<PAGE> 1
CONSOLIDATED OPERATING STATEMENT ITEMS
(in thousands, except for per share amounts)
<TABLE>
<CAPTION>
Year Ended December 31(2)
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Reorganized Company Predecessor Company
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1994(1) 1993 1992 1991 1990
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<S> <C> <C> <C> <C> <C>
Net Revenue $24,039 $22,790 $ 53,957 $48,452 $48,150
Operating Expenses 14,962 16,335 39,567 37,182 37,146
Corporate Expenses 4,475 3,649 4,973 6,123 5,189
Other Expense (Income) - Net (16,245) 539 (35) 12,925 19,535
Interest Expense 813 1,485 17,768 41,473 40,184
Amortization of Debt Discount and
Deferred Debt Expense 646 766 1,004 2,039 2,534
Depreciation and Amortization 3,312 2,343 4,873 5,132 4,957
Unrealized Noncash (Recovery)
Loss on Marketable Securities(3) - 146 (146) (8,476) 890
Share of Loss of Partially
Owned Companies - 1,118 2,934 9,005 9,546
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Income (Loss) Before Reorganization
Items, Income Taxes, and Extraordinary Items 16,076 (3,591) (16,981) (56,951) (71,831)
Reorganization Items - - (5,983) - -
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Income (Loss) Before Income Taxes and
Extraordinary Items 16,076 (3,591) (22,964) (56,951) (71,831)
Income Tax (Expense) Benefits (1,652) (124) (499) 327 (591)
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Income (Loss) Before Extraordinary Items 14,424 (3,715) (23,463) (56,624) (72,422)
Extraordinary Items (Net of Income Taxes):
Gain on Early Extinguishments of Debt - 2,010 - - 5,287
Gain on Forgiveness of Debt and Partial
Sale of Subsidiary - - 312,678 - -
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Net Income (Loss) $14,424 ($1,705) $289,215 ($56,624) ($67,135)
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Per Share Amounts(4):
Income (loss) Before Extraordinary Items $1.44 ($0.31)
Extraordinary Items - 0.17
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Net Income (Loss) $1.44 (0.14)
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(1) Reflects results of operations of WHTM-TV since its acquisition during
September 1994 and the results of the properties disposed of through their
respective dates of sale. See Notes to 2 and 3 to Consolidated Financial
Statements.
(2) Due to the acquisition and dispositions discussed under "Business-Recent
Developments," the borrowings incurred to effect such acquisition, the
retirement of the Company's Secured Notes, the consummation of the Plan of
Reorganization and the adoption of Fresh Start Reporting, the Company's
historical results should not be regarded as indicative of its future
results.
(3) See Note 1 of Notes to Consolidated Financial Statements.
(4) Per share amounts for the Predecessor Company are neither comparable nor
meaningful due to the forgiveness of debt, partial sale of subsidiary,
issuance of new common stock and adoption of Fresh Start Reporting.
II-3