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At Blockbuster, 28% Profit Dip And Dispute Over The Chief’s PayDALLAS, Feb. 27 — Blockbuster, the movie rental company, said on Tuesday that its fourth-quarter earnings fell 28 percent, largely because of the cost of starting and promoting its online rental business. The company also said it was trying to resolve a dispute with its chairman and chief executive, John F. Antioco, over his 2006 bonus. Quarterly net income dropped to $12.9 million, or 5 cents a share, versus $18 million, or 9 cents a share, a year ago. Adjusted earnings, which factored in a $5.1 million good will impairment charge, were $20.4 million, or 9 cents a share, in the October-December period. That compared with earnings of $25 million, or 12 cents a share, a year earlier, which were adjusted for a reserve charge. The adjusted earnings were higher than the 5 cents a share expected by analysts surveyed by Thomson Financial. Revenue increased 1 percent to $1.51 billion, from $1.49 billion in the previous year, surpassing Wall Streets estimate of $1.47 billion. On Jan. 25, the board awarded Mr. Antioco a bonus of $2.28 million, on top of his 2006 salary and deferred compensation of about $2.5 million. According to a statement in the companys earnings report, Mr. Antioco maintains that he is entitled to a bonus of $7.65 million based on performance goals. The company has said it has set aside $4.5 million for this contingency. The company has been trying to offset a decline in rentals at its stores by increasing online offerings. Mr. Antioco said that he expected the companys online rental program, called Total Access, to have 3 million subscribers by the end of March, up from 2.2 million subscribers at the end of 2006. For the full year, profits were $54.7 million, or 23 cents a share, compared with a loss of $588.1 million, or $3.20 a share, in 2005. Revenue was down 3.5 percent, to $5.52 billion. Blockbuster had 682 fewer stores at the end of 2006 than in the previous year. Blockbuster shares dropped 27 cents, to $6.67, on the New York Stock Exchange. Tag CloudExternal InformationAdditional InformationF.T.C. Tries Again to Stop Whole Foods Deal...Mbeki says Blair guilty of double standards over BAE... SRM Global moves in to fight Countrywide deal... Live Nation Finds a Buyer for Its Theater Business... Where Am I?News Main Page - Business - At Blockbuster, 28% Profit Dip And Dispute Over The Chief’s Pay |
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