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Blockbuster Swings To 1Q Profit Sales Growth

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May 15, 2008 8:45 am US/Central

Blockbuster Swings To 1Q Profit Sales Growth

DALLAS (AP) ― The movie rental chain Blockbuster says it swung to a first-quarter profit on lower expenses and improved results from its subscription service and domestic sales growth.

The Dallas-based company reported Thursday its earnings after preferred dividends was $42.6 million, or 20 cents per share. That compared with a loss of $51.8 million, or 27 cents per share, a year earlier.

Blockbuster Inc. says revenue slipped 5 percent to $1.39 billion from $1.47 billion after closing or selling 412 stores.

Analysts polled by Thomson Financial forecast net income of 15 cents per share on sales of $1.44 billion.

Blockbuster wants to buy electronics chain Circuit City Stores.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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