Printer Friendly

HOME SHOPPING NETWORK ANNOUNCES RECORD THIRD QUARTER RESULTS

HOME SHOPPING NETWORK ANNOUNCES RECORD THIRD QUARTER RESULTS
 ST. PETERSBURG, Fla., June 15 /PRNewswire/ -- Home Shopping Network, Inc. (NYSE: HSN) announced record third quarter sales and earnings for the quarter ended May 31, 1992. Net sales increased 2.5 percent to a record $269.3 million in the third quarter compared with net sales of $262.7 million in the same period last year. Gross profit margin for the quarter increased to 37.5 percent compared with 35.1 percent in the same period last year.
 For the third quarter of fiscal 1992, earnings before extraordinary item reached a new high of $9.0 million, or $.10 per share, compared with earnings of $4.0 million, or $.05 per share in the same period last year. Net earnings for the third quarter of fiscal 1992 were also $9.0 million, or $.10 per share compared with net earnings of $4.3 million, or $.05 per share in the third quarter of fiscal 1991, which includes an after-tax extraordinary gain of $.3 million.
 For the nine-month period ended May 31, 1992, net sales increased 1.8 percent to $836.5 million compared with net sales of $822.1 million in the same period last year. Gross profit margin for the nine-month period increased to 37.1 percent compared with 35.8 percent last year.
 Year-to-date earnings before extraordinary item were $30.0 million, or $.34 per share, compared with a loss of $(8.6) million, or $(.10) per share in the same period last year. For the first nine months of fiscal 1992, the company recognized an extraordinary loss of $(.1) million, with no per share effect vs. an extraordinary gain of $.7 million, or $.01 per share in the same period last year. Therefore, year-to-date net earnings for fiscal 1992 were $29.9 million, or $.34 per share compared with a $(7.9) million loss or $(.09) per share in the same period last year. Litigation settlements and an increase in tax reserves contributed to the year-to-date loss in fiscal 1991.
 Roy M. Speer, chairman and chief executive officer, stated, "We are pleased to be able to report record sales and earnings in spite of what continues to be a difficult economic environment." Speer continued, "Home Shopping Network continues to have many opportunities available to develop its telemarketing businesses, and we are optimistic about our prospects."
 HOME SHOPPING NETWORK, INC.
 THIRD QUARTER AND YEAR-TO-DATE
 FINANCIAL HIGHLIGHTS (UNAUDITED)
 (IN MILLIONS, EXCEPT PER SHARE DATA)
 Three Months Ended Nine Months Ended
 5/31/92 5/31/91 5/31/92 5/31/91
 Net Sales $ 269.3 $262.7 $836.5 $822.1
 Earnings (Loss) Before
 Extraordinary Item $ 9.0 $ 4.0 $ 30.0 $ (8.6)
 Extraordinary Item, Net -- .3 (.1) .7
 Net Earnings (Loss) $ 9.0 $ 4.3 $ 29.9 $ (7.9)
 Earnings (Loss) Per
 Share:
 Earnings (Loss) Before
 Extraordinary Item $ .10 $ .05 $ .34 $ (.10)
 Extraordinary Item,
 Net -- -- -- .01
 Net Earnings (Loss) $ .10 $ .05 $ .34 $ (.09)
 Weighted Average
 Shares Outstanding 90,519 87,143 90,176 87,549
 -0- 06/15/92
 CONTACT: Home Shopping Network corporate communications department, 813-572-8585, ext. 7420
 (HSN) CO: HOME SHOPPING NETWORK, INC. IN: REA SU: ERN ST: FL -- FL007 -- X516 06/15/92
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 15, 1992
Words:538
Previous Article:NEW SIX-PACK CARRIER DESIGNED TO REDUCE THE ENVIRONMENTAL IMPACT OF LITTERING INTRODUCED IN NORTH CAROLINA
Next Article:PRODIGY'S ONLINE BROKERAGE ADDS OPTIONS AND REAL-TIME QUOTES
Topics:


Related Articles
HOME SHOPPING NETWORK REPORTS FIRST QUARTER RESULTS
HOME SHOPPING NETWORK ANNOUNCES RECORD FISCAL 1992 RESULTS
HOME SHOPPING NETWORK REPORTS RETURN TO PROFITABILITY IN THIRD QUARTER
L.L. KNICKERBOCKER EXPECTS STRONG FOURTH QUARTER
VALUEVISION REPORTS 69% GAIN IN THIRD-QUARTER SALES
HOME SHOPPING NETWORK ANNOUNCES SECOND QUARTER RESULTS
HSN, inc. Announces Second Quarter Results
ValueVision Reports Record Sales for Third Quarter and Nine Months.
Scripps Reports Third Quarter Results.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters