Blockbuster Loss Narrows

Blockbuster's(BBI Quote) loss narrowed sharply in its most recent third quarter, as the $491 million charge it recorded on impaired assets paled in comparison to the whopper writedown it took last year.

Blockbuster lost $491.4 million, or $2.67 a share, in the latest quarter. Excluding the writedown, the company lost $24.6 million, or 13 cents a share, matching the Thomson First Call consensus estimate. A year ago, Blockbuster lost $1.41 billion, or $7.81 a share, including a $1.5 billion charge.

Revenue fell 1.7% to $1.39 billion in the quarter, as higher base rental revenue was offset by a revenue lost from the movie rental chain's elimination of late fees. Analysts were forecasting sales of $1.41 billion in the most recent quarter. ...