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MULTIMEDIA REPORTS NET EARNINGS FOR 1992

 GREENVILLE, S.C., Jan. 28 /PRNewswire/ -- Walter E. Bartlett, Chairman of the Board and Chief Executive Officer of Multimedia, Inc. (NASDAQ: MMEDC) announced today operating results for the year ended Dec. 31, 1992. The Company had net earnings of $60.5 million compared with $48.4 million for 1991 and earnings per share of $1.61 in 1992 versus $1.30 in 1991.
 For the year, consolidated revenues were $576.8 million, up 10 percent from $524.3 million in 1991. Operating costs and expenses increased from $368.5 million to $403.7 million or 10 percent. This resulted in 1992 operating profit increase of 11 percent from $155.8 million to $173.1 million.
 For the year, consolidated operating cash flow(A) increased 11 percent to $219.5 million. Newspaper cash flow(A) increased 9 percent to $43.7 million, Broadcasting cash flow(A) increased 7 percent to $48.1 million, Cablevision cash flow(A) increased 14 percent to $77.5 million and Entertainment cash flow(A) increased 11 percent to $57.8 million.
 Revenues for the fourth quarter were $167.4 million, up 17 percent. Operating profit for the quarter was $49.7 million, an increase of 15 percent. Net earnings for the quarter were $19.2 million compared with $14.5 million in 1991. Earnings per share for the quarter were $.51 in 1992 versus $.39 in 1991. For the quarter, consolidated operating cash flow(A) increased 14 percent from $54.1 million to $61.8 million.
 For the fourth quarter of 1992, Newspaper revenues increased 4 percent to $35.8 million, Broadcasting revenues increased 12 percent to $44.9 million, Cablevision revenues increased 15 percent to $40.7 million and Entertainment revenues increased 39 percent to $46.0 million.
 Newspaper cash flow(A) for the quarter increased 12 percent to $12.5 million, Broadcasting cash flow(A) increased 9 percent to $14.9 million, Cablevision cash flow(A) increased 14 percent to $20.2 million and Entertainment cash flow(A) increased 14 percent to $15.5 million.
 The Entertainment division's fourth quarter revenues include revenues from the telecasts of the division's highly rated mini-series, Deadly Matrimony, the Donahue 25th Anniversary special on NBC, the new season programming (Rush Limbaugh and Sweating Bullets) and the national expansion to additional markets for Jerry Springer. The expenses and start-up costs related to these program ventures were higher than the revenues produced for the quarter.
 Multimedia Cablevision includes the security alarm business which has increased to 35,000 subscribers at year-end from 25,500 a year ago.
 Multimedia, Inc. is a diversified media communications company headquartered in Greenville, S.C., which publishes 12 daily and 49 non-daily newspapers, owns and operates five television and eight radio stations, operates more than 125 cable franchises in five states and produces and syndicates quality television programming, including the Donahue and Sally Jessy Raphael shows.
 (A) Operating cash flow, as defined by the Company, is operating profit plus depreciation and amortization, and amortization of stock awards and stock options.
 MULTIMEDIA, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF EARNINGS
 THREE MONTHS AND TWELVE MONTHS ENDED DECEMBER 31, 1992 AND 1991
 (UNAUDITED)
 (IN THOUSANDS EXCEPT PER SHARE DATA)
 THREE MONTHS TWELVE MONTHS
 1992 1991 1992 1991
 OPERATING REVENUES:
 NEWSPAPERS $35,808 34,423 132,485 128,954
 BROADCASTING 44,912 40,274 160,529 150,643
 CABLEVISION 40,702 35,496 154,645 135,524
 ENTERTAINMENT 45,970 32,964 129,122 109,205
 TOTAL OPERATING
 REVENUES 167,392 143,157 576,781 524,326
 OPERATING COSTS AND
 EXPENSES:
 PRODUCTION 64,457 51,025 202,865 185,031
 SELLING, GENERAL AND
 ADMINISTRATIVE 41,909 38,598 157,829 145,041
 DEPRECIATION 8,477 7,078 31,710 29,140
 AMORTIZATION 2,816 3,076 11,272 9,308
 TOTAL OPERATING COSTS
 AND EXPENSES 117,659 99,777 403,676 368,520
 OPERATING PROFIT 49,733 43,380 173,105 155,806
 INTEREST EXPENSE 16,539 19,114 71,820 79,315
 OTHER INCOME (EXPENSE),
 NET (130) (239) (447) 643
 EARNINGS BEFORE INCOME
 TAXES AND MINORITY
 INTEREST 33,064 24,027 100,838 77,134
 INCOME TAX EXPENSE 13,555 9,543 41,343 30,254
 MINORITY INTEREST (268) 65 1,009 1,517
 NET EARNINGS $ 19,241 14,549 60,504 48,397
 PER SHARE OF COMMON
 STOCK:
 NET EARNINGS $ .51 .39 1.61 1.30
 CASH DIVIDENDS -- -- -- --
 WEIGHTED AVERAGE
 SHARES 37,683 37,203 37,593 37,253
 -0- 1/28/93
 /CONTACT: Elizabeth S. Mills, Vice President-Corporate Communications, Multimedia, Inc., 803-298-4393 or 803-298-4389/
 (MMEDC)


CO: Multimedia, Inc. ST: South Carolina IN: TLS PUB SU: ERN

CM -- CH007 -- 0415 01/28/93 15:55 EST
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Date:Jan 28, 1993
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