COMPANY TOWN ANNEX

QVC Reports 12% Drop in 2nd-Quarter Earnings: The company cited the costs of expanding television home shopping to Britain and Mexico, which resulted in a $6.1-million loss after taxes in the last quarter. Net income for the three months ended July 31 was $11.7 million, or 25 cents a share, down from $13.3 million, or 26 cents a share, a year earlier. Revenue rose 15.6% to $303.3 million from $262.4 million. In trading on the Nasdaq stock market, QVC was off 6.25 cents a share to close at $44.8125. Company officials said the decline in earnings was unrelated to QVC’s recent agreement to a $1.42-billion buyout by its two biggest shareholders, cable companies Comcast Corp. and Liberty Media Corp.