Retail Industry
Industry: Email Alert RSS FeedMissing late fees, blue posts $57.5 million quarterly loss.(Blockbuster Inc.)
Video Business, May, 2005 by Sweeting, Paul
Blockbuster reported $57.5 million in first-quarter red ink as I it absorbed the loss of revenue from late fees and markedly higher marketing costs for Blockbuster Online and other new initiatives. The loss--which compared with year-earlier quarterly profit of $114 million--was roughly in line with expectations.
Blockbuster shares slipped 27 cents to $10.03 on the day. The $57.5 million loss this year, or 31 cents a share, included onetime costs related to the company's failed bid for Hollywood Entertainment. Excluding those costs, as well as other non-cash items, the company lost $42.7 million in the period, or 23 cents a share. In a conference call with analysts, Blockbuster chairman-CEO John Antioco staunchly defended the company's heavy...
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