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Home Shopping Network has broken back into the black.

The cable shopping programmer has been nagged by financial and legal issues for several months, but managed to eke out a $ 5.8 million (7 cents per share) net profit in the third fiscal quarter, ended May 31.

That compares to a net income of $ 9 million (10 cents) in the same period last year.

The St. Petersburg-based company took a $ 400,000 one-time charge against earnings for the early retirement of $ 16.9 million of its 5 1/2% convertible bonds.

Before the extraordinary item, earnings were $ 6.2 million (7 cents). Revenues for the quarter were off 3.4% to $ 260.2 million.

The company noted that included in sales last year was $ 6.2 million from two wholly owned subsidiaries that have since been sold. Comparable sales would have been off just 1.1%. Moreover, sales jumped 6.8% from the second fiscal quarter, the first increase in quarter-to-quarter sales since fiscal 1986.