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WESTWOOD ONE REPORTS 2ND QTR INTERRUPTION IN RECENTLY IMPROVED TRENDS IN OPERATING PERFORMANCE DUE TO DECLINE IN NETWORK RADIO AD MARKET

WESTWOOD ONE REPORTS 2ND QTR INTERRUPTION IN RECENTLY IMPROVED TRENDS IN OPERATING PERFORMANCE DUE TO DECLINE IN NETWORK RADIO AD MARKET
 LOS ANGELES, July 8 /PRNewswire/ -- For the second quarter ended May 31, 1992, Westwood One Inc. (NASDAQ: WONE) reported a revenue decline of 6 percent to $34,137,000 vs. $36,413,000 in the prior year's comparable quarter. While the company's network revenue market share grew in the fiscal quarter, it was not significant enough to offset a 17 percent drop in the network advertising market, as reported by the Radio Network Association. Revenue for the first half of fiscal 1992 was off 1 percent to $64,771,000 from $65,715,000 a year ago.
 The net loss for the fiscal second quarter was $4,810,000, or $.32 per share, vs. $4,070,000, or $.27 per share, last year. The reasons for the larger loss were the drop in network revenue and severance and termination associated with management changes. The net loss for the first half improved by 9 percent to a loss of $12,050,000, or $.81 per share, vs. the prior year loss before extraordinary gain of $13,231,000, or $.89 per share.
 The net loss for the trailing 12 months ended May 31, 1992, improved significantly to a loss of $15,601,000, or $1.05 per share, vs. a loss before extraordinary gain of $19,870,000, or $1.34 per share, for the comparable prior year period.
 Norman J. Pattiz, chairman and chief executive officer of Westwood One Inc., commented, "As mentioned in our first quarter earnings release, the overriding focus of 1992 is improving cash flow and implementing strategies which will have a positive long-term impact on our company. Toward that end, for the first half negative cash flow before financing was cut by 52 percent. Management is diligently and energetically working on many programs which will significantly reduce costs and expenses over the next two years. While many of these programs will provide substantive cost reductions in 1993 and beyond, their smaller impact in 1992 is already contributing to the decrease in our first half operating expense. We are also continuing to address the financial structure of the company. Furthermore, I am encouraged by the $6.2 million reduction in our pre-tax loss over the trailing 12-month period, in spite of the economy, which has limited our revenue growth for that same period to only 1 percent. Therefore, even though our industry is still mired in a deep recession, I am optimistic about our growth opportunities, particularly once a recovery in advertising markets gets under way."
 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 the NBC Radio Networks. Westwood One also owns and operates radio stations in New York City and Los Angeles and is the owner of the music industry trade publication Radio & Records.
 WESTWOOD ONE INC.
 Summary Operating Results
 (Unaudited)
 Three months ended Six months ended
 May 31, May 31,
 1992 1991 1992 1991
 Revenue $34,137,000 $36,413,000 $64,771,000 $65,715,000
 Operating
 Income
 (loss) (1,304,000) 1,836,000 (5,190,000) (4,534,000)
 Loss before
 extraordinary
 gain (4,810,000) (4,070,000) (12,050,000) (13,231,000)
 Net income
 (loss) ($4,810,000) ($4,070,000) ($12,050,000) $12,387,000
 Earnings (loss)
 per share:
 Loss before
 extraordinary
 gain ($.32) ($.27) ($.81) ($.89)
 Extraordinary
 gain --- --- --- 1.73
 Net income (loss) ($.32) ($.27) ($.81) $.84
 Average shares
 outstanding 14,902,000 14,803,000 14,884,000 14,792,000
 -0- 7/8/92
 /CONTACT: Bruce Kanter, executive VP and CFO, or Katie Garber, of Westwood One, 310-840-4000/
 (WONE) CO: Westwood One Inc. ST: California IN: ENT SU: ERN AL-EH -- LA001 -- 7275 07/08/92 08:31 EDT
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Date:Jul 8, 1992
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