Printer Friendly

QVC REPORTS STRONG GAINS IN FIRST QUARTER

 QVC REPORTS STRONG GAINS IN FIRST QUARTER
 WEST CHESTER, Pa., May 20 /PRNewswire/ -- QVC Network, Inc.


(NASDAQ: QVCN) today reported a 21.3 percent increase in net revenue and a 460 percent increase in earnings per share for the first quarter ended April 30, 1992, compared to the same period in the prior year.
 Net revenue for the first quarter was $233.2 million, compared to $192.2 million for last year's first quarter. QVC's net revenue is net of returns and also excludes shipping and handling charges.
 Income before an extraordinary item was $11.5 million, or $.29 per share. After the extraordinary item, net income was $11.1 million, or $.28 per share, compared to $1.4 million, or $.05 per share, for the year-earlier period.
 The extraordinary item resulted from the accelerated repayment of long-term debt which, in turn, required the accelerated write-off of debt placement fees. The number of common and common equivalent shares outstanding was 43 million for the first quarter this year, compared to 29.9 million for the same period last year.
 QVC's average gross margin for the first quarter rose to 43 percent from 40.4 percent. Total gross profit increased 29.1 percent to $100.4 million, compared to $77.7 million in the year-earlier period.
 Operating income for the quarter rose to $26.7 million from $15.4 million in the prior year's first quarter. Net interest expense decreased to $3.8 million, compared to $9.7 million in the same period last year.
 During the quarter, QVC further reduced its total indebtedness by $30.2 million. At the end of the quarter, long-term debt, including $42.7 million of current maturities, was reduced to $172 million, compared to $385.3 million, including $36.9 million of current maturities, at the end of April in the prior year. Shareholders' equity increased to $351.5 million, compared to $216 million at the same time last year.
 QVC NETWORK, INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited; in thousands, except per-share data)
 Three months ended April 30 1992 1991
 Net revenue $233,168 $192,169
 Cost of goods sold 132,814 114,450
 Gross profit 100,354 77,719
 Operating expenses:
 Variable costs 36,081 29,158
 General and administrative 26,153 21,329
 Depreciation 3,939 4,232
 Amortization of intangible assets 7,468 7,559
 Total 73,641 62,278
 Operating income 26,713 15,441
 Interest expense, net (3,796) (9,708)
 Income before income taxes
 and extraordinary item 22,917 5,733
 Income tax provision (11,425) (4,300)
 Income before extraordinary item 11,492 1,433
 Extraordinary item -- loss on
 extinguishment of debt, net of
 tax benefit of $285 (348) ---
 Net income 11,144 1,433
 Income per share:
 Income before extraordinary item $.29 $.05
 Extraordinary item, net of tax
 benefit (.01) ---
 Net income .28 .05
 Weighted average number
 of common and common
 equivalent shares 43,049 29,921
 QVC NETWORK, INC. AND SUBSIDIARIES
 Consolidated Balance Sheets
 (Unaudited; in thousands)
 April 30 1992 1991
 Assets:
 Current assets $203,359 $196,356
 Property, plant and equipment, net 71,958 71,342
 Intangibles and other assets, net 420,232 460,869
 Total assets 695,549 728,567
 Liabilities and shareholders' equity:
 Current liabilities 214,763 164,132
 Long-term debt 129,310 348,422
 Shareholders' equity 351,476 216,013
 Total liabilities and shareholders'
 equity 695,549 728,567
 -0- 5/20/92
 delval
 /CONTACT: William F. Costello of QVC, 215-430-8938/
 (QVCN) CO: QVC Network, Inc. ST: Pennsylvania IN: ENT SU: ERN


MP-MK -- PH004 -- 2201 05/20/92 09:13 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 20, 1992
Words:601
Previous Article:TELXON REPORTS RECORD REVENUES, AFTER-TAX INCOME FOR FY92 YEAR-END AND FOURTH QUARTER
Next Article:CACI WINS $35.5 MILLION IN U.S. NAVY CONTRACTS
Topics:


Related Articles
QVC REPORTS THIRD QUARTER RESULTS
QVC NETWORK REPORTS 1991 REVENUES; CABLE SHOPPING RETAILER SHOWS 13 PERCENT INCREASE FOR FOURTH QUARTER
QVC NETWORK REPORTS 1991 EARNINGS OF $.61 PER SHARE VS. 1990 LOSS OF $.98 PER SHARE
QVC NETWORK REPORTS FIRST QUARTER RESULTS
QVC REPORTS SECOND QUARTER RESULTS
QVC REPORTS THIRD QUARTER
QVC ANNOUNCES MAJOR CORPORATE REORGANIZATION
QVC REPORTS 1993 EARNINGS
L. L. KNICKERBOCKER RECEIVES REPORT OF $2 MILLION IN SALES OF MARIE OSMOND DOLLS FROM QVC NETWORK'S FOUR HOUR SHOW
Hydron Technologies, Inc. Concludes Re-negotiations of License Agreement with QVC

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters