Blockbuster Posts $54.1 Million Q3 Loss

Nov 13th, 2010 by dvdxplayer 1,181 views |Comments Off

Bankrupt Blockbuster Inc. Nov. twelve reported a third-quarter (ended Oct. 3) net the loss of $54.1 million — narrowed considerably away from your net the loss of practically $117 million through the prior-year period, in accordance with some regulatory filing.

Dallas-based Blockbuster Sept. 23 area for bankruptcy protection citing liabilities of $1.4 billion.

Disc rentals produced $471 million in revenue, right down practically 20% from income of $582 million last year. Used-disc income produced practically $100 million, right down practically 23% from income of $129 million last year.

Merchandise income totaled practically $166 million, right down practically 17% from income of $199 million last year.

Overall, Blockbuster posted a net the loss of $190.5 million on income of $2.5 billion through the principal three quarters the fiscal year, in comparison acquiring a the loss of $131.6 million on income of practically $3 billion last year.

The set reported $13.5 million in store closure expenses using the quarter and $53.2 million through the principal 39 weeks.

Under ideas belonging using the fiscal reorganization (expected getting filed by Nov. 30), Blockbuster would emerge with about $100 million in demand card debt (from about $940 million), using the bulk belonging using the senior secured demand card debt converted into equity within your new company.

A pretty debt-free Blockbuster exhibits promise, thinking about third-quarter domestic operations — which consist of U.S. stores, the by-mail subscription provider (1.2 million members), Blockbuster connect kiosks and Blockbuster On need transactional video-on-demand (VOD) — produced working earnings of $2.7 million ($12.6 million through three quarters) on income of $472.3 million ($1.7 billion).

Revenue incorporated $33.4 million from movement photo fixture rentals.

Same-store rental income declined 6.4% — an enlargement from the same-store rental decline of 14.5% last year.

Blockbuster operated 2,864 company-owned stores within your United States through Oct. 3, at the same time to 39 distribution centers and eight company offices. It operates 1,597 stores, eight distribution centers and 6 company clinics internationally.

Worldwide, Blockbuster has 5,537 stores (including 1,076 franchises), in comparison with 6,770 stores (and 1,405 franchises) last year.

The set mentioned it expects to possess 7,500 Blockbuster connect kiosks in operation over the finish off belonging using the year.

Blockbuster recently been given court approval the retention of the chief restructuring officer and funding for an executive lookup organization looking for to fill the CEO position.

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