Shop at Home Inc., the shopping channel based in Knoxville, TN, reported that its second quarter sales rose about 42 percent to $23.1 million for the period ending Dec. 31. Its net income rose 64 percent to $756,000 during the period, or $0.06 a share.
The company credited the improved performance to selling higher margin products such as sports collectibles and memorabilia, collectible cutlery, Beanie Babies toys and strong Christmas performance, said Kent E. Lillie, president and CEO of the company.
The quarter was characterized by heavy acquisition activity for the company. It purchased for $53 million three television stations in the San Francisco, Cleveland and Raleigh-Durham, NC markets during the bankruptcy auction of Global Broadcasting Systems Inc., a defunct shopping channel. It also owns stations in the Boston and Houston markets, but is carried into a total of 50 million full and part time cable households.
During the last quarter, Shop at Home relocated its headquarters to a new 74,000 square foot facility in Nashville. The company's net income for the first six months of its fiscal year rose 79 percent to $1.1 million on revenues that rose 46 percent to about $44.5 million.