Adding carriage returns to file using sed/awk

Hello,
I need help adding carriage returns at specific intervals (say 692 characters) to a text file that's one continous string. I'm working in AIX5.3. Any quick help is appreciated.

Thanks!

fold -w692 file > newfile
sed "s/\(.\{692\}\)/\1\\
> /g;s/.$//" file

They both work perfectly. Thank you so much! :b: :b: :b: