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BLOCKBUSTER ANNOUNCES RECORD FOURTH QUARTER RESULTS: NET INCOME UP 55 PERCENT; REVENUE UP 58 PERCENT

 FORT LAUDERDALE, Fla., Feb. 1 /PRNewswire/ -- Blockbuster Entertainment Corporation (NYSE: BV), a world leader in home entertainment, today reported record results for the quarter and year ended Dec. 31, 1992.
 For the three months ended Dec. 31, 1992, net income rose 55 percent to $45,109,000 or 23 cents per share, from $29,029,000 or 17 cents per share, reported for the similar period of 1991. Net income for the year increased 52 percent to $142,034,000 or 77 cents per share on a primary basis and 76 cents per share on a fully diluted basis as compared to $93,681,000 or 56 cents per share in 1991.
 Company revenue for the three months ended Dec. 31, 1992 was $398,170,000 as compared to $251,375,000 for the same period in 1991, an increase of 58 percent. Company revenue for the year was $1,200,494,000, an increase of 38 percent over the $868,003,000 reported in 1991.
 Systemwide revenue (consisting of revenue generated from company operations and by its franchise owners) for the three months ended Dec. 31, 1992 was $603,912,000, an increase of 39 percent over the $433,242,000 reported for the similar period in 1991. For the year, systemwide revenue increased 31 percent to $1,985,839,000 from $1,520,141,000 in 1991.
 During the three months ended Dec. 31, 1992, Blockbuster continued its expansion as a global entertainment company with its entry into the music retailing business. In November, the company acquired two of the largest retailers of recorded music in the United States, Sound Warehouse and Music Plus. Additionally, in December, the company entered into an international joint venture with the London-based Virgin Retail Group to develop music "Megastores" in Continental Europe, Australia and the United States. In connection with this transaction, the joint venture acquired Virgin's interests in 15 existing "Megastores". The Sound Warehouse and Music Plus stores as well as the joint venture with Virgin Retail are a part of the company's recently established music division.
 "Our revenue and market share continued to increase during the fourth quarter and throughout the year," said H. Wayne Huizenga, chairman and chief executive officer of Blockbuster. "The growth of our net income is primarily attributable to domestic market share gains in video and contributions from our music division and international operations. Same-store revenue for company owned video stores in operation for more than one year increased 5.8 percent for the fourth quarter of 1992 as compared to the similar period of 1991. The performance of our recently acquired music business was in line with our expectations."
 The Blockbuster video division includes 3,127 video stores operating in the system as of Dec. 31, 1992, of which 1,125 were franchise-owned and 2,002 were company-owned (including 775 stores operated under the Ritz name in the United Kingdom.) The Blockbuster video system currently operates in 48 states in the United States as well as in nine foreign countries. The Blockbuster music division includes 238 Sound Warehouse and Music Plus stores operating in 40 metropolitan areas in the United States and 15 stores throughout continental Europe, Australia and the United States owned by a join venture with the Virgin Retail Group. Also, as recently reported, the company has agreed to acquire a 35 percent equity interest in Republic Pictures Corporation, a leading independent producer and distributor of filmed entertainment.
 Blockbuster Entertainment Corporation is listed on the New York Stock Exchange as well as on the London Stock Exchange.
 The following is a summary of operating results for the three-month periods and years ended Dec. 31, 1992 and 1991.
 BLOCKBUSTER ENTERTAINMENT CORPORATION AND SUBSIDIARIES
 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (In thousands, except per share data)
 Three Months Ended Twelve Months Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Systemwide Revenue $603,912 $433,242 $1,985,839 $1,520,141
 Revenue $398,170 $251,375 $1,200,494 $868,003
 Operating Costs
 and Expenses 325,562 205,264 975,863 713,623
 Operating Income 72,608 46,111 224,631 154,380
 Other Expense, Net 2,671 1,679 4,423 8,003
 Income Before
 Income Taxes 69,937 44,432 220,208 146,377
 Provision for
 Income Taxes 24,828 15,403 78,174 52,696
 Net Income $45,109 $29,029 $142,034 $93,681
 Net Income per Common
 and Common Equivalent
 Share $0.23 $0.17 $0.77 $0.56
 Net Income per Common
 and Common Equivalent
 Share -- assuming
 full dilution $0.23 $0.17 $0.76 $0.56
 -0- 2/1/93 R
 /CONTACT: Gregory K. Fairbanks of Blockbuster Entertainment Corporation, 305-832-3000/
 (BV)


CO: Blockbuster Entertainment Corporation ST: Florida IN: ENT REA SU: ERN

JJ-JB -- FL001R -- 1204 02/01/93 09:17 EST
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Date:Feb 1, 1993
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