Chris-Craft profits drop in half

$5.3 mil slide due to UPN expansion, ratings decline

By MARC GRASER

Driven by lower earnings at its core TV station group and higher startup losses at UPN, Chris-Craft's second quarter profits dropped almost by half to $6.7 million versus $12 million a year ago, the company said Thursday.

Chris-Craft also said that operating income at its TV broadcasting division totaled $33 million for the period ended June 30, down from $37 million for the year-ago period, while TV station revenues decreased 2% to $116 million.

Chris-Craft owns 80% of broadcasting subsid BHC Communications, which has a 50% stake in UPN.

Chris-Craft chairman and prexy Herbert J. Siegel blamed UPN's increased losses on expansion of the net's primetime sked to five evenings, ratings declines and expenses linked to canceled shows.

BHC's loss totaled $27 million compared to last year's $22 million.

Through BHC, Chris-Craft operates 10 TV stations in major U.S. markets (eight stations carry UPN, two are ABC or NBC affils).

Shares of Chris-Craft were down 25¢ to close at $49.19.