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BLOCKBUSTER FIRST QUARTER NET INCOME UP 62 PERCENT; BOARD DECLARES FIRST CASH DIVIDEND

 BLOCKBUSTER FIRST QUARTER NET INCOME UP 62 PERCENT;
 BOARD DECLARES FIRST CASH DIVIDEND
 FORT LAUDERDALE, Fla., April 21 /PRNewswire/ -- Blockbuster Entertainment Corporation (NYSE: BV) the world's largest home video retailer, today announced record first quarter revenue and net income.
 For the three months ended March 31, 1992, company revenue increased 44 percent to $253,966,000 from $176,788,000 reported for the same period in 1991. Same-store revenue for company-owned stores in operation for more than one year increased eight percent during the first quarter as compared to the same period in 1991.
 Net income for the first quarter increased 62 percent to $25,679,000, or 15 cents per share, compared with $15,895,000, or 10 cents per share, for the similar period in 1991.
 Systemwide revenue (consisting of revenue generated from company operations and by its franchise owners) for the three months ended March 31, 1992 rose 38 percent to $446,388,000 from $324,011,000 for the same period in 1991.
 Blockbuster Chairman and Chief Executive Officer H. Wayne Huizenga attributed the company's strong performance to increasing market penetration, gains in same-store revenue, continued emphasis on cost controls and increased productivity.
 He added: "We are particularly pleased with these results, especially when they were achieved at a time when many companies are experiencing sluggish financial performances due to difficult economic conditions."
 The company also announced that at a meeting last evening, the board of directors of the company adopted a policy providing for the payment of quarterly cash dividends to the company's shareholders. The board initiated the company's quarterly dividend program by declaring a cash dividend of two cents per share payable on July 1, 1992 to shareholders of record on May 4, 1992. Huizenga stated that "The board's decision reflects our continuing confidence in the company's prospects for the future. With the company's substantial cash flow, we are in a position to pay our shareholders dividends and to continue to fund the company's aggressive capital requirements."
 During the three months ended March 31, 1992, Blockbuster completed the acquisition of Cityvision plc, the largest home video operator in the United Kingdom with approximately 800 stores. Blockbuster common stock also became listed on the London Stock Exchange.
 In addition, Philips Electronics N.V. invested $93 million in Blockbuster common stock with the company receiving proceeds of $66 million for six million shares to be acquired by Philips. The company also extended Philips an option to acquire five million additional shares before Dec. 15, 1992. The shares owned or acquired by Philips and the shares subject to the option represent approximately 7.1 percent of Blockbuster's outstanding shares.
 As of March 31, 1992, there were 2,829 stores in the Blockbuster system, of which 1,805 (including stores operated by Cityvision) were company-owned and 1,024 were franchise-owned. The Blockbuster system operates in 46 states and the District of Columbia as well as in Austria, Australia, Canada, Chile, Guam, Japan, Mexico, Puerto Rico, Spain, the United Kingdom and Venezuela.
 BLOCKBUSTER ENTERTAINMENT CORPORATION AND SUBSIDIARIES
 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (In Thousands, except per share data)
 Three Months Ended
 March 31,
 1992 1991
 Systemwide Revenue $446,388 $324,011
 Revenue $253,966 $176,788
 Operating Costs and Expenses 210,734 148,946
 Operating Income 43,232 27,842
 Other Expense, Net 2,309 2,612
 Income Before Income Taxes 40,923 25,230
 Provision for Income Taxes 15,244 9,335
 Net Income $ 25,679 $ 15,895
 Net Income per Common and
 Common Equivalent Share $ 0.15 $ 0.10
 -0- 4/21/92
 /CONTACT: Steven R. Berrard of Blockbuster Entertainment Corporation, 305-524-8200/
 (BV) CO: Blockbuster Entertainment Corporation ST: Florida IN: REA SU: ERN DIV


SS-JJ -- FL002 -- 0354 04/21/92 07:58 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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