COMPANY NEWS; BLOCKBUSTER POSTS LOSS OF $57.5 MILLION FOR QUARTER
Published: May 6,
2005, Friday
Blockbuster, the video rental chain,
posted a first-quarter loss of $57.5 million, partly because it eliminated late
fees and increased marketing to stem customer defections. The company said
yesterday that the result meant a loss of 31 cents a share, in contrast to net
income of $114.4 million, or 63 cents a share, a year earlier. Sales rose 3
percent, to $1.55 billion. Advertising costs more than doubled to $119 million.
Carl C. Icahn, the company's largest shareholder, said on a conference call
yesterday that some initiatives had not worked out. He has nominated three
candidates, including himself, for election to the board at Blockbuster's annual
meeting on May 11.
Post your
own article or Blog
on this article.
|
