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PARAMOUNT COMMUNICATIONS REPORTS SHARPLY HIGHER SECOND QUARTER RESULTS

PARAMOUNT COMMUNICATIONS REPORTS SHARPLY HIGHER SECOND QUARTER RESULTS
 NEW YORK, June 10 /PRNewswire/ -- Paramount Communications Inc. (NYSE: PCI) today reported substantially higher earnings for the second quarter of fiscal 1992, with record contributions for the period from entertainment operations and an improved performance from publishing activities.
 For the three months ended April 30, earnings rose to $28.3 million, equal to 23 cents per share, versus a loss of $55.0 million, or a loss of 47 cents per share, for the corresponding period in fiscal 1991. Results in the fiscal 1991 second quarter included a $35.4 million after-tax charge to earnings, the majority of which was related to a provision for write-downs of certain motion picture and television development commitments and entertainment reorganization costs.
 Martin S. Davis, chairman and chief executive officer of Paramount Communications, said that the company is "well on the road to a substantial year-to-year improvement in results. In entertainment," he said, "we are generating significant operating income, led by the continuing strength of our motion picture operations and the success of our television programming. Looking ahead, we should benefit significantly from Paramount's major 'summer' films, including "Patriot Games," which captured the top spot at the box office this past weekend and has a total gross to date of more than $20 million."
 The company's summer lineup also includes "Boomerang", "Cool World," "Bebe's Kids," "Whispers in the Dark" and "Pet Semetary II".
 Davis said that earlier streamlining of Paramount's publishing operations has "enabled us to continue our growth in publishing, despite ongoing pressure on educational funding at the local, state and federal levels. Our first-half publishing performance was in line with expectations and we anticipate solid contributions from our educational activities in the third and fourth quarters."
 Results in the second quarter of fiscal 1992 included operating income of $91.7 million from entertainment, compared with an operating loss from entertainment of $40.6 million recorded in the same prior year period. The company's publishing operations, which traditionally record the majority of sales and all of its operating income in the second half, posted a smaller seasonal operating loss in the second quarter of fiscal 1992 of $25.3 million -- an improvement of 13.4 percent compared with the loss of $29.2 million recorded in the same quarter last year.
 Results in the second quarter of fiscal 1992 also included net interest expense of $4.5 million, versus net interest income of $6.4 million recorded in the same period last year. The decrease resulted from lower average interest rates and from lower average short-term investments stemming largely from acquisitions and increased working capital requirements.
 For the first six months of fiscal 1992, the company reported earnings of $46.7 million, or 39 cents per share, compared with a loss of $62.3 million, or a loss of 53 cents per share, in the same year- earlier period. Fiscal 1992 first-half results included net interest expense of $2.5 million, versus net interest income of $20.7 million for the 1991 six-month period.
 Revenues for the second quarter and first six months of fiscal 1992 totaled $927.9 million and $2.0 billion, respectively. This compares with revenues of $868.1 million and $1.77 billion for the same respective periods in fiscal 1991.
 In addition to the strong perfromance of Paramount's motion picture and television programming operations, fiscal 1992 second quarter entertainment results also benefited from gains from broadcast television station operations and sharply higher operating income from Madison Square Garden.
 Results from motion picture operations were paced largely by the domestic box office gross of "Wayne's World" (approximately $115 million) and lower film write-downs as well as higher sales in network, and domestic and international features syndication. Also contributing was a payment received in connection with the signing of a long-term film printing agreement.
 -0- 6/10/92
 /CONTACT: Carl Folta of Paramount Communications, 212-373-8530/
 /FIRST AND FINAL ADD -- RESULTS OF OTHER DIVISIONS AND TABULAR MATERIAL -- TO FOLLOW/
 (PCI) CO: Paramount Communications Inc. ST: New York IN: ENT PUB SU: ERN


GK-TS -- NY013 -- 8689 06/10/92 09:27 EDT
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Date:Jun 10, 1992
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