I Hate Blockbuster Forum  

Go Back   I Hate Blockbuster Forum > Lovers of Blockbuster > Are You An Employee Of Blockbuster?

 
Thread Tools Display Modes
  #1  
Unread March 30th, 2011, 04:52 AM
Freemason220 Freemason220 is offline
Member
 
Join Date: Dec 2010
Posts: 206
Blockbuster posts $68 Million Loss

http://www.homemediamagazine.com/blo...ion-loss-23474

Rental icon goes on the auction block April 4

Bankrupt Blockbuster Inc. generated a net loss of $68.4 million from Jan. 3 through Feb. 27 — a sobering reality that likely contributed to the packaged media rental icon Feb. 21 announcing plans to put itself up for sale.

Blockbuster generated revenue of $274.8 million during the period, which included $175 million in basic rental revenue, $60.3 million in previously rented (used product) revenue, $33.1 million in merchandise revenue and $6.4 million in undisclosed revenue, according to a filing with the U.S. Bankruptcy Court in New York.

The rental chain posted a gross profit of $154 million, which was undermined by $183.5 million in general and administrative costs, $11 million in depreciation expenses and $3.2 million in advertising costs.

Blockbuster also spent $16 million on related bankruptcy restructuring costs. The company ended the period with $146 million in accounts payables (vendors owed), compared with just $33.4 million in accounts receivables (monies owed) and $61.2 million in cash.

Separately, Blockbuster officially goes on the auction block April 4, with bids accepted beginning at 10 a.m. EDT. If no legitimate offers exceed the opening “stalking horse” bid of $290 million, that bid by a group of senior lenders dubbed Cobalt Video Holdings would likely be declared the purchase price at a post-auction hearing slated for April 7.

U.S. Bankruptcy Judge Burton Lifland overruled objections to the “stalking horse” bid, amid other concerns, in a hearing March 17.

In that hearing, Lifland ruled that monies generated from the auction sale be administered to numerous debtors, including payments (not exceeding $4.4 million each) to select studios for revenue-sharing agreements. In addition, the studios each will receive cash payments totaling $3 million for rental disks earmarked for destruction.

The judge said the rulings do not preclude the studios from enforcing their respective rights against Blockbuster Canada, which was put up as collateral by the Dallas-based parent when filing Chapter 11.

Blockbuster must also pay the studios “all costs and expenses of administration” from Feb. 25 through the closing date of the sale, in addition to any rev-share agreement payments from March 7 through the closing date.

Studio balance claims frozen by the court include Sony Pictures Home Entertainment ($28 million), 20th Century Fox Home Entertainment ($20 million), Warner Home Video ($19.2 million), Universal Studios Home Entertainment ($15.9 million), Walt Disney Studios Home Entertainment ($9.4 million), Summit Home Entertainment ($9.3 million) and Paramount Home Entertainment ($4.4 million).
  #2  
Unread March 30th, 2011, 06:06 AM
Hot Head's Avatar
Hot Head Hot Head is offline
IHBB GOD
 
Join Date: Jul 2010
Location: In my car
Posts: 3,106
I could of had a v8
__________________
[SIGPIC][/SIGPIC]
╭∩╮(︶__︶)╭∩╮

Even the Devil, which is the main share holder of blockbuster is saying you guys are making me look bad!

Horse Power is how fast you hit the wall. Torque is how far you take the wall with you.
The Following User Says Thank You to Hot Head For This Useful Post:
JustTheFacts (March 30th, 2011)
  #3  
Unread March 30th, 2011, 09:01 AM
yodavsjason's Avatar
yodavsjason yodavsjason is offline
IHBB GOD
 
Join Date: Jun 2009
Location: You Can't See Me
Posts: 2,561
What would you do for a klondike bar?
  #4  
Unread March 30th, 2011, 09:23 AM
Hot Head's Avatar
Hot Head Hot Head is offline
IHBB GOD
 
Join Date: Jul 2010
Location: In my car
Posts: 3,106
Quote:
Originally Posted by yodavsjason View Post
What would you do for a klondike bar?
absolutly nothing.
__________________
[SIGPIC][/SIGPIC]
╭∩╮(︶__︶)╭∩╮

Even the Devil, which is the main share holder of blockbuster is saying you guys are making me look bad!

Horse Power is how fast you hit the wall. Torque is how far you take the wall with you.
  #5  
Unread March 30th, 2011, 02:59 PM
Veruka_Salt's Avatar
Veruka_Salt Veruka_Salt is offline
IHBB Freak
 
Join Date: Jul 2010
Location: Someplace where people say "Y'all" without irony
Posts: 1,025
So looks like we'll know what happens next on Thursday, April 7.
__________________
Life is not one thing after another, it's the same God damn thing over and over -- Dorothy Parker
  #6  
Unread March 30th, 2011, 03:47 PM
KAWLIGA KAWLIGA is offline
IHBB GOD
 
Join Date: Sep 2002
Posts: 2,129
Quote:
Originally Posted by Hot Head View Post
absolutly nothing.
(uuummm.."Hot Head"...those Klondike Bars are pretty good. Especially those "OREO" ones (just sayin').
__________________
KAWLIGA.......I'm not done until they're done.
  #7  
Unread March 30th, 2011, 04:24 PM
yodavsjason's Avatar
yodavsjason yodavsjason is offline
IHBB GOD
 
Join Date: Jun 2009
Location: You Can't See Me
Posts: 2,561
Run for the border.
  #8  
Unread March 30th, 2011, 05:04 PM
OzMan's Avatar
OzMan OzMan is offline
IHBB GOD
 
Join Date: Jul 2002
Location: Lasciate ogne speranza, voi ch'intrate
Posts: 12,209
Quote:
Originally Posted by yodavsjason View Post
What would you do for a klondike bar?
What would I do for a klondike bar? I'd go to the freakin' store and BUY one.

Seems to be the best choice all around
__________________
"Never mind him, he's just trying to get laid"

--Helena Bonham Carter
The Following 3 Users Say Thank You to OzMan For This Useful Post:
AbandonedDreams (March 30th, 2011), HelloItsMeMOM (March 30th, 2011), zooworker (March 31st, 2011)
  #9  
Unread March 30th, 2011, 05:30 PM
deathbydanny's Avatar
deathbydanny deathbydanny is offline
IHBB Freak
 
Join Date: Dec 2007
Location: One nation, under Canada, above Mexico
Posts: 1,089
You know, it's almost not news to post a Blockbuster loss. It's a given. Like the sun will rise, Dunlap will forget batteries, etc.

It'd be news to see a headline that said "Blockbuster Posts Profit. Also, Temps In Underworld Require Winter Coat."
__________________
Quote:
Originally Posted by Jim Keyes
OK ladies, gents, shareholders... I must admit, I haven't a goddamn clue about what to do. Things seem so rough, I just wanna go home. No lies, we're in a pickle... WAIT! I HAVE AN IDEA!
Quote:
Originally Posted by deathbydanny
If I want the experience of being in the store, let me have it on my own fucking terms.
The Following 2 Users Say Thank You to deathbydanny For This Useful Post:
AbandonedDreams (March 30th, 2011), BUYMECAR (March 31st, 2011)
  #10  
Unread March 30th, 2011, 05:37 PM
orbitdvd orbitdvd is offline
IHBB Freak
 
Join Date: May 2005
Posts: 1,302
Quote:
Originally Posted by deathbydanny View Post
You know, it's almost not news to post a Blockbuster loss. It's a given. Like the sun will rise, Dunlap will forget batteries, etc.

It'd be news to see a headline that said "Blockbuster Posts Profit. Also, Temps In Underworld Require Winter Coat."
They have nothing left to sell off to post a profit.
The Following User Says Thank You to orbitdvd For This Useful Post:
OzMan (March 31st, 2011)
 

Bookmarks

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -8. The time now is 03:01 AM.


vBulletin Version 3.7.1
© 2024, Jelsoft Enterprises Ltd.