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WESTWOOD ONE'S ANNUAL RESULTS IMPACTED BY SOFT ADVERTISING REVENUE MARKET, LOSS ON THE SALE OF WNEW-AM, AND NON-RECURRING CHARGES

 LOS ANGELES, Feb. 17 /PRNewswire/ -- Westwood One Inc. (NASDAQ: WONE) today reported lower revenue and earnings for the fourth quarter and full fiscal year ended Nov. 30, 1992.
 Revenue for the fiscal year declined 5 percent to $137,733,000 in 1992 vs. $144,350,000 in 1991, principally due to continued weakness in national advertising revenue markets. The net loss increased to $24,118,000, or $1.62 per share, as contrasted to a net loss before extraordinary gain in 1991 of $16,782,000, or $1.13 per share. The increased net loss occurred due to the impact of the revenue decline, resulting from a 13 percent drop in the national network radio market, coupled with the loss on the sale of an unconsolidated subsidiary and several non-recurring charges aggregating approximately $9,200,000, partially offset by significant expense reductions and the incremental profit from broadcasting the 1992 Olympics.
 Revenue for the fourth quarter declined to $35,235,000 in 1992 as contrasted to $41,019,000 in 1991. The net loss for the fourth quarter rose in 1992 to $4,325,000, or $.29 per share, compared to a loss of $1,338,000, or $.09 per share in 1991. The increased net loss resulted from the drop in revenue and several non-recurring charges aggregating approximately $1,700,000, partially offset by substantial expense reductions.
 Cash flow before financing activities (which includes interest paid) for the fiscal year significantly improved to a negative $2,090,000 in 1992, vs. a negative $11,183,000 in 1991.
 Norman J. Pattiz, chairman and chief executive officer, said, "Our continuing program to lower costs, improve cash flow and strengthen our capital structure through debt restructuring and the sale of non-core assets continues to move forward. In spite of a horrible advertising revenue climate, we improved negative cash flow by approximately $9,100,000. The sale of WNEW-AM and pending sale of WYNY-FM will significantly reduce the company's debt." Pattiz further added, "Significant expense reductions instituted in fiscal 1992 should have an even larger impact in fiscal 1993."
 Westwood One is the nation's largest producer and distributor of news, talk, sports and entertainment radio programming and the parent company of the Mutual Broadcasting System and NBC Radio networks. The company owns and operates radio stations in New York City (the sale of which was announced on Jan. 25, 1993) and Los Angeles and is the owner of the radio and music industries' leading business publication, Radio & Records.
 -0- 2/17/93
 /CONTACT: Bruce E. Kanter, executive VP and CFO, or Laurie Peters, public relations director, 310-204-5000, both of Westwood One/
 (WONE)


CO: Westwood One Inc. ST: California IN: ENT SU: ERN

JL-KJ -- LA037 -- 7571 02/17/93 17:50 EST
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Publication:PR Newswire
Date:Feb 17, 1993
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