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UNITED TELEVISION INC. REPORTS IMPROVED THIRD QUARTER RESULTS

 UNITED TELEVISION INC. REPORTS IMPROVED THIRD QUARTER RESULTS
 LOS ANGELES, Oct. 15 /PRNewswire/ -- United Television Inc. (NASDAQ: UTVI) today announced third quarter net income of $5,180,000, or $.49 per share, compared to a net loss in last year's period of $96,000, or $.01 per share. Earnings were the highest of any third quarter in the company's history, excluding marketable securities gains recorded in a prior year.
 The significant improvement in third quarter results reflects strong revenue growth in which political and Olympics advertising were major factors, as well as a substantial reduction in operating expenses. Net revenues for the quarter increased 7 percent, to $26,070,000 from $24,440,000 last year. After a 39 percent decrease in programming expenses, operating income totaled $3,617,000, reversing last year's operating loss of $4,605,000. Dividend and interest income for the quarter rose to $3,863,000, from $3,359,000 last year.
 Net income for the first nine months of 1992 rose 338 percent, to $8,001,000, or $.76 per share, from last year's $1,828,000, or $.17 per share. Net revenues for the period rose 3 percent to $81,618,000, from $79,611,000 last year, and programming expense declined 13 percent. As a result, the company recorded operating income of $302,000, compared to an operating loss last year of $7,848,000. Dividend and interest income for the nine month-period was $10,824,000, compared to $9,376,000 last year.
 UNITED TELEVISION INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Operations
 Third Quarter and Nine Months Ended Sept. 30, 1992 and 1991
 (Unaudited -- In thousands except per share data)
 Third Quarter Nine Months
 1992 1991 1992 1991
 Net revenues $26,070 $24,440 $81,618 $79,611
 Operating income
 (loss) $3,617 ($4,605) $302 ($7,848)
 Dividend and interest
 income, net 3,863 3,359 10,824 9,376
 Income (loss) before
 income taxes 7,480 (1,246) 11,126 1,528
 Income tax
 (provision) benefit (2,300) 1,150 (3,125) 300
 Net income (loss) $5,180 ($96) $8,001 $1,828
 Net income (loss)
 per share $0.49 ($0.01) $0.76 $0.17
 Average outstanding
 common shares 10,473 10,620 10,517 10,656
 -0- 10/15/92
 /CONTACT: Garth S. Lindsey, executive VP of United Television, 310-854-0426/
 (UTVI) CO: United Television Inc. ST: California IN: ENT SU: ERN


BP-LS -- LA004 -- 0263 10/15/92 09:31 EDT
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Publication:PR Newswire
Date:Oct 15, 1992
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