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OUTLET COMMUNICATIONS ANNOUNCES SECOND QUARTER OPERATING RESULTS; REGISTERS FOURTH CONSECUTIVE QUARTERLY PROFIT, COMPLETES REFINANCING

 CRANSTON, R.I., July 19 /PRNewswire/ -- Outlet Communications, Inc. (NASDAQ: OCOMA) today reported a profitable 1993 second quarter with operating results significantly improved from last year. For the current quarter, net income amounted to $872,000 or 14 cents per share, compared to a net loss of $338,000 or 5 cents per share in the prior year. The company has now posted four consecutive profitable quarters.
 Total second quarter revenues of $12,830,000 showed an increase of $1,072,000, or 9.1 percent over last year's $11,758,000. Revenues were up at both of the company's television stations with the Columbus, Ohio, television station setting new second quarter and six-month record highs. In comparisons with other network-affiliated and independent stations, the Outlet stations' revenue gains generally exceeded those of their peers.
 Operating income for the second quarter amounted to $4,243,000. This was an increase of $1,212,000 and an improvement of approximately 40 percent compared to last year's $3,031,000. 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.
 The operating income for the first six months through June 30, 1993 amounted to $5,922,000, an improvement of $2,074,000 or 53.9 percent over last year's $3,848,000 for the same period. Year-to-date revenues of $22,857,000 increased by $1,843,000 or 8.8 percent compared to $21,014,000 in the prior year period. Including the positive effect from a change in accounting for income taxes, Outlet had net income in the 1993 first half of $3,829,000 or 59 cents per share. This compares with a net loss of $2,390,000 or 36 cents per share in the first half of 1992.
 "We continue to enjoy healthy revenue increases at our Providence and Columbus television stations, while reducing total expenses. As a result, we have been able to take all of our net revenue gains to the bottom line," said James G. Babb, Outlet Communications' chairman, president and chief executive officer.
 Babb also announced that on July 15, 1993 Outlet successfully completed a $60,000,000 public offering of 10 7/8 percent Senior Subordinated Notes, co-managed by Salomon Brothers Inc. and Kidder, Peabody & Co. Incorporated.
 "We were delighted with the response to the offering. The new 10 7/8 percent notes, in combination with a $30 million senior bank loan, will enable us to prepay all of our existing higher cost debt and thereby reduce our annual interest expense by more than $4 million," Babb said. As a result of this transaction, a one-time debt extinguishment charge of approximately $2,800,000 will occur in the third quarter.
 Babb added that Outlet's initial third quarter revenue pacing continues to be positive, even though both stations are competing against strong 1992 third quarter figures that were boosted by the Olympics on NBC and political advertising.
 Outlet Communications, Inc., headquartered in Cranston, R.I., owns and operates two VHF television stations that are both NBC network affiliates: WCMH, Columbus, Ohio, and WJAR-TV, serving the Providence, R.I.-New Bedford, Mass., market.
 OUTLET COMMUNICATIONS, INC.
 Comparative Consolidated Summary of Earnings
 (unaudited)
 Second Quarter Year to Date
 Ended June Ended June
 1993 1992 1993 1992
 Broadcast revenue $12,830,000 $11,758,000 $22,857,000 $21,014,000
 Operating income $4,243,000 $3,031,000 $5,922,000 $3,848,000
 Interest expense (3,249,000) (3,570,000) (6,505,000) (7,213,000)
 Other income
 (expense) - net (34,000) 238,000 66,000 412,000
 Income taxes (benefit) 88,000 37,000 88,000 (563,000)
 Income (loss) before
 effect of change in
 accounting principle 872,000 (338,000) (605,000) (2,390,000)
 Effect of change in
 accounting principle --- --- 4,434,000 ---
 Net income (loss) $872,000 $(338,000) $3,829,000 $(2,390,000)
 Income (loss) per share:
 Before effect of change in
 accounting principle 14 cents (5 cents) (9 cents) (36 cents)
 Effect of change in
 accounting principle(a) --- --- 68 cents ---
 Net income (loss) per
 share 14 cents (5 cents) 59 cents (36 cents)
 Weighted average
 number of shares
 of common stock 6,552,500 6,552,500 6,552,500 6,552,500
 (a) Cumulative effect of change in accounting for income taxes as required by Statement of Financial Accounting Standards 109, "Accounting for Income Taxes."
 /NOTE TO EDITORS: Certain prior year amounts have been reclassified to conform to 1993 presentation./
 -0- 7/19/93
 /CONTACT: James G. Babb, chairman, president and CEO of Outlet Communications, 401-455-9250/
 (OCOMA)


CO: Outlet Communications ST: Rhode Island IN: TLS SU: ERN

DJ -- NE016 -- 3242 07/19/93 16:34 EDT
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Date:Jul 19, 1993
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