edition" is the highest ranked newsmagazine in the access time period.
 Also in February, King World announced its entry into the network children's programming arena with the "Wild West C.O.W.-Boys of Moo Mesa," a cartoon series based on the newest characters from Surge Entertainment, the firm that developed Teenage Mutant Ninja Turtles. King World will produce, in association with Surge Entertainment, 13 episodes of the series for the ABC Television Network. The series' animation company is Gunther-Wahl Productions. Beginning on Sept. 12, 1992, "The Wild West C.O.W.-Boys of Moo Mesa" will air on ABC once a week, on Saturday mornings.
 Pre-production work is underway for the pilot episode of "Topper," which has been ordered by the CBS Television Network for a premiere in September 1992. John Landis, a renowned writer, producer and director, will direct the pilot and executive produce the series.
 For the trailing 12 months ended Feb. 29, 1992, 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 Feb. 29 1992 1991 Change
 Revenues $523.0 million $465.4 million 12
 Net income $ 93.6 million $ 87.4 million 7
 Earnings per share $ 2.38 $ 2.23 7
 Earnings per share for the 12 months ended Feb. 29, 1992, and Feb. 28, 1991, 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 is producing, in association with Surge Entertainment, "Wild West C.O.W.-Boys of Moo Mesa," a cartoon series set to premiere on the ABC Television Network in September 1992. The company is also producing a pilot of a new version of the popular theatrical feature and subsequent 1950s network television series "Topper" for the CBS Television 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
 -0- 4/14/92
 /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 Productions/
 (KWP) CO: King World Productions, Inc. ST: New York IN: ENT SU: ERN


PS -- NY009 -- 8060 04/14/92 08:11 EDT
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