Chris-Craft revs, profits jump

Chris-Craft Industries posted a net income of $ 62.5 million ($ 2.29 a share) for the second quarter, ended June 30. That compares to a net profit of $ 17.3 million (63 cents) for the same period last year

Revenues were up substantially to $ 120.3 million, versus $ 75.8 million in the comparable quarter.

Earnings were affected by a one-time gain of $ 121.3 million from the sale of Time Warner convertible preferred stock.

The TV division rose to $ 26,428,00 from $ 10,876,000 in the 1992 second quarter. The company noted, however, that the latest results include one station that was not included in the 1992 results.

Chris-Craft, through its subsidiary, BHC Communications, owns eight TV stations, including New York’s WWOR-TV.

Separately, BHC Communications, which is 70% owned by Chris-Craft, reported a net income of $ 92.6 million ($ 3.58), compared to a profit of $ 28.9 million ($ 1.08) in 1992.

Operating revenues were $ 113.2 million, compared to $ 69.5 million.

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