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BLOCKBUSTER ANNOUNCES RECORD THIRD QUARTER RESULTS: NET INCOME UP 51 PERCENT; REVENUE UP 24 PERCENT

 BLOCKBUSTER ANNOUNCES RECORD THIRD QUARTER RESULTS:
 NET INCOME UP 51 PERCENT; REVENUE UP 24 PERCENT
 FORT LAUDERDALE, Fla., Oct. 19 /PRNewswire/ -- Blockbuster Entertainment Corporation (NYSE: BV), the world's largest home video retailer, today reported record third quarter results.
 For the three months ended Sept. 30, 1992, net income rose 51 percent to $41,277,000 or 22 cents per share, from $27,353,000 or 16 cents per share, reported for the three months ended Sept. 30, 1991. Net income for the first nine months of 1992 increased 50 percent to $96,925,000 or 53 cents per share, as compared to $64,653,000 or 39 cents per share, for the similar period in 1991.
 Company revenue for the three months ended Sept. 30, 1992 was $283,750,000 as compared to $229,735,000 for the same period in 1991, an increase of 24 percent. Company revenue for the first nine months of 1992 was $802,325,000, an increase of 30 percent over the $616,628,000 reported for the first nine months of 1991.
 Excluding the periods during which the Summer Olympics and the political conventions were held and the comparable periods in 1991, same-store revenue for company-owned stores in operation for more than one year increased 7.0 percent for the three months ended Sept. 30, 1992 as compared to the similar period of 1991. Including these periods, same-store revenue increased 2.7 percent for the three months ended Sept. 30, 1992 as compared to the similar period in 1991.
 Systemwide revenue (consisting of revenue generated from company operations and by its franchise owners) for the three months ended Sept. 30, 1992 was $487,473,000, an increase of 22 percent over the $400,321,000 reported for the similar period in 1991. For the first nine months of 1992, systemwide revenue increased 27 percent to $1,381,928,000 from $1,086,899,000 for the comparable period in 1991.
 "Our revenue and market share continued to increase during the third quarter and the first nine months of the year," said H. Wayne Huizenga, chairman and chief executive officer of Blockbuster. "The growth of our net income is attributable to market share gains as well as to our efforts to increase operating efficiencies, achieve productivity gains and reduce overhead expenses. The continued contribution of our international operations has also been encouraging."
 Developments during the quarter ended Sept. 30, 1992 included a two- level upgrade of the credit ratings on the company's liquid yield option notes by both Standard & Poor's Corp. and Moody's Investor Services. According to the rating agencies, these upgrades imply an investment grade rating on the company's senior debt. In addition, the company recently negotiated a new revolving credit facility which, among other things, increased its committed borrowing capacity from $200 million to $325 million and which contains terms and conditions more favorable to the company than those under its prior revolving credit facility.
 As of Sept. 30, 1992, there were 2,989 stores in the Blockbuster system, of which 1,099 were franchise-owned and 1,890 were company-owned (including stores operated by Cityvision under the Ritz name in the United Kingdom). The Blockbuster system currently operates in 48 states and the District of Columbia, Guam and Puerto Rico as well as in nine foreign countries.
 Blockbuster Entertainment Corporation is listed on the London Stock Exchange as well as on the New York Stock Exchange.
 The following is a summary of operating results for the three-month and nine-month periods ended Sept. 30, 1992 and 1991.
 BLOCKBUSTER ENTERTAINMENT CORPORATION AND SUBSIDIARIES
 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (In thousands, except per share data)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Systemwide Revenue $487,473 $400,321 $1,381,928 1,086,899
 Revenue $283,750 $229,735 $802,325 $616,628
 Operating Costs
 and Expenses 223,553 185,325 650,302 508,359
 Operating Income 60,197 44,410 152,023 108,269
 Other (Income)
 Expense, Net (1,745) 1,671 1,751 6,324
 Income Before
 Income Taxes 61,942 42,739 150,272 101,945
 Provision for
 Income Taxes 20,665 15,386 53,347 37,292
 Net Income $41,277 $27,353 $96,925 $64,653
 Net Income per Common
 and Common Equivalent
 Share $0.22 $0.16 $0.53 $0.39
 -0- 10/19/92
 /CONTACT: Gregory K. Fairbanks of Blockbuster Entertainment Corporation, 305-832-3522/
 (BV) CO: Blockbuster Entertainment Corporation ST: Florida IN: REA ENT SU: ERN


JB-SS -- FL001 -- 1331 10/19/92 08:06 EDT
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Date:Oct 19, 1992
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