To: Jenna who wrote (29321 ) 3/25/1999 2:16:00 AM From: Jenna Respond to of 120523
earnings plays reports: VVTV Announces Record Profitable Fourth Quarter And Year-End Financial Results Company Reports Record Quarterly Television Home Shopping Sales Company Reports Record Quarterly Operating Income Highlights: -- Record sales from television home shopping operations increase 65% to $47.7 million from $29.0 million in year-ago quarter -- Record quarterly consolidated operating profit of $2.1 million -- Record fourth quarter net income (excluding unusual items) of $0.06 per common share, compared with net loss of $0.02 per common share in year-ago quarter -- Company maintains strong gross profit margins of 44% -- Total subscriber base increases to 21.8 million from year-ago base of 17.4 million -- Company enters into strategic alliance with NBC and GE Capital in first quarter FY 2000 Financial Summary (in 000's, except for per share numbers) Three Months Ended Twelve Months Ended 1/31/99 1/31/98 1/31/99 1/31/98 Net sales $65,943 $60,095 $203,728 $217,982 Operating income (loss) $2,080 $(1,458) $(8,569)* $(10,975) Net income (loss), excluding unusual gains and charges $1,601 $(537) $(1,783) $(5,508) Net income (loss) per common share, excluding unusual gains and charges $0.06 $(0.02) $(0.07) $(0.17) Net income (loss) $422 + $(528) $4,639** + $18,104*** Net income (loss) per common share $0.02 + $(0.02) $0.18** + $0.57*** + Includes 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 ($5.2 million in 4Q) * Includes a restructuring and asset impairment write-off of $2.9 million related to the HomeVisions' catalog operations ** Includes 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 *** Includes a pretax gain of $38.9 million related to sale of a broadcast television station MINNEAPOLIS, March 24 /PRNewswire/ -- ValueVision International