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BLOCKBUSTER 1991 NET INCOME INCREASES 36 PERCENT

 BLOCKBUSTER 1991 NET INCOME INCREASES 36 PERCENT
 FORT LAUDERDALE, Fla., Jan. 20 /PRNewswire/ -- Blockbuster


Entertainment Corporation (NYSE: BV), the world's largest specialty video retailer, today reported record revenue and earnings for 1991.
 Systemwide revenue (consisting of revenue generated from company operations and by its franchise owners) for the three months ended Dec. 31, 1991 rose 36 percent to $433,242,000 from $318,097,000 for the same period of 1990. Company revenue for the fourth quarter increased 40 percent to $251,375,000 from $179,238,000 for the comparable period in 1990. Same-store revenue for company-owned stores in operation for more than one year increased 16.3 percent during the fourth quarter as compared to the same period a year ago. This increase included a 7.2 percent rise in same-store rental revenue.
 Net income for the fourth quarter increased 37 percent to $29,029,000, or 17 cents per share, compared with $21,187,000, or 13 cents per share, a year earlier. Earnings per share amounts reflect the company's two-for-one stock split effected in March 1991.
 Systemwide revenue for the year ended Dec. 31, 1991 was up 34 percent to $1,520,141,000 vs. $1,133,150,000 in 1990. Company revenue increased 37 percent to $868,003,000 as compared to $632,670,000 for the year ended Dec. 31, 1990. Same-store revenue for company-owned stores in operation for more than one year increased by 7.7 percent for the year ended Dec. 31, 1991. This increase included a 4.9 percent rise in same-store rental revenue.
 Net income for the year ended Dec. 31, 1990 increased 36 percent to $93,681,000, or 56 cents per share, compared with $68,654,000, or 42 cents per share, in 1990.
 Blockbuster Chairman H. Wayne Huizenga said: "We are pleased with the results for 1991, given the generally difficult economic conditions which affected retailing during the year as well as the effects of the Persian Gulf crisis. We are especially pleased with the significant improvement in same-store revenue achieved during the second half of the year in light of these circumstances. This improvement generally reflects the company's increased share of the home video market. We look forward to continued success in 1992."
 At Dec. 31, 1991, there were 2,028 stores in the Blockbuster system, an increase of 446 stores from Dec. 31, 1990. Of the year-end total, 1,025 were company-owned (including 108 stores operating under the Erol's Video name) and 1,003 were franchise-owned. Blockbuster stores serve 158 markets in 46 states and the District of Columbia as well as in 10 major international markets, including the United Kingdom.
 Blockbuster Entertainment Corporation is listed on both the New York Stock Exchange and the London Stock Exchange.
 Following is a summary of earnings for the three-month and 12-month periods ended Dec. 31, 1991 and 1990.
 BLOCKBUSTER ENTERTAINMENT CORPORATION AND SUBSIDIARIES
 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (In thousands, except per share data)
 Three Months Ended 12 Months Ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Systemwide Revenue $433,242 $318,097 $1,520,141 $1,133,150
 Revenue $251,375 $179,238 $ 868,003 $ 632,670
 Operating Costs
 and Expenses 205,264 144,277 713,623 513,360
 Operating Income 46,111 34,961 154,380 119,310
 Other Expense, Net 1,679 2,194 8,003 11,199
 Income Before Income
 Taxes 44,432 32,767 146,377 108,111
 Income Tax Provision 15,403 11,580 52,696 39,457
 Net Income $29,029 $21,187 $93,681 $68,654
 Net Income per
 Common and Common
 Equivalent Share $0.17 $0.13 $0.56 $0.43
 Net Income per Common
 and Common Equivalent
 Share -- assuming full
 dilution $0.17 $0.13 $0.56 $0.42
 -0- 1/20/92
 /CONTACT: Steven R. Berrard of Blockbuster Entertainment Corporation, 305-524-8200/
 (BV) CO: Blockbuster Entertainment Corporation ST: Florida IN: REA SU: ERN


SS-AW -- FL001 -- 1312 01/20/92 09:10 EST
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Date:Jan 20, 1992
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