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MEDIA GENERAL REPORTS FOURTH QUARTER RESULTS

 MEDIA GENERAL REPORTS FOURTH QUARTER RESULTS
 RICHMOND, Va., Jan. 30 /PRNewswire/ -- Media General, Inc.


(AMEX: MEG.A) today reported fourth quarter 1991 net income of $9.2 million, or $0.35 per share, compared with net income of $3.1 million, or $0.12 per share, for the fourth quarter of 1990.
 Revenues for the fourth quarter of 1991 were $148 million, compared with fourth quarter 1990 revenues of $155.7 million.
 For the year ended Dec. 29, 1991, Media General reported a loss of $62.1 million, or $2.39 per share, compared with net income of $25.5 million, or $0.98 per share, for the year ended Dec. 31, 1990.
 Revenues for the year were $585.9 million, compared with 1990 revenues of $613.7 million. The 1991 revenue decline was due in large measure to certain Newsprint and Auxiliary segment operations which were sold at the end of 1990.
 Results for the twelve months 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 (GSN). The loss, which resulted principally from GSN's write-down of certain intangible assets, reduced the Company's investment in GSN to zero.
 -- A $5.5 million after-tax charge, or $0.21 per share, for costs associated with the Company's early retirement program.
 -- A $1.6 million after-tax charge, or $0.06 per share, accrued in connection with the planned June 1, 1992, merger of the Company's two Richmond newspapers.
 Comparable 1990 full-year results included combined non-recurring net income of $1.8 million, or $0.06 per share, while fourth quarter 1990 results included combined non-recurring net losses of $2.2 million, or $0.09 per share.
 Newspaper and Broadcast segment revenues improved modestly during the fourth quarter, but declines in the Newsprint and Auxiliary units more than offset the gains. As was the situation throughout the year, reduced Newsprint and Auxiliary segment revenues resulted principally from the sale of certain operations at the end of 1990.
 Fourth quarter Newspaper operating profits rose to their highest levels of the year, and both revenues and operating profits exceeded those of the comparable year-earlier quarter.
 Broadcast group revenues and operating profit in the fourth quarter continued to be paced by a strong performance at the Company's Fairfax, Va., cable operation. Fairfax Cable ended the year with record revenues and operating profits, and with a subscriber count which exceeded 195,000.
 Media General's three television stations continued to feel the recession's impact during the fourth quarter, and both revenues and operating income declined from the year-earlier period.
 Despite continued industry-wide oversupply, weak user demand and resultant broad discounting, the Newsprint division performed well in the quarter. While revenues declined, largely for reasons previously indicated, operating margins slipped only marginally because of extensive cost reductions and improved efficiency.
 "When considered in view of the previous nine months, we take some encouragement by the fourth quarter performance," said J. Stewart Bryan III, Media General chairman, president and chief executive officer. "The lingering malaise within the economy remains troubling, however, and there is yet no clear signal that advertisers sense an upturn in consumer confidence," Bryan continued.
 "Accordingly, while we want to believe that 1992 will rebound sharply from the dismal levels of last year, we see no convincing evidence that an upturn is imminent," he said.
 "Until then, we will continue to maintain tight control on expenses, develop new sources of revenue, and take whatever actions needed to ensure that Media General participates fully when the recovery does occur," Bryan said.
 Media General, Inc.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (000's omitted except for per share data)
 Quarters Ended Years Ended
 Dec. 29, Dec. 31, Dec. 29, Dec.31,
 1991 1990 1991 1990
 Revenues:
 Newspaper $ 78,393 $ 77,469 $ 299,173 $ 302,010
 Broadcast 41,408 40,121 159,596 153,427
 Newsprint 25,756 31,697 116,717 132,915
 Auxiliary 2,489 6,436 10,414 25,315
 Total revenues 148,046 155,723 585,900 613,667
 Operating Costs:
 Production costs 82,946 84,237 325,208 337,023
 Selling, distri-
 bution and
 administrative 35,590 47,095 163,108 165,272
 Depreciation and
 amortization 11,683 11,494 49,943 47,547
 Special charges 300 -- 11,300 --
 Total operating
 costs 130,519 142,826 549,559 549,842
 Operating income 17,527 12,897 36,341 63,825
 Other income (expense):
 Interest expense ( 3,012) ( 4,363) ( 16,056) ( 19,831)
 Equity in net income
 (loss) of unconsol-
 idated affiliates:
 Garden State
 Newspapers -- ( 1,229) ( 78,672) ( 2,639)
 Other 391 323 3,032 1,336
 Other, net 1,169 195 2,659 814
 Total other
 income
 (expense) ( 1,452) ( 5,074) ( 89,037) ( 20,320)
 Income (loss) before
 income taxes 16,075 7,823 ( 52,696) 43,505
 Income taxes:
 Current 5,646 6,251 13,641 20,490
 Deferred 1,248 ( 1,506) ( 4,246) ( 2,465)
 Total taxes on
 income 6,894 4,745 9,395 18,025
 Net income (loss)
 (A) (B) $ 9,181 $ 3,078 $( 62,091) $ 25,480
 Earnings (loss) per
 common share and
 equivalent $ 0.35 $ 0.12 $( 2.39) $ 0.98
 Weighted average
 common shares and
 equivalents 26,010 25,970 25,996 25,963
 Certain items in 1990 have been reclassified to conform with the current year's presentation. The reclassifications have no effect on net income as previously reported.
 CONSOLIDATED BALANCE SHEETS
 (000's omitted)
 Dec. 29, Dec. 31,
 ASSETS 1991 1990
 Cash $ 4,545 $ 3,119
 Accounts receivable-net 61,845 63,541
 Inventories 11,226 14,536
 Other 31,062 28,679
 Total current assets 108,678 109,875
 Investment in unconsolidated
 affiliates 55,442 136,082
 Other assets 33,995 34,000
 Property, plant and
 equipment-net 516,756 449,863
 Excess of cost of businesses
 acquired over equity in net
 assets-net 47,440 46,124
 $762,311 $775,944
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Accounts payable $ 32,588 $ 29,235
 Accrued expenses and other
 liabilities 67,675 57,672
 Taxes on income 3,584 1,272
 Current portion of long-term
 debt 1,163 363
 Total current liabilities 105,010 88,542
 Long-term debt 276,039 234,202
 Deferred income taxes 114,467 127,104
 Other deferred credits 64,927 52,278
 Stockholders' equity 201,868 273,818
 $762,311 $775,944
 PROFIT BY INDUSTRY SEGMENT
 (000'S omitted)
 Quarters Ended Years Ended
 Dec. 29, Dec. 31, Dec. 29, Dec. 31,
 1991 1990 1991 1990
 Operating Profit
 (loss):
 Newspaper $7,833 $5,503 $681 $26,760
 Broadcast 6,053 10,115 18,406 24,622
 Newsprint 3,519 3,967 18,527 21,109
 Auxiliary 122 (6,688) (1,273) (8,666)
 Equity in net
 income (loss)
 of unconsolidated
 affiliates:
 Garden State
 Newspapers -- (1,229) (78,672) (2,639)
 Other 391 323 3,032 1,336
 Interest and
 other income 1,169 195 2,659 814
 Interest expense (3,012) (4,363) (16,056) (19,831)
 Income (loss)
 before income
 taxes (A)(B) $16,075 $7,823 $(52,696) $43,505
 (A) 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 planned merger of the Company's two Richmond newspapers.
 (B) Results for the fourth quarter and year ended Dec. 31, 1990, include a $5.3 million ($3.5 million after-tax; $0.13 per share) favorable impact in the Broadcast Segment of adjustments to loss estimates provided in connection with the 1988 discontinuance of media placement operations, and estimated losses of $1.9 million ($1 million after-tax; $0.04 per share) and $5.7 million ($4.7 million after-tax; $0.18 per share) in the Newsprint and Auxiliary Segments, respectively, accrued in connection with the sale of certain recycling center and other assets. Newspaper Segment results for 1990 include a $5.3 million gain ($4 million after-tax; $0.15 per share) on sale, in the second quarter, of the Company's West Coast weekly newspaper group.
 -0- 1/30/92
 /contact: Robert W. Pendergast, Media General, Inc., 804-649-6657/
 (MEG) CO: Media General, Inc. ST: Virginia IN: TLS PUB SU: ERN


CM-JM -- CH006 -- 5300 01/30/92 13:43 EST
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