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HOME SHOPPING NETWORK ANNOUNCES RECORD FISCAL 1992 RESULTS

 HOME SHOPPING NETWORK ANNOUNCES RECORD FISCAL 1992 RESULTS
 ST. PETERSBURG, Fla., Oct. 12 /PRNewswire/ -- Home Shopping Network, Inc. (NYSE: HSN), the nation's leading electronic retailer, announced record sales and earnings for the fiscal year ended Aug. 31, 1992. Net sales for fiscal 1992 increased $19.3 million, or 1.8 percent to a record $1.098 billion from the $1.079 billion reported in fiscal 1991. Net sales in the fourth quarter of fiscal 1992 reached $261.3 million, an increase of $4.9 million, or 1.9 percent, from the comparable period last year.
 For the fiscal year ended Aug. 31, 1992, the company reported net earnings of $37.3 million, or $.42 per share, compared with a net loss of $(8.9) million, or $(.10) per share in fiscal 1991. Earnings (loss) before extraordinary item for fiscal 1992 were a record of $37.4 million, or $.42 per share, compared with a loss before extraordinary item of $(9.6) million, or $(.11) per share, in fiscal 1991. The extraordinary item was a loss from the repurchase of long-term obligations in fiscal 1992 of $(.1) million, with no per share effect, compared with an extraordinary gain from the repurchase of long-term obligations of $.7 million, or $.01 per share last year.
 For the fourth quarter of fiscal 1992, HSN had net earnings of $7.4 million, or $.08 per share, compared with a net loss of $(1.1) million, or $(.01) per share in the same period last year. Earnings (loss) before extraordinary item for the fourth quarter of fiscal 1992 were also $7.4 million, or $.08 per share, compared with a loss $(1.0) million, or $(.01) per share in the same period last year. During the fourth quarter of fiscal 1991, HSN recognized an extraordinary loss of $(.1) million as the company repurchased $2.6 million of its long-term obligations prior to their scheduled maturity, with no per share effect. The loss in fiscal 1991, as well as the fourth quarter last year, was primarily attributable to the establishment of reserves for various non- recurring items.
 Roy M. Speer, chairman and chief executive officer stated, "Our overall financial condition continued to improve in fiscal 1992. In fact HSN achieved record levels of operating profit, and we are in the process of redeeming $37.5 million of our 11-3/4 percent senior notes at par." He continued, "Additionally, we have recently spun off to our stockholders Precision Systems, Inc. and have filed with the SEC to spin-off Silver King Communications, Inc. Nevertheless, we have noted no improvement in the economy, and our performance continues to be impacted by the uncertainties surrounding the economy, the election, and the direction of the country."
 HOME SHOPPING NETWORK, INC.
 FOURTH QUARTER AND YEAR END FINANCIAL HIGHLIGHTS
 (IN MILLIONS, EXCEPT PER SHARE DATA)
 Three Months Ended Years Ended
 8/31/92 8/31/91 8/31/92 8/31/91
 Net Sales $ 261.3 $ 256.4 $1,097.8 $1,078.5
 Extraordinary (Loss)
 Before Extraordinary
 Item $ 7.4 $ (1.0) $ 37.4 $ (9.6)
 Extraordinary Item, Net -- (.1) (.1) .7
 Net Earnings (Loss) $ 7.4 $ (1.1) $ 37.3 $ (8.9)
 Earnings (Loss) Per Share:
 Earnings (Loss) Before
 Extraordinary Item $ .08 $ (.01) $ .42 $ (.11)
 Extraordinary Item, Net -- -- -- .01
 Net Earnings (Loss) $ .08 $ (.01) $ .42 $ (.10)
 Weighted Average
 Shares Outstanding 90,492 87,162 90,255 87,452
 -0- 10/12/92
 /CONTACT: Home Shopping Network corporate communications, 813-572-8585, ext. 7420/
 (HSN) CO: Home Shopping Network ST: Florida IN: ENT REA SU: ERN


JB-JJ -- FL011 -- 8936 10/12/92 15:56 EDT
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Publication:PR Newswire
Date:Oct 12, 1992
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