MINNEAPOLIS — ValueVision International, the third-largest home shopping channel in the U.S., posted a loss of $3.8 million in the first quarter ended April 30, after a $3.5 million charge.
The charge resulted from a proposed merger with National Media Corp., an infomercial company. Merger talks were terminated April 21.
The loss in the quarter was also due to an increase in operating expenses to $6 million from $2.9 million a year ago, reflecting increased cable-access and satellite fees and costs to expand facilities and staff.
In the year-ago quarter, ValueVision lost $497,000.
Sales in the latest quarter doubled, to $12.8 million from $6.3 million, reflecting an increase in the company’s audience base to 11.1 million subscribers from 4.6 million. QVC and Home Shopping Network are the nation’s two largest home shopping channels.