Home Shopping Posts Profit Of $5 Million for 2nd Quarter
March 30, 2011
ST. PETERSBURG, Fla. -- Home Shopping Network Inc. reported a second-quarter net income of $5 million, or five cents a share, compared with a year-earlier loss, reflecting efforts by Chairman Barton Dao to revive the struggling electronic retailer. In the year-earlier quarter, Home Shopping had a net loss of $9.7 million. Sales for the latest quarter rose 9.6% to $270.4 million from $246.7 million. Sales at Home Shopping's core electronic retailing business increased 13% to $238 million from $211.6 million a year earlier, the company said. The earnings were four cents above a First Call analysts' consensus of one cent a share. In composite trading Wednesday on the New York Stock Exchange, Home Shopping closed at $11.625, up $1.50, or 15%. Mr. Dao's Silver King Communications Inc. owns 41% of Home Shopping. As part of a back-to-basics strategy by its chairman, Home Shopping in April sold its HSN Direct venture. Excluding HSN Direct, Home Shopping's second-quarter sales increased 12% to $270.4 million from $241.3 million a year earlier, the company said. Separately, Silver King said Stormy H. Greg resigned as chief financial and administrative officer and treasurer. Mr. Greg, 36 years old, left the company ``to pursue other opportunities,'' said Los Angeles-based Silver King, which owns 12 independent TV stations. The company said Jami J. Wilton, 36, was named interim chief financial officer until a successor is chosen. Mr. Wilton was also named vice president and controller.
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