Liberty Interactive Reports Fourth Quarter And Year End 2011 Financial Results

Liberty Interactive Corporation (Nasdaq: LINTA, LINTB) today reported fourth quarter and year end results. Highlights include ⁽¹⁾:

• Grew consolidated QVC revenue by 5% in Q4 and 6% in 2011
  • Adjusted OIBDA ⁽²⁾ increased 9% in Q4 and 4% in 2011, excluding the effects of the new agreement with GE Capital Retail Bank and QVC Italy launch, adjusted OIBDA grew 6% in 2011
  • Operating income increased 1% in Q4 and 2011, excluding the effects of the new agreement with GE Capital Retail Bank and QVC Italy launch, operating income grew 4% in 2011
  • QVC.com sales as a percent of total sales in the US reached 40% in Q4
• eCommerce group grew revenue and adjusted OIBDA 20% and 19% in 2011, respectively
  • Operating income increased 38% in 2011
• Announcing plan to recapitalize Liberty Interactive into two tracking stocks – Liberty Interactive and Liberty Ventures
• Repurchased $257 million of Liberty Interactive stock from November 1 ^st through January 31 ^st, 2012

“QVC finished the year strong with impressive Q4 results, particularly in the US and Japan, despite a challenging macroeconomic environment,” stated Greg Maffei, Liberty Interactive President and CEO. “We made substantial repurchases of our shares, spending $257 million. Separately, today we announced our board’s approval of the recapitalization of our common stock into two tracking stocks, Liberty Interactive and Liberty Ventures. We expect this recapitalization to highlight each tracking stock’s operations and financial aspects of the attributed assets and provide investor choice while maintaining an optimal capital and tax-efficient structure.”

Liberty Interactive’s revenue increased 7% to $3.1 billion in the fourth quarter and 8% to $9.6 billion for the year. Adjusted OIBDA increased 10% to $618 million for the fourth quarter and 4% to $1.8 billion for the year, while operating income increased 3% to $408 million for the fourth quarter and 2% to $1.1 billion for the year. The increase in revenue, adjusted OIBDA, and operating income for the quarter were primarily due to favorable results at QVC and the eCommerce companies. Operating income includes $325 million of non tax-deductible amortization related to Liberty’s acquisition of QVC for both the years ended December 31, 2011 and 2010.

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