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UNITED TELEVISION INC. REPORTS 214 PERCENT INCREASE IN 1992 NET INCOME

 LOS ANGELES, Feb. 4 /PRNewswire/ -- United Television Inc. (NASDAQ: UTVI) today announced that its net income for the year ended Dec. 31, 1992, more than tripled to $16,155,000, or $1.54 per share, from net income in 1991 of $5,151,000, or $.48 per share. Net income was the highest of any year in the company's history, excluding marketable securities gains recorded in prior years.
 The significant earnings improvement in 1992 reflects a substantial reduction in operating expenses as well as a modest revenue increase. Net revenues for the year increased 2 percent, to $115,127,000, from $112,902,000 in the prior year. After a 17 percent decrease in programming expenses, operating income totaled $7,853,000, reversing last year's operating loss of $7,278,000. Dividend and interest income for the year rose to $15,102,000, from $12,779,000 in 1991, reflecting higher dividends on the company's marketable equity securities and greater cash balances invested.
 The company recorded record fourth quarter net income of $8,154,000, or $.78 per share, a 145 percent increase over last year's fourth quarter net income of $3,323,000, or $.31 per share. Net revenues for the quarter increased 1 percent, to $33,509,000 from $33,291,000 in 1991. After a 25 percent decrease in programming expenses, operating income for the quarter increased to a record $7,551,000, from last year's $570,000. Dividend and interest income for the quarter rose to $4,278,000, from $3,403,000 in the prior year.
 UNITED TELEVISION INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Income
 Fourth Quarters and Years Ended Dec. 31, 1992 and 1991
 (In thousands except per share data)
 Fourth Quarter Year
 1992 1991 1992 1991
 (Unaudited)
 Net revenues $33,509 $33,291 $115,127 $112,902
 Operating income
 (loss) $7,551 $570 $7,853 ($7,278)
 Dividend and interest
 income, net 4,278 3,403 15,102 12,779
 Income before income
 taxes 11,829 3,973 22,955 5,501
 Income tax
 provision(A) (3,675) (650) (6,800) (350)
 Net income $8,154 $3,323 $16,155 $5,151
 Net income per share $0.78 $0.31 $1.54 $0.48
 Average outstanding
 common shares 10,401 10,571 10,488 10,635
 (A) The effective income tax rates in the 1992 periods are significantly greater than in the 1991 periods primarily due to a decrease in the percentage of pretax income not fully taxable.
 -0- 2/4/93
 /CONTACT: Garth S. Lindsey, executive VP of United Television, 310-854-0426/
 (UTVI)


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

JL -- LA023 -- 3007 02/04/93 12:59 EST
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Publication:PR Newswire
Date:Feb 4, 1993
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