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UNITED TELEVISION INC. REPORTS RECORD SECOND QUARTER RESULTS

 LOS ANGELES, July 16 /PRNewswire/ -- United Television Inc. (NASDAQ: UTVI) today reported record second quarter net income of $14,368,000, or $1.42 per share. The quarter's results reflect a substantial gain on disposition of marketable securities, as well as a strong increase in operating earnings.
 Of the second quarter's net income, $7,285,000 is attributable to a net gain recognized upon the disposition of UTV's remaining holdings of Time Warner Inc. convertible preferred stock. Such disposition reflects Time Warner's redemption during the quarter of its Series C 8 3/4 percent convertible preferred stock for 8 3/4 percent convertible subordinated debentures due 2015. Second quarter net income excluding the gain upon redemption was $7,083,000, or $.70 per share, a 43 percent increase from last year's $4,948,000, or $.47 per share.
 The significant improvement in 1993 second quarter operating earnings reflects a continuing strong increase in revenues as well as a substantial reduction in operating expenses. Net revenues for the quarter increased 13 percent to $34,527,000, from $30,625,000 in 1992, and were a single quarter record. After a 20 percent decrease in programming expenses, operating income totaled a single quarter record $10,213,000, a 260 percent increase from last year's $2,840,000. Dividend and interest income for the quarter decreased to $2,717,000, from $3,533,000 in 1992, reflecting lower interest rates on cash balances and the loss of dividend income resulting from the first quarter cash redemption of Time Warner preferred shares.
 Net income for the first six months of 1993 was $27,535,000, or $2.70 per share. Of the period's net income $15,745,000 is attributable to net gains recognized upon dispositions of Time Warner preferred shares. Six month net income excluding the gains of dispositions rose 318 percent to $11,790,000, or $1.16 per share, from last year's $2,821,000, or $.27 per share.
 Net revenues for the period rose 13 percent to $62,625,000, from $55,548,000. After a 27 percent decrease in programming expenses, operating income for the period was $14,174,000, compared to an operating loss in last year's six-month period of $3,315,000. Dividend and interest income for the period decreased to $5,688,000, from $6,961,000 last year.
 UNITED TELEVISION INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Income
 Second Quarter and Six Months June 30, 1993 and 1992
 (Unaudited; In thousands except per share data)
 Second Quarter Six Months
 1993 1992 1993 1992
 Net revenues $34,527 $30,625 $62,625 $55,548
 Operating income (loss) $10,213 $2,840 $14,174 ($3,315)
 Other income:
 Dividend and interest
 income, net 2,717 3,533 5,688 6,961
 Gain on disposition of
 TWI preferred stock 12,213 --- 26,398 ---
 Total 14,930 3,533 32,086 6,961
 Income before income taxes 25,143 6,373 46,260 3,646
 Income tax provision (10,775) (1,425) (18,725) (825)
 Net income $14,368 $4,948 $27,535 $2,821
 Net income per share $1.42 $0.47 $2.70 $0.27
 Average outstanding
 common shares 10,126 10,513 10,194 10,540
 -0- 7/16/93
 /CONTACT: Garth S. Lindsey, executive VP of United Television, 310-854-0426/
 (UTVI)


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

LS-MF -- LA011 -- 2359 07/16/93 09:30 EDT
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Date:Jul 16, 1993
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