Dallas, Blockbuster Inc.’s total revenues decreased 1.6% to $1.40 billion for the second quarter of 2005, down from $1.42 billion a year ago. Net loss for the quarter totaled $57.2 million, or 31? a share, compared with net income of $48.6 million, or 27? per share, for the second quarter of 2004.
“Our second quarter results reflect both the success of our new initiatives as well as the impact of the declining store-based video-rental industry,” said John Antioco, chairman and CEO, Blockbuster. “Our ‘No Late Fees’ program is working and our on-line business continues to perform extremely well. These two initiatives helped increase our total rental revenues 9% quarter over quarter, excluding extended viewing-fee revenues. Although we invested heavily to achieve our revenue results, which combined with industry trends impacted our bottom line, we believe we are affecting a permanent improvement in our business