Table: Valuevision International, Inc. and Subsidiaries Condensed Consolidated Statements
of Operations(In thousands, except share and per share data)(Unaudited)
For the Three For the Twelve
Months Ended Months Ended
January 31, January 31,
-------------------- ----------------------
2000 1999 2000 1999
-------------------- ----------------------
Net sales $87,335 $65,943 $274,927 $203,728
Cost of sales 56,411 37,253 168,399 117,757
------------------- -----------------------
Gross profit 30,924 28,690 106,528 85,971
------------------- -----------------------
Margin % 35.4% 43.5% 38.7% 42.2%
Operating expenses:
Distribution
and selling 24,876 22,293 86,134 74,649
General and
administrative 2,574 3,079 11,432 11,942
Depreciation and
amortization 1,233 1,238 4,966 4,999
Restructuring and
impairment of assets -- -- -- 2,950
--------------------- ----------------------
Total operating
expenses 28,683 26,610 102,532 94,540
--------------------- ----------------------
Operating income
(loss) 2,241 2,080 3,996 (8,569)
-------------------- -----------------------
Other income (expense):
Gain on sale of
broadcast stations -- -- 33,230 19,750
Gain on sale of
property and
investments 175 4,402 2,347 8,102
Time Warner
litigation settlement -- (7,100) -- (7,100)
Unrealized gain (loss)
on trading securities (2) 1,350 (890) 1,350
Write-down of
investments (250) (381) (1,991) (6,113)
National Media
Corporation terminated
acquisition costs -- -- -- (2,350)
Interest income 4,208 613 10,129 2,904
Other, net (14) (277) (50) (483)
------------------- -----------------------
Total other income
(expense) 4,117 (1,393) 42,775 16,060
------------------- -----------------------
Income before
income taxes 6,358 687 46,771 7,491
Income tax provision 1,679 265 17,441 2,852
------------------- -----------------------
Net income 4,679 422 29,330 4,639
Accretion of redeemable
preferred stock (69) -- (207) --
------------------- -----------------------
Net income available to
common shareholders $4,610 $422 $29,123 $4,639
Net income per
common share $ 0.12 $ 0.02 $ 0.89 $ 0.18
Net income per
common share
-- assuming dilution $ 0.10 $ 0.02 $ 0.73 $ 0.18
Weighted average number
of common shares
outstanding:
Basic 37,699,747 25,626,394 32,602,536 25,963,341
Diluted 47,889,150 26,490,973 40,426,925 26,266,814
CABLE SUBSCRIBER INFORMATION(in millions)
January 31, January 31, January 31,
2000 1999 1998
------------- ------------ -------------
Full-time Equivalent
Cable Subscribers 25.0 14.9 11.7
Total Cable Subscribers 33.1 21.8 17.4
Full-time Cable Subscribers 17.3 10.6 8.6
VALUEVISION INTERNATIONAL, INC.AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of January 31,
----------------------------------
2000 1999
--------- ---------
(In thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents $138,221 $44,264
Short-term investments 156,422 2,606
Accounts receivable, net 49,070 19,466
Inventories, net 22,677 21,101
Prepaid expenses and other 4,888 8,576
Income taxes receivable 9,626 500
Deferred income taxes 1,950 1,807
--------- --------
Total current assets 382,854 98,320
Property and equipment, net 14,350 14,069
Federal Communications
Commission licenses, net 124 2,019
Cable distribution and
marketing agreement, net 6,394 --
Montgomery Ward operating
agreement and licenses, net 1,679 1,876
Investment in Paxson
Communications Corporation 3,911 9,713
Goodwill, net 64 5,962
Investments and other
assets, net 62,479 9,160
Deferred income taxes -- 651
--------- --------
471,855 $141,770
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of
long-term obligations $-- $393
Accounts payable 34,937 20,736
Accrued liabilities 16,650 11,555
------- -------
Total current liabilities 51,587 32,684
Long-term obligations -- 675
Deferred income taxes 6,725 --
Series A Redeemable
Convertible Preferred Stock,
.01 par value, 5,339,500
shares authorized; 5,339,500
and 0 shares issued
and outstanding 41,622 --
Shareholders' equity:
Common stock, $.01 par
value, 100,000,000 shares
authorized; 38,192,164 and
25,865,466 shares issued
and outstanding 382 259
Common stock purchase
warrants; 1,854,760
and 0 shares 13,610 --
Additional paid-in capital 280,578 72,715
Accumulated other
comprehensive income
(losses) 8,891 (2,841)
Notes receivable
from shareholders -- (1,059)
Retained earnings 68,460 39,337
-------- --------
Total shareholders'
equity 371,921 108,411
-------- --------
471,855 $141,770
SOURCE ValueVision International, Inc.
CO: ValueVision International, Inc.; NBC Internet, Inc.;
BigStar Entertainment, Inc.
ST: Minnesota
IN: CPR
SU: ERN
03/23/2000 07:29 EST prnewswire.com |
