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MEDIA GENERAL, INC. REPORTS RESULTS

 RICHMOND, Va., Jan. 29 /PRNewswire/ -- Media General, Inc. (AMEX: MEG.A) today reported fourth quarter 1992 net income of $7.6 million, or $0.29 per share, compared with net income of $9.2 million, or $0.35 per share for the fourth quarter of 1991.
 Revenues for the fourth quarter of 1992 were $148.9 million, compared with fourth quarter 1991 revenues of $148 million.
 For the year ended Dec. 27, 1992, Media General reported net income of $19 million, or $0.73 per share, compared with a loss of $62.1 million, or $2.39 per share for the year ended Dec. 29, 1991.
 Revenues for the year were $577.7 million, compared with 1991 revenues of $585.9 million. Results for the twelve months ended Dec. 27, 1992, included a gain of $.7 million, or $0.03 per share, representing the cumulative effect of changes in accounting principles which were adopted as of the beginning of 1992, and which consisted of the following:
 -- A $15.1 million increase in net income ($0.58 per share), which
 represented the net decrease in the Company's deferred tax
 liability resulting from the adoption of Financial Accounting
 Standard No. 109, "Accounting for Income Taxes."
 -- A $14.4 million after-tax charge ($0.55 per share), which
 resulted from the Company's adoption of Financial Accounting
 Standard No. 106, "Employers' Accounting for Postretirement
 Benefits Other Than Pensions."
 Results for the year ended Dec. 29, 1991, included after-tax charges of $85.4 million, or $3.28 per share, which consisted of the following items:
 -- A loss of $78.3 million after-tax, or $3.01 per share,
 attributable to the Company's share of losses from its
 unconsolidated affiliate, Garden State Newspapers.
 -- A $5.5 million after-tax charge, or $0.21 per share, for costs
 associated with an early retirement program.
 -- A $1.6 million after-tax charge, or $0.06 per share accrued in
 connection with the then planned merger, which was consummated on
 June 1, 1992, of the Company's two Richmond newspapers.
 Fourth Quarter Operations
 Newspaper segment revenues in the quarter were essentially flat with those of the year earlier, but operating profits declined, largely the result of increased preprint advertising at the expense of higher margin run-of-press advertising, and increased depreciation expense.
 The increase in television segment revenues and operating profits continued to be led by a strong performance at the Company's Fairfax, Va., cable system. Broadcast television operations were essentially flat with those of 1991.
 While newsprint segment revenues and operating profits remained under pressure during the quarter, a modest increase in selling prices in the quarter did result in some improvement from earlier 1992 periods.
 At Southeast Paper Manufacturing Co., Media General's one-third owned newsprint affiliate, profits fell sharply from the year earlier quarter, primarily the result of lower selling prices.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (000s omitted, except for per share data)
 Quarters Ended Fiscal Years Ended
 Dec. 27, Dec. 29, Dec. 27, Dec. 29,
 1992 1991 1992 1991
 Revenues:
 Newspaper $78,375 $ 78,393 $ 299,038 $299,173
 Television 44,067 41,408 169,946 159,596
 Newsprint 22,991 25,756 96,540 116,717
 Auxiliary 3,499 2,489 12,135 10,414
 Total revenues 148,932 148,046 577,659 585,900
 Operating costs 132,625 130,519 535,046 549,559
 Operating income
 (loss):
 Newspaper 6,383 7,833 16,382 681
 Television 8,687 6,053 25,912 18,406
 Newsprint 1,179 3,519 1,277 18,527
 Auxiliary 58 122 (958) (1,273)
 Total operating
 income 16,307 17,527 42,613 36,341
 Other income
 (expense):
 Interest expense (4,704) (3,012) (17,559) (16,056)
 Equity in net income
 (loss) of
 unconsolidated
 affiliates: (2,478) 391 (4,926) (75,640)
 Other, net 2,794 1,169 6,131 2,659
 Total other income
 (expense) (4,388) (1,452) (16,354) (89,037)
 Income (loss) before
 income taxes and
 cumulative effect of
 changes in
 accounting
 principles (A)(B) 11,919 16,075 26,259 (52,696)
 Income taxes 4,338 6,894 7,946 9,395
 Income (loss) before
 cumulative effect
 of changes in
 accounting
 principles 7,581 9,181 18,313 (62,091)
 Cumulative effect of
 changes in
 accounting principles:
 Income taxes -- -- 15,066 --
 Postretirement
 benefits (net
 of $8,434 income
 tax benefit) -- -- (14,379) --
 Net income (loss)
 (A)(B) $ 7,581 $ 9,181 $ 19,000 $ (62,091)
 Earnings (loss) per
 common share and
 equivalent:
 Before cumulative
 effect of changes
 in accounting
 principles $ 0.29 $ 0.35 $ 0.70 $ (2.39)
 Cumulative effect
 of changes in
 accounting
 principles -- -- 0.03 --
 Net income (loss) $ 0.29 $ 0.35 $ 0.73 $ (2.39)
 Weighted average common shares and equivalents were 26,058 and 26,010, and 26,056 and 25,996 for the quarterly and year-to-date periods ended Dec. 27, 1992, and Dec. 29, 1991, respectively.
 Notes to the Consolidated Statements of Operations:
 (A) In 1992, the Company adopted new accounting standards relating to postretirement benefits (SFAS 106) and income taxes (SFAS 109) which, together, increased 1992 net income by $.7 million, or $0.03 per share. SFAS 106 requires the cost of providing postretirement benefits to be accrued over the service period of employees. Adoption of the standard resulted in a cumulative after-tax charge of $14.4 million. SFAS 109 requires the deferred income tax liability to be calculated based on temporary differences between the financial statement and tax bases of assets and liabilities at currently enacted tax rates. Adoption of the standard resulted in an increase in net income of $15.1 million.
 Other income, net, for the quarter and year ended Dec. 27, 1992 includes $1.4 million ($.8 million after-tax; $0.03 per share) and $2.9 million ($1.7 million after-tax; $0.06 per share), respectively, of insurance proceeds related to a 1991 fire at the Company's Garden State Paper newsprint mill in Garfield, N.J., and $1.3 million ($.9 million after-tax; $0.03 per share) and $2.1 million ($1.5 million after-tax; $0.06 per share), respectively, resulting from the termination of previously-recognized obligations relating to disposed operations.
 (B) Results for the year ended Dec. 29, 1991, include a loss of $78.7 million ($78.3 million after-tax; $3.01 per share), attributable to the Company's share of losses from its unconsolidated affiliate, Garden State Newspapers (GSN). The loss, which resulted principally from GSN's write-down of certain intangible assets, reduced the Company's investment in GSN to zero. Results for 1991 also include an $8.8 million ($5.5 million after-tax; $0.21 per share) charge for costs associated with the Company's early retirement program, most of which was attributable to the Newspaper Segment, and a $2.5 million ($1.6 million after-tax; $0.06 per share) Newspaper Segment charge accrued in connection with the merger of the Company's two Richmond newspapers.
 CONSOLIDATED BALANCE SHEETS
 (000's omitted)
 Dec. 27, Dec. 29,
 ASSETS 1992 1991
 Cash $ 2,791 $ 4,545
 Accounts receivable-net 58,733 61,845
 Inventories 9,222 11,226
 Other 19,052 31,062
 Total current assets 89,798 108,678
 Investments in unconsolidated
 affiliates 50,515 55,442
 Other assets 60,358 33,995
 Property, plant and
 equipment-net 539,758 516,756
 Excess of cost of businesses
 acquired over equity in
 net assets-net 46,996 47,440
 $787,425 $762,311
 LIABILITIES AND STOCKHOLDERS'
 EQUITY
 Accounts payable $ 23,066 $ 32,588
 Accrued expenses and other
 liabilities 57,032 67,675
 Income taxes payable 43 3,584
 Current portion of long-term
 debt -- 1,163
 Total current liabilities 80,141 105,010
 Long-term debt 320,506 276,039
 Deferred income taxes 94,380 114,467
 Other liabilities and
 deferred credits 82,457 64,927
 Stockholders' equity 209,941 201,868
 $787,425 $762,311
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 (000's omitted)
 Fiscal Years Ended
 Dec. 27, Dec. 29,
 1992 1991
 Cash flows from operating
 activities:
 Net income (loss) $ 19,000 $ (62,091)
 Adjustments to reconcile
 net income (loss):
 Depreciation and amortization 54,550 49,943
 Change in accounting for
 postretirement benefits 22,813 --
 Deferred income taxes (20,922) (4,246)
 Equity in undistributed net
 loss of unconsolidated
 affiliates 4,926 80,640
 Change in assets and
 liabilities (11,797) 6,312
 Net cash provided by operating
 activities 68,570 70,558
 Cash flows from investing activities:
 Capital expenditures (92,319) (115,383)
 Other, net (12,817) 13,004
 Net cash used in investing
 activities (105,136) (102,379)
 Cash flows from financing activities:
 Net increase in long-term debt 43,304 42,637
 Dividends paid (11,478) (11,440)
 Other, net 2,986 2,050
 Net cash provided by financing
 activities 34,812 33,247
 Net increase (decrease) in cash $ (1,754) $ 1,426
 -0- 1/29/93
 /CONTACT: Robert W. Pendergast, Media General, Inc., 804-649-6657/
 (MEG)


CO: Media General, Inc. ST: Virginia, California IN: TLS PAP SU: ERN

SB-CM -- CH004 -- 0728 01/29/93 11:57 EST
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Date:Jan 29, 1993
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