Earnings: Blockbuster Q4 Revs Up 3.6 Percent; Income Spikes On In-Store Rentals
This story was written by Joseph Weisenthal.
Video chain Blockbuster (NYSE: BBI) reported Q4 revs of $1.57 billion, a 3.6 year-on-year increase from $1.51 billion. Net income spiked to $38.1 million from $8.3 million. The company's core rental business jumped almost 10 percent to $848 million. The announcement didn't break out the performance of its by-mail business, which competes with Netflix (NSDQ: NFLX), and instead lumped that revenue in with basic rentals. Overall, the company says it's benefiting from its renewed focus on in-store rentals (pulling back from its aggressive mail program), and it believes it will achieve full-year profitability in 2008.
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By Joseph Weisenthal