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UNITED TELEVISION INC. REPORTS $13,167,000 FIRST QUARTER NET INCOME AND RECORD OPERATING PROFIT

 LOS ANGELES, April 15 /PRNewswire/ -- United Television Inc. (NASDAQ: UTVI) (UTV) today reported first quarter net income of $13,167,000, or $1.28 per share. The quarter's results reflect a substantial gain on disposition of marketable securities, as well as a strong increase in operating earnings.
 Approximately $8,460,000 of the first quarter's net income is attributable to a net gain recognized upon the disposition of UTV's Time Warner Inc. Series D 11 percent convertible preferred shares, which were redeemed for cash by Time Warner during the quarter. First quarter net income excluding the gain upon redemption was $4,707,000, or $.46 per share, compared to a net loss in last year's first quarter of $2,127,000, or $.20 per share.
 The significant earnings improvement in 1993 reflects a strong increase in revenues as well as a substantial reduction in operating expenses. Net revenues for the quarter increased 13 percent to $28,098,000, from $24,923,000 in 1992. After a 32 percent decrease in programming expenses, operating income totaled a record $3,961,000, reversing an operating loss of $6,155,000 in last year's quarter. Dividend and interest income for the quarter decreased to $2,971,000, from $3,428,000 in 1992, reflecting lower interest rates on cash balances.
 UTV will record a further pretax gain of approximately $12,200,000 on the disposition in the second quarter of its remaining holdings of Time Warner convertible preferred stock. Such disposition reflects Time Warner's redemption on April 1, 1993, of its series C 8 3/4 percent convertible preferred stock for 8 3/4 percent convertible subordinated debentures due 2015.
 UNITED TELEVISION INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Operations
 Three Months Ended March 31, 1993 and 1992
 (Unaudited -- In thousands except per share data)
 1993 1992
 Net revenues $28,098 $24,923
 Operating income (loss) $3,961 ($6,155)
 Other income:
 Dividend and interest
 income, net 2,971 3,428
 Gain on disposition of
 TWI preferred stock 14,185 ---
 Total 17,156 3,428
 Income (loss) before
 income taxes 21,117 (2,727)
 Income tax (provision) benefit (7,950) 600
 Net income (loss) $13,167 ($2,127)
 Net income (loss) per share $1.28 ($0.20)
 Average outstanding
 common shares 10,264 10,556
 -0- 4/15/93 R
 /CONTACT: Garth S. Lindsey, executive VP of United Television, 310-854-0426/
 (UTVI)


CO: United Television Inc. ST: California IN: ENT SU: ERN

MS-LS -- LA005 -- 6621 04/16/93 09:15 EDT
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Publication:PR Newswire
Date:Apr 16, 1993
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