IRS settlement boosts Chris-Craft bottom line

$167 mil infusion from December deal

TV station group Chris-Craft said Thursday that net income soared to $158 million last year from $42 million in 1999, due mainly to an IRS settlement. The Gotham-based company also said its numbers weren’t weighed down by red ink from the UPN net.

Chris-Craft sold its 50% stake in fledgling UPN to partner Viacom in March of 2000. Later in the year, Chris-Craft agreed to sell itself to News Corp. in a deal expected to close this summer. Chris-Craft remains UPN’s largest independent affiliate group and recently extended the affil contract for several years. Chris-Craft/News Corp. and Viacom are trying to work out a longer-term deal or another kind of arrangement that may involve sharing ownership and costs for the net.

Chris-Craft received a cash infusion of some $167 million from a December settlement with the IRS of a previously denied federal income tax refund claim.

Annual operating income grew 22% to $115 million and revenue in ’00 rose 8% to $528 million

For the fourth quarter, net profit jumped to $115 million from $27 million and revenue rose slightly to $138 million from $136 million.

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