ValueVision Media Inc fka VVTV

[makesumgravy]

AP
ValueVision Swings to Fiscal 4Q Loss
Tuesday March 25, 6:21 pm ET
ValueVision Lost Money in Fiscal 4th Quarter on Job Cut Costs; Revenue Up Less Than 1 Percent


NEW YORK (AP) -- ShopNBC, a 24-hour shopping channel run by ValueVision Media Inc., said Tuesday it swung to a loss in the fiscal fourth quarter on restructuring charges.
The Eden Prairie, Minn.-based company said in January that it will cut its work force by 10 percent, to 560 employees.


ShopNBC lost $791,000, or 2 cents per share, for the quarter, compared with a profit of $3.5 million, or 8 cents per share, a year ago. Revenue grew less than 1 percent, to $218 million from $216.7 million.

ShopNBC said its adjusted profit came to $5.4 million in the quarter ended Feb. 2, down from $8.1 million a year ago. Internet revenue grew 21 percent, and made up 31 percent of total sales.

Due to a stock buyback, the company's share count shrank to about 35.3 million at the close of the quarter, from 42.9 million a year ago. The company has authorized another repurchase of $10 million in stock.

In fiscal 2007, ShopNBC swung to a profit of $22.5 million after losing $2.4 million in the previous year. Revenue grew 2 percent, to $781.5 million.

The stock rose 15 cents, or 2.5 percent, to $6.16 in aftermarket electronic trading. Shares finished the regular session at $6.01.