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Reply #16: Blockbuster posts loss; sees more cost-cutting [View All]

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-08-05 08:07 AM
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16. Blockbuster posts loss; sees more cost-cutting
http://today.reuters.com/investing/financeArticle.aspx?...

CHICAGO, Nov 8 (Reuters) - Blockbuster Inc. (BBI.N: Quote, Profile, Research), the nation's No. 1 video rental chain, on Tuesday reported a quarterly loss as it grapples with a downturn in the rental industry and a bruising battle with rival Netflix Inc. (NFLX.O: Quote, Profile, Research).

Blockbuster reported a third-quarter net loss of $491.4 million, or $2.67 per share, including asset impairment and other charges.

Excluding those items, the loss totaled $24.6 million, or 13 cents per share. Analysts, on average, had expected an operating loss of 12 cents per share, according to Reuters Estimates.

<snip>

It said it intends to cut costs by more than $100 million in 2006 and $50 million in 2007 by reducing overhead and marketing spending and selling non-core assets.

...more...
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