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BLOCKBUSTER ANNOUNCES RECORD SECOND QUARTER RESULTS: NET INCOME UP 40 PERCENT; REVENUE UP 26 PERCENT

 BLOCKBUSTER ANNOUNCES RECORD SECOND QUARTER RESULTS:
 NET INCOME UP 40 PERCENT; REVENUE UP 26 PERCENT
 FORT LAUDERDALE, Fla., July 20 /PRNewswire/ -- Blockbuster Entertainment Corporation (NYSE: BV), the world's largest home video retailer, today reported record second quarter results.
 For the three months ended June 30, 1992, net income rose 40 percent to $29,968,000, or 17 cents per share, from $21,405,000, or 13 cents per share, reported for the three months ended June 30, 1991. Net income for the first half of 1992 increased 49 percent to $55,648,000, or 31 cents per share, compared to $37,300,000, or 23 cents per share, for the similar period in 1991.
 Company revenue for the three months ended June 30, 1992 was $264,608,000 as compared to $210,105,000 for the same period in 1991, an increase of 26 percent. Company revenue for the first six months of 1992 was $518,575,000, an increase of 34 percent over the $386,893,000 reported for the first six months of 1991. Same-store revenue for company-owned stores in operation for more than one year increased 3.5 percent for the quarter and 6.2 percent for the six months as compared to the same periods in 1991.
 Systemwide revenue (consisting of revenue generated from company operations and by its franchise owners) for the three months ended June 30, 1992 was $448,067,000, an increase of 24 percent over the $362,567,000 reported for the similar period in 1991. For the first six months of 1992, systemwide revenue increased 30 percent to $894,455,000 from $686,578,000 for the comparable period in 1991.
 H. Wayne Huizenga, chairman and chief executive officer of Blockbuster Entertainment Corporation, said: "We are very pleased with the growth of the company and our continuing efforts to increase market share. The company's results also reflect our efforts to increase operating efficiencies, achieve productivity gains and reduce overhead expenses. In addition, our international operations continued to grow and are beginning to make a greater contribution to earnings. We are especially pleased by these results considering the prevailing economic climate and the effect of weaker product availability on the home video industry during the second quarter of 1992 as compared to the similar period of 1991.
 On June 30, 1992, Philips Electronics N.V. invested $55,000,000 to exercise its option to purchase an additional five million shares of Blockbuster common stock, bringing Philip's total ownership to approximately 7 percent of the company's outstanding shares.
 Huizenga said: "We are very excited about the Philips purchase and believe it's another vote of confidence in Blockbuster's future. Further, we believe that our relationship with Philips will further strengthen the company's leadership position in the home entertainment industry."
 As of June 30, 1992, there were 2,888 stores in the Blockbuster system, of which 1,055 were franchise-owned and 1,833 were company-owned (including stores operated by Cityvision under the Ritz name in the United Kingdom). The Blockbuster system currently operates in 47 states and the District of Columbia, Guam and Puerto Rico as well as in nine foreign countries.
 Following is a summary of operating results for the three-month and six-month periods ended June 30, 1992 and 1991.
 BLOCKBUSTER ENTERTAINMENT CORPORATION AND SUBSIDIARIES
 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (In thousands, except per share data)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Systemwide Revenue $448,067 $362,567 $894,455 $686,578
 Revenue $264,608 $210,105 $518,575 $386,893
 Operating Costs
 and Expenses 216,014 174,089 426,749 323,035
 Operating Income 48,594 36,016 91,826 63,858
 Other expense, Net 1,187 2,040 3,496 4,652
 Income Before
 Income Taxes 47,407 33,976 88,330 59,206
 Provision for
 Income Taxes 17,439 12,571 32,682 21,906
 Net Income $29,968 $21,405 $55,648 $37,300
 Net Income per Common
 and Common Equivalent
 Share $0.17 $0.13 $0.31 $0.23
 -0- 7/20/92
 /CONTACT: Gregory K. Fairbanks or Steven R. Berrard of Blockbuster Entertainment Corporation, 305-832-3000/
 (BV) CO: Blockbuster Entertainment Corporation ST: Florida IN: REA SU: ERN


AW-CM -- FL001 -- 0557 07/20/92 08:22 EDT
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Date:Jul 20, 1992
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