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UNITED TELEVISION INC. REPORTS $7,253,000 THIRD QUARTER NET INCOME AND RECORD OPERATING PROFIT

 LOS ANGELES, Oct. 14 /PRNewswire/ -- United Television Inc. (NASDAQ: UTVI) today reported third quarter net income of $7,253,000 or $.72 per share, a 40 percent increase from last year's $5,180,000, or $.49 per share. Earnings were the highest of any third quarter in the company's history, except for marketable securities gains in a prior year.
 The significant improvement in the third quarter results reflects continuing strong revenue growth as well as a substantial reduction in operating expenses. Net revenues for the quarter increased 11 percent to $28,950,000, from $26,070,000 in 1992, and were a third quarter record. After a 27 percent decrease in programming expenses, including the favorable resolution of a disputed music license fee arrangement, operating income totaled a third quarter record $9,763,000, a 170 percent increase from last year's $3,617,000. Dividend and interest income for the quarter decreased to $2,415,000, from $3,863,000 in 1992, reflecting lower interest rates on cash balances and the loss of dividend income resulting from the cash redemption during the first quarter of Time Warner Inc. convertible preferred shares held by the company.
 Net income for the first nine months of 1993 was $34,788,000, or $3.42 per share. Of the period's net income $15,745,000 is attributable to net gains recognized upon dispositions of Time Warner preferred shares. Nine month net income, excluding these gains, rose 138 percent to $19,043,000, or $1.87 per share, from last year's $8,001,000 or $.76 per share.
 Net revenues for the period rose 12 percent to $91,575,000, from $81,618,000. After a 27 percent decrease in programming expenses, operating income for the period was $23,937,000, compared to $302,000 in last year's nine month period. Dividend and interest income for the period decreased to $8,103,000, from $10,824,000 last year.
 UNITED TELEVISION INC.
 Condensed Consolidated Statements of Income
 Third Quarter and Nine Months Ended Sept. 30, 1993 and 1992
 (Unaudited - In thousands except per share data)
 Third Quarter Nine Months
 1993 1992 1993 1992
 Net revenues $28,950 $26,070 $91,575 $81,618
 Operating income $9,763 $3,617 $23,937 $302
 Other income:
 Dividend and interest
 income, net 2,415 3,863 8,103 10,824
 Gain on disposition
 of TWI preferred
 stock --- --- 26,398 ---
 Total 2,415 3,863 34,501 10,824
 Income before income
 taxes 12,178 7,480 58,438 11,126
 Income tax
 provision (4,925) (2,300) (23,650) (3,125)
 Net income $7,253 $5,180 $34,788 $8,001
 Net income per
 share $0.72 $0.49 $3.42 $0.76
 Average outstanding
 common shares 10,109 10,473 10,166 10,517
 -0- 10/14/93
 /CONTACT: Garth S. Lindsey, executive VP, 310-854-0426/
 (UTVI)


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

NY-LM -- LA008 -- 2073 10/14/93 09:32 EDT
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Publication:PR Newswire
Date:Oct 14, 1993
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