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QVC REPORTS STRONG SECOND QUARTER

 QVC REPORTS STRONG SECOND QUARTER
 WEST CHESTER, Pa., Aug. 19 /PRNewswire/ -- QVC Network, Inc.


(NASDAQ: QVCN) today reported a 11.1 percent increase in net revenue and a 152.2 percent increase in earnings for the second quarter, ended July 31, 1992, compared to the same period in the prior year.
 Second-quarter net revenue was $221.3 million, compared to $199.2 million last year. QVC's net revenue is net of returns and also excludes shipping and handling charges.
 Net income for the second quarter was $8.7 million, or $.22 per share, compared to $3.5 million, or $.11 per share, for the year-earlier period. The average number of common and common equivalent shares outstanding was 43.3 million, compared to 30.1 million for the same period last year.
 The average second-quarter gross margin was 42.6 percent compared to 42.4 percent a year ago. Total gross profit increased 11.5 percent to $94.3 million, compared to $84.5 million in the year-earlier period.
 Operating income for the quarter increased 14.4 percent to $18.4 million from $16.1 million in the prior year's second quarter. Net interest expense decreased 72.4 percent to $2.5 million, compared to $9.2 million in the same period last year.
 At the end of the quarter, long-term debt, including current maturities, had been reduced 57.4 percent to $161.3 million, compared to $379.0 million at the end of July in the prior year.
 At the same time, QVC shareholders' equity jumped 68.7 percent to $365.6 million, compared to $216.6 million at the same time last year.
 For the first six months of this fiscal year, net revenue totaled $454.4 million compared to $391.4 million in the same period a year earlier. First-half net income was $19.9 million, or $.50 per share, compared to $4.9 million, or $.16 per share, in last year's first half.
 QVC NETWORK, INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited; in thousands, except per-share data)
 Periods ended Three months Six months
 July 31 1992 1991 1992 1991
 Net revenues $221,253 $199,213 $454,421 $391,382
 Cost of goods sold 126,994 114,668 259,808 229,118
 Gross profit 94,259 84,545 194,613 162,264
 Operating expenses:
 Variable costs 34,753 31,691 70,834 60,849
 General and
 administrative 28,998 25,057 55,151 46,386
 Depreciation 4,687 4,125 8,626 8,357
 Amortization of
 intangible assets 7,377 7,552 14,845 15,111
 Total 75,815 68,425 149,456 130,703
 Operating income 18,444 16,120 45,157 31,561
 Interest expense, net (2,539) (9,209) (6,335) (18,917)
 Income before income
 taxes and
 extraordinary item 15,905 6,911 38,822 12,644
 Income tax provision (7,190) (3,455) (18,615) (7,755)
 Income before
 extraordinary item 8,715 3,456 20,207 4,889
 Extraordinary item --
 lost on extinguishment
 of debt, net of
 tax benefit --- --- (348) ---
 Income per share:
 Income before
 extraordinary item $.22 $.11 $.51 $.16
 Extraordinary item,
 net of tax benefit --- --- (.01) ---
 Net income .22 .11 .50 .16
 Weighted average number
 of common and common
 equivalent shares 43,287 30,057 43,236 29,998
 QVC NETWORK, INC. AND SUBSIDIARIES
 Consolidated Balance Sheets
 (Unaudited; in thousands)
 July 31 1992 1991
 Assets:
 Current assets $211,874 $229,312
 Property, plant and equipment, net 75,512 69,898
 Intangibles and other assets, net 412,282 448,620
 Total assets 699,668 747,830
 Liabilities and shareholder's equity:
 Current liabilities 219,949 191,044
 Long-term debt 114,141 340,145
 Shareholders' equity 365,578 216,641
 Total liabilities and shareholders'
 equity 699,668 747,830
 /delval/
 -0- 8/19/92
 /CONTACT: William F. Costello of QVC, 215-430-8938/
 (QVCN) CO: QVC Network, Inc. ST: Pennsylvania IN: ENT SU: ERN


MJ-JS -- PH010 -- 1348 08/19/92 12:51 EDT
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Date:Aug 19, 1992
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