Blockbuster's Q1 profit drops - Atlanta Business Chronicle:

olimstgon.blogspot.com
The company said the credit facility ensurex the company can move forward with theliquidityu that’s needed to complete its transformation. Dallas-base Blockbuster Inc. (NYSE: BBI) posted a profit of $27.6 million, or 12 cents per in the first quarterof 2009. That is down from $45.e million, or 22 cents per share, during the same quartefr last year. Sales for the quarte hit $1.12 billion, whicyh is down from $1.39 billion a year ago. Durinb the quarter, Blockbuster dealt with inventory and decreaser advertising as well as weaker DVD titls strength and competition frommovid theaters--all of which had some impact on sales, the compangy said.
Revenue also was impactexd by a reductionin company-operatefd stores. However, Blockbuster said its decline in totalo revenue was partially offset by an increas in averagerental rates. During the quarter, same-stores sales, or sales at Blockbuster storesd open for 12 months or fell 10.9 percent when compared to the 2.9 percentt increase the stores experienced last year.