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BlockBuster's New Smoke & Mirrors Trick
AP
Blockbuster 3Q Loss Widens, Plans Cuts Thursday November 1, 9:02 am ET Blockbuster 3rd-Quarter Loss Widens As Company Plans Job Cuts Check out the last sentence DALLAS (AP) -- Blockbuster Inc.'s third-quarter loss widened, partly on severance and lease termination costs, and the movie-rental company said it is planning job cuts to boost profitability. Blockbuster reported a loss after preferred dividends of $37.8 million, or 20 cents per share, compared with a loss of $27.5 million, or 15 cents per share, in the prior year. Loss from continuing operations grew to $34.8 million, or 20 cents per share, from a loss of $23 million, or 14 cents per share last year. Analysts polled by Thomson Financial predicted a loss of 18 cents per share. Analysts' estimates typically exclude one-time items. The current quarter's results included $9.6 million, or 5 cents per share, in severance and lease termination costs. Quarterly revenue dropped 5 percent to $1.24 billion. Consensus estimates put sales at $1.28 billion. The company said it has implemented a plan to lower yearly overhead costs by about $45 million through job cuts and the elimination of operational redundancies. Blockbuster is also considering outsourcing some corporate functions. The company said it plans to report total membership numbers in the future rather than just its online subscriber count. |
#2
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Can't wait to see how this is spun
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"Never mind him, he's just trying to get laid" --Helena Bonham Carter |
#3
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More job cuts? Whose next, district managers?
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"A picture is worth a thousand words. A video puts those words into action" Anyone interested in music from new indie artists can check out my music website. Some artists (like me) offer free downloads |
#4
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This is awesome. Are they just doing active members or absolutely everybody that has walked through the door??? "Blockbuster, now with 250 MILLION subscribers!" marc |
#5
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We'll have signs like the McDonald's sign that says "Over one bajillion served"
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Actually my hope is that they just eliminate all Regions (RDOs and all regional employees). Seriously, what DO these guys do besides parrot the Zone VPs and tour stores? They are useless. |
#7
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They later reported subscriber loss[story below].. but it was an interesting spin in earlier reports. Stock hit a 30 day low of 4.94 and its down to 4.82 in after hours trading.
Not sure what jobs they would outsource but one of the 7-11 hires is a former ADP exec, which was common information from newswire reports. ADP outsources Payroll and HR for companies. Build your own conclusions. I actually still have faith Keyes knows what he is doing. The guy proved he had ability when 7-11 was bucking the bankruptcy bug. I might or might not be personally happy with some of the moves but still hes a proven leader and deserves as much or more than anyone to give his best shot at transformation. Personally for all my friends and every employee I know here and elsewhere, I'd love to see this end in success. Quote: While the top-line results were disappointing, the main concern raised by the report was Blockbuster's subscriber count for its online rental service. The service's subscriber count dropped to 3.1 million at the end of the third quarter from 3.6 million at the end of the second. "The magnitude of the decline was surprising to many," says Michael Pachter, an analyst with Wedbush Morgan Securities.
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Kawliga: You know my uncle Jerry Sandusky Last edited by BBVcasualposter; November 1st, 2007 at 08:10 PM. |
#8
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Say goodbye to being able to understand the people at computer support.
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#9
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Blockbuster should start taking donations.
Hollywood Video: "Would you like to purchase playguard, just 25 cents per rental, with all proceeds donated to the starlight children's foundation?" Blockbuster: "Would you like to donate an additional 25 cents per rental to Blockbuster?" |
#10
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bye bye middle managers
keyes said that he was going to reduce the number of people between the store manager and ceo down to three (or maybe the store manager would only three people away from the ceo, which would indicate there would only be two people between the store manager and the ceo).
there have to be a bunch of middle managers that make a lot more money than a bunch of store clerks, which are essential in being the face the customer puts with the company. my guess is blockbuster is going to be cutting a lot of the fat in this area (needless middle managers for a company that is nearly bankrupt). |
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