1. Archive

Home Shopping reports profit

Home Shopping Network Inc., which has been returning to its basic video retailing business after a series of money-losing forays, reported a profit and higher sales Monday for its fiscal year ended Aug. 31.

The company said net income for the year was $37.3-million, compared with a loss in the prior year of $8.9-million. Sales for the year rose by $19.3-million, or 1.8 percent, to $1.098-billion.

"Our overall financial condition continued to improve in fiscal 1992," said Roy M. Speer, chairman and chief executive, in a prepared statement. Home Shopping officials declined to elaborate on the press release.

Speer noted that Home Shopping achieved record levels of operating profit in the year, and that the St. Petersburg-based company is continuing to reduce its long-term debt.

Home Shopping recently spun off its Precision Systems Inc. software subsidiary. The company also has filed with the federal government to spin off Silver King Communications Inc., which operates broadcast stations.

Last year, Home Shopping's loss was attributed to lawsuit settlements and a reserve the company set up to cover its investment in a venture that promised to deliver programing to viewers with windowsill-sized satellite dishes.

Speer said the recession is holding back Home Shopping's growth.

"We have noted no improvement in the economy, and our performance continues to be impacted by the uncertainties surrounding the economy, the election and the direction of the country," Speer said.

Shares in Home Shopping closed unchanged Monday at $5.87{ in trading on the New York Stock Exchange.