Blockbuster Inc. (NYSE: BBI) managed to beat earnings expectations this morning. The company posted $0.20 EPS on a 5.4% revenue decrease to $1.39 Billion. First Call had estimates at $0.15 EPS on $1.44 Billion in revenues.
Operating income was $70.2 million. The company’s same store sales rose 2.9%, but this was on a smaller number of stores. The company also noted that BLOCKBUSTER Total Access(TM), its subscription rental offering, is now profitable and positioned for growth.
Here were some balance sheet highlights:
Cash and cash equivalents $137.7
Merchandise inventories $397.4
Rental library $444.8
Accounts payable $453.8
Total debt (w/ capital lease
obligations) $751.4
Blockbuster shares are up 10% pre-market at $3.40; its 52-week trading range is $2.52 to $5.80.
Jon C. Ogg
May 15, 2008
Jon Ogg produces and edits the "10 Stocks Under $10" newsletter and he does not own securities in the companies he covers.
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