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OUTLET COMMUNICATIONS ANNOUNCES FIRST QUARTER OPERATING RESULTS; REGISTERS THIRD CONSECUTIVE QUARTERLY PROFIT

 CRANSTON, R.I., April 27 /PRNewswire/ -- Outlet Communications, Inc. (NASDAQ-NMS: OCOMA) today reported a profitable 1993 first quarter with operating results significantly improved from last year. For the current quarter, net income amounted to $2,957,000 or 45 cents per share, compared to a net loss of $2,052,000 or 31 cents per share in the prior year. For the first time since going public in 1987, the company has posted three consecutive profitable quarters.
 Total first quarter revenues of $10,027,000 showed an increase of $771,000, or 8.3 percent over last year's $9,256,000. Revenues were up at both of the company's television stations with the Columbus, Ohio, television station setting a new first quarter record high. In comparisons with other network-affiliated and independent stations, the Outlet stations' revenue gains generally exceeded that of their peers.
 Operating income for the quarter amounted to $1,679,000. This was an increase of $862,000 and an improvement of more than 105 percent compared to last year's $817,000. The increase in operating income reflected not only revenue gains, but a continuation of expense reductions as well.
 Interest expense was lower than last year due to various repayments of long-term debt during 1992.
 In 1992, the Financial Accounting Standards Board issued Statement No. 109, "Accounting for Income Taxes." The new standard, which was implemented beginning in 1993, requires a change in accounting for income taxes. Upon Outlet's adoption of the new standard, the cumulative effect of the accounting change increased net income by $4,434,000 in the first quarter of 1993.
 Prior to the effect of the accounting change, Outlet's first quarter net loss was reduced to $1,477,000, an improvement of 28 percent compared to last year's net loss of $2,052,000.
 Earlier in April, Outlet moved its corporate headquarters and WJAR- TV broadcast studios to a new facility in Cranston, R.I. By being more efficient, the new facility should allow Outlet to continue with its trend of improved operations.
 Outlet Communications, Inc., headquartered in Cranston, owns and operates two VHF television stations that are both NBC network affiliates: WJAR-TV in Cranston, R.I. and WCMH-TV, Columbus, Ohio.
 OUTLET COMMUNICATIONS, INC.
 Comparative Consolidated Summary of Earnings
 (Unaudited)
 First Quarter Ended
 March 1993 March 1992
 Broadcast revenue $10,027,000 $9,256,000
 Operating income 1,679,000 817,000
 Interest expense (3,256,000) (3,643,000)
 Other income (expense) --
 net 100,000 174,000
 Income taxes (benefit) --- (600,000)
 Loss before effect of change
 in accounting principle (1,477,000) (2,052,000)
 Effect of change in
 accounting principle(a) 4,434,000 ---
 Net income (loss) 2,957,000 (2,052,000)
 Income (Loss) Per Share:
 Before effect of change in
 accounting principle (23 cents) (31 cents)
 Effect of change in
 accounting principle(a) 68 cents ---
 Net income (loss)
 per share 45 cents (31 cents)
 Weighted average number of
 shares of common stock 6,552,500 6,552,500
 NOTE (a): Cumulative effect of change in accounting for income taxes as required by Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes."
 NOTE: Certain prior year amounts have been reclassified to conform to 1993 presentation.
 -0- 4/27/93
 /CONTACT: James G. Babb, president and CEO of Outlet Communications, 401-455-9250/
 (OCOMA)


CO: Outlet Communications, Inc. ST: Rhode Island IN: SU: ERN

DJ -- NE020 -- 1641 04/27/93 14:00 EDT
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Date:Apr 27, 1993
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