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QVC REPORTS 1992 EARNINGS OF $1.24 PER SHARE VS. 1991 OF $.61 PER SHARE

 WEST CHESTER, Pa., March 8 /PRNewswire/ -- QVC (NASDAQ: QVCN) today reported that for the 1992 fiscal year, ended Jan. 31, 1993, its net income was $55.1 million, or $1.24 per share on a fully diluted basis compared to $19.6 million, or $.61 per share in fiscal 1991.
 The weighted average number of common and common equivalent shares outstanding was 45.4 million in 1992 and 38.3 million in 1991. Consolidated net revenue increased 16.1 percent to $1.07 billion from $921.8 million in the prior year.
 The company incurred an extraordinary charge, net of tax, of $1.5 million in 1992 and $2.1 million in 1991 resulting from the accelerated write-off of debt placement fees associated with its prepayment of long-term debt. Income before the extraordinary charge was $56.6 million, or $1.27 per share on a fully diluted basis compared to $21.7 million, or $.68 per share in 1991.
 Net income for the fourth quarter in 1992 was $18.9 million, or $.40 per share on a fully diluted basis, based on 46.8 million shares compared to $9.0 million, or $.23 per share in 1991 based on 41.3 million shares. Consolidated net revenue for the fourth quarter increased 21.4 percent to $341.8 million from $281.7 million. Income before the extraordinary item was $20.0 million, or $.42 per share on a fully diluted basis in the current year compared to $9.9 million, or $.25 per share in 1991.
 Barry Diller said, "For the past, these figures are a true compliment to the vision and leadership of Joe Segel, who was the founding chairman of this company and retired two months ago. For the present, they reflect the abilities and expertise of the senior management of the company, Michael Boyd, president and chief operating officer, Bill Costello, executive vice president and chief financial officer, and Douglas Briggs, executive vice president-Electronic Retailing together with all of the company's remarkably dedicated employees. And for the future, this fine performance gives us a sound and solid base for the growth of electronic retailing in this country and beyond."
 QVC, the nation's largest cable shopping channel, is transmitted live, 24 hours a day, seven days a week and currently reaches more than 44 million cable homes and 3 million homes with satellite dishes.
 QVC AND SUBSIDIARIES
 Consolidated Statements of Operations
 (in thousands, except per-share data)
 Fourth quarter Fiscal year
 1992 1991 1992 1991
 Periods ended 1/31/93 1/31/92 1/31/93 1/31/92
 Net revenue $341,834 $281,660 $1,070,587 $921,804
 Cost of goods sold 203,201 163,350 621,840 534,650
 Gross profit 138,633 118,310 448,747 387,154
 Operating expenses:
 Variable costs 48,828 44,587 160,420 145,348
 General and
 administrative(A) 38,823 33,161 123,604 110,747
 Depreciation 4,326 4,159 17,105 16,679
 Amortization of
 intangible assets 7,112 7,334 29,420 29,983
 Total 99,089 89,241 330,549 302,757
 Operating income 39,544 29,069 118,198 84,397
 Interest expense,
 net (1,166) (4,929) (9,530) (31,499)
 Income before taxes
 and extraordinary
 item 38,378 24,140 108,668 52,898
 Provision for
 income taxes (18,360) (14,245) (52,080) (31,165)
 Income before
 extraordinary item 20,018 9,895 56,588 21,733
 Extraordinary item:
 Loss on write-off
 of debt placement
 fees, net of tax
 benefit (1,148) (868) (1,496) (2,108)
 Net income 18,870 9,027 55,092 19,625
 Income per share:
 Primary:
 Income before
 extraordinary item $.44 $.27 $1.32 $.68
 Extraordinary item
 net of tax benefit (.02) (.02) (.03) (.07)
 Net income .42 .25 1.29 .61
 Fully diluted:
 Income before
 extraordinary item .42 .25 1.27 .67
 Extraordinary item,
 net of tax benefit (.02) (.02) (.03) (.06)
 Net income .40 .23 1.24 .61
 Weighted average number
 of common and common
 equivalent shares used
 in computing earnings
 per share:
 Primary 46,205 36,271 43,890 31,959
 Fully diluted 46,833 41,288 45,386 38,313
 (A) General and administrative expenses in the fourth quarter of fiscal 1992 include $7 million for the vau?e of common stock and other compensation in transactions relating to officers of the company.
 QVC AND SUBSIDIARIES
 Consolidated Balance Sheets
 (In thousands)
 1992 1991
 As of 1/31/93 1/31/92
 Assets:
 Current assets $234,395 $216,977
 Property, plant and equipment, net 72,863 68,949
 Intangibles and other assets, net 392,437 428,613
 Total 699,695 714,539
 Liabilities and shareholders' equity:
 Current liabilities 227,053 236,292
 Long-term debt 7,586 152,461
 Shareholders' equity 465,056 325,786
 Total liabilities and shareholders' equity 699,695 714,539
 /delval/
 -0- 3/8/93
 /CONTACT: William F. Costello, executive vice president and chief financial officer of QVC, 215-430-8938/
 (QVCN)


CO: QVC Network, Inc. ST: Pennsylvania IN: ENT SU: ERN 916 03-08-93 10:28 EST MP-MJ -- PH005 -- 3921 03/08/93 10:37 EST
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Date:Mar 8, 1993
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