VVTV-NBC has a minority stake and real Q4 earnings out last nite
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Wednesday March 24, 6:31 pm Eastern Time
ValueVision Q4 profit vs loss
MINNEAPOLIS, March 24 (Reuters) -
(In thousands, except share and per share data)
For the Three For the Twelve
Months Ended Months Ended
Jan 31, Jan 31, Jan 31, Jan 31,
1999 1998 1999 1998
Net sales $65,943 $60,095 $203,728 $217,982
Cost of sales 37,253 33,265 117,757 122,808
Gross profit 28,690 26,830 85,971 95,174
Margin % 43.5% 44.6% 42.2% 43.7%
Operating expenses:
Distribution and
selling 22,293 24,311 74,649 89,018
General and
administrative 3,079 2,542 11,942 10,154
Depreciation and
amortization 1,238 1,435 4,999 6,977
Restructuring and
impairment of assets
-- -- 2,950 --
Total operating
expenses 26,610 28,288 94,540 106,149
Operating income (loss)
2,080 (1,458) (8,569) (10,975)
Other income (expense):
Gain on sale of
broadcast stations -- -- 19,750 38,850
Gain on sale of property
and investments 4,402 105 8,102 215
Time Warner litigation
settlement (7,100) -- (7,100) --
Writedown of investment
in CML Group, Inc.
(381) -- (6,113) --
National Media terminated
acquisition costs -- -- (2,350) --
Unrealized gain on
trading securities
1,350 -- 1,350 --
Equity in losses of
affiliates (166) (83) (323) (431)
Interest income 613 641 2,904 2,116
Other, net (111) (63) (160) (171)
Total other income
(expense) (1,393) 600 16,060 40,579
Income (loss) before
income taxes 687 (858) 7,491 29,604
Provision (benefit)
for income taxes 265 (330) 2,852 11,500
Net income (loss) 422 (528) 4,639 18,104
Net income (loss)
per common share 0.02 (0.02) 0.18 0.57
Net income (loss)
per common share
- assuming dilution
0.02 (0.02) 0.18 0.57
Weighted average
number of common
shares outstanding:
Basic 25,626,394 30,329,784 25,963,341 31,745,437
Diluted
26,490,973 30,329,784 26,266,814 31,888,229
NOTE: Earnings for quarter ended January 31, 1999 include a
pretax loss of $7.1 million related to the Time Warner Cable
litigation settlement and pretax gains of $5.2 million related
to sales and holdings of property and investments. Excluding
items the company made a profit of $0.06 a share in the fourth
quarter.
Earnings for the year ended January 31, 1999 include a
pretax loss of $7.1 million related to the Time Warner Cable
litigation settlement and pretax gains of $9.1 million related
to sales and holdings of property and investments. They also
include a pretax gain of $19.8 million related to sale of a
broadcast television station, a pretax loss of $6.1 million
related to the write down of investment in CML Group, Inc. and
a $2.3 million write-off related to terminated acquisition
costs. Excluding items the company had a loss of $0.07 a
share.
Earnings for the year ended January 31, 1998 include a
pretax gain of $38.9 million related to sale of a broadcast
television station. Excluding items the company made a loss of
$0.17 a share for the year.
Full name is ValueVision Inernational Inc.
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