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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 InformationCyclone Cynthia Carroll shakes up Anglo...UnitedHealth to Restate Up to $1.7 Billion From Options Backdating... The Law of Unintended Consequences?... On the Road: Stuck in an Airplane and in an Overloaded System... Where Am I?News Main Page - Business - At Blockbuster, 28% Profit Dip And Dispute Over The Chief’s Pay |
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