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SMALL BUSINESS
Blockbuster Reports Third Quarter 2008 Results
Total revenues for the third quarter of 2008 decreased 2.7%, or
"We are pleased with our third quarter results, particularly in light of
the unusually limited slate of movie titles and strong viewership of the
Olympics during the period. Key initiatives around merchandise assortment,
in-stock availability and expense reduction allowed us to deliver our third
consecutive quarter of positive domestic same-store sales and reduce our net
loss by over 48%," said
Third Quarter Financial Results
Total revenues for the third quarter of 2008 decreased 2.7%, or
Domestic same-store revenues increased 5.1% as compared to the third quarter of 2007, due to a 0.8% growth in same-store rental revenues and a 30.7% increase in same-store merchandise sales, largely driven by a significant increase in sales of games software and hardware. International same-store revenues decreased 3.4% as compared to the same period last year, reflecting a 2.2% decline in same-store rental revenues and a 5.0% decline in same-store merchandise sales. Worldwide same-store revenues grew 1.9% from the same period last year.
Gross profit for the third quarter of 2008 decreased
EBITDA for the third quarter declined
Net loss for the third quarter 2008 narrowed
Cash used for operating activities increased
Additional financial and operational information, including the calculation of adjusted results and the reconciliations of other non-GAAP financial measures used herein, can be found in the tables accompanying this release.
Earnings call
The Blockbuster earnings call will be webcast today at
About Blockbuster
Blockbuster Inc. (NYSE: BBI, BBI.B) is a leading global provider of
in-home movie and game entertainment, with over 7,500 stores throughout the
Americas,
Caution Concerning Forward Looking Statements:
This press release contains "forward looking statements" -- that is,
statements related to future, not past, events. In this context, forward
looking statements often address our expected future business and financial
performance, and often contain words such as "expect," "intend," "plan,"
"believe," "seek," or "will." Forward looking statements by their nature
address matters that are, to different degrees, uncertain. For us, particular
uncertainties that could adversely or positively affect our future results
include, among others, from time to time: (1) consumer appeal of our existing
and planned product and service offerings, and the related impact of
competitor pricing and product and service offerings; (2) overall
entertainment industry performance and the accuracy of our estimates and
judgments regarding trends impacting the entertainment industry, particularly
the home video segment; (3) our ability to obtain favorable terms from
suppliers, including on such matters as copy depth and uses of product; (4)
the variability in consumer appeal of the movie titles and games software
released for rental and sale and the timing of such releases; (5) our ability
to anticipate and respond to changing consumer preferences for entertainment,
including with respect to new technologies and alternative methods of content
delivery, and to effectively adjust our offerings if and as necessary; (6) the
continued volatility and further deterioration of the capital markets and
given such conditions, our ability to secure an amendment to our existing debt
agreements or to obtain alternative financing or acceptable terms, if at all;
(7) the sustained decrease in the market price of our common stock; (8)
uncertainty surrounding capital and credit markets and any resulting
difficulty we may experience in obtaining financing or funding normal
operations could cause some of our trade creditors to impose less favorable
terms; (9) while we believe that we will achieve our full-year adjusted EBITDA
guidance, our ability to achieve our adjusted EBITDA guidance is subject to
many risks and uncertainties, so there is no assurance that we will achieve
our adjusted EBITDA guidance. Also, there is no assurance that the previously
disclosed reconciliation between adjusted EBITDA and net income will remain
the same; (10) regional, national and global conditions existing from time to
time, including those of an economic, business and competitive nature; and
(11) other factors, as described in our filings with the Securities and
Exchange Commission, including the factors discussed under the heading "Risk
Factors" in our annual report on Form 10-K for the year ended
BLOCKBUSTER INC. COMPARATIVE FINANCIAL HIGHLIGHTS (In millions, except per share amounts)
Thirteen Weeks Ended Thirty-Nine Weeks Ended October 5, September 30, October 5, September 30, 2008 2007 2008 2007 (As restated) (As restated) Revenues: Rental revenues $751.4 $812.1 $2,465.1 $2,494.4 Previously rented product ("PRP") revenues 148.5 150.6 483.4 484.9 Total rental revenues 899.9 962.7 2,948.5 2,979.3 Merchandise sales 297.9 267.6 931.5 945.0 Other revenues 6.8 7.9 23.2 51.0 1,204.6 1,238.2 3,903.2 3,975.3
Cost of sales: Cost of rental revenues 329.3 365.4 1,137.3 1,194.0 Cost of merchandise sold 232.0 202.6 725.7 713.8 561.3 568.0 1,863.0 1,907.8
Gross profit 643.3 670.2 2,040.2 2,067.5
Operating expenses: General and administrative 576.1 604.2 1,782.4 1,882.2 Advertising 32.4 27.5 94.8 158.9 Depreciation and amortization of intangibles 37.1 43.5 114.9 142.0 Gain on sale of Gamestation - (0.2) - (81.5) 645.6 675.0 1,992.1 2,101.6
Operating income (loss) (2.3) (4.8) 48.1 (34.1)
Interest expense (17.9) (20.7) (55.5) (65.4) Interest income 0.5 1.3 2.2 5.1 Other items, net 5.8 (1.3) 6.1 (1.5)
Income (loss) before income taxes (13.9) (25.5) 0.9 (95.9) Provision for income taxes (3.9) (8.7) (14.9) (20.2) Income (loss) from continuing operations (17.8) (34.2) (14.0) (116.1)
Income (loss) from discontinued operations, net of tax - (0.2) (0.3) 1.3
Net income (loss) (17.8) (34.4) (14.3) (114.8)
Preferred stock dividends (2.8) (2.8) (8.4) (8.4)
Net income (loss) applicable to common stockholders $(20.6) $(37.2) $(22.7) $(123.2)
Net income (loss) per common share: Basic and diluted Continuing operations $(0.11) $(0.20) $(0.12) $(0.66) Discontinued operations - - - 0.01 Net income (loss) $(0.11) $(0.20) $(0.12) $(0.65)
Weighted average common shares outstanding: Basic and diluted 192.1 190.6 191.7 190.0
BLOCKBUSTER INC. SUPPLEMENTAL FINANCIAL INFORMATION (Dollars in millions)
Revenues by Product Line:
Thirteen Weeks Ended Thirteen Weeks Ended October 5, 2008 September 30, 2007 Percent Percent Revenues of Total Revenues of Total (As restated) Domestic
Rental revenues Movies $515.6 63.5% $563.0 67.5% Games 50.5 6.2% 51.1 6.1% PRP 113.9 14.0% 120.1 14.4% Total rental revenues 680.0 83.7% 734.2 88.0%
Merchandise sales Movies 43.0 5.3% 43.0 5.1% Games 37.6 4.6% 9.7 1.2% Other 46.9 5.8% 41.7 5.0% Total merchandise sales 127.5 15.7% 94.4 11.3%
Other revenues 5.0 0.6% 5.6 0.7%
Total domestic revenues $812.5 100.0% $834.2 100.0%
International
Rental revenues Movies $171.2 43.6% $183.7 45.5% Games 14.1 3.6% 14.3 3.5% PRP 34.6 8.8% 30.5 7.5% Total rental revenues 219.9 56.0% 228.5 56.5%
Merchandise sales Movies 41.8 10.7% 48.5 12.0% Games 85.1 21.7% 81.9 20.3% Other 43.5 11.1% 42.8 10.6% Total merchandise sales 170.4 43.5% 173.2 42.9%
Other revenues 1.8 0.5% 2.3 0.6%
Total international revenues $392.1 100.0% $404.0 100.0%
Total consolidated revenues $1,204.6 $1,238.2
Thirty-Nine Weeks Thirty-Nine Weeks October 5, 2008 September 30, 2007 Percent Percent Revenues of Total Revenues of Total (As restated) Domestic
Rental revenues Movies $1,720.6 64.5% $1,744.3 66.8% Games 157.6 5.9% 161.1 6.2% PRP 376.6 14.1% 392.3 15.0% Total rental revenues 2,254.8 84.5% 2,297.7 88.0%
Merchandise sales Movies 148.1 5.6% 139.6 5.3% Games 100.9 3.8% 28.1 1.1% Other 144.4 5.4% 127.2 4.9% Total merchandise sales 393.4 14.8% 294.9 11.3%
Other revenues 17.6 0.7% 18.1 0.7%
Total domestic revenues $2,665.8 100.0% $2,610.7 100.0%
International
Rental revenues Movies $544.1 43.9% $547.9 40.2% Games 42.8 3.5% 41.1 3.0% PRP 106.8 8.6% 92.6 6.8% Total rental revenues 693.7 56.0% 681.6 50.0%
Merchandise sales Movies 132.7 10.8% 142.7 10.4% Games 273.8 22.1% 379.8 27.8% Other 131.6 10.6% 127.6 9.4% Total merchandise sales 538.1 43.5% 650.1 47.6%
Other revenues 5.6 0.5% 32.9 2.4%
Total international revenues $1,237.4 100.0% $1,364.6 100.0%
Total consolidated revenues $3,903.2 $3,975.3
Gross Profit by Product Line:
Thirteen Weeks Ended Thirteen Weeks Ended October 5, 2008 September 30, 2007 Percent Percent Gross of Gross of Profit Revenue Profit Revenue (As restated) Domestic
Rental $419.5 61.7% $436.2 59.4% Merchandise 24.5 19.2% 26.3 27.9% Other 5.0 100.0% 5.6 100.0% Total domestic 449.0 55.3% 468.1 56.1%
International
Rental 151.1 68.7% 161.1 70.5% Merchandise 41.4 24.3% 38.7 22.3% Other 1.8 100.0% 2.3 100.0% Total international 194.3 49.6% 202.1 50.0%
Total consolidated $643.3 53.4% $670.2 54.1%
Gross Profit by Product Line: Thirty-Nine Weeks Thirty-Nine Weeks Ended Ended October 5, 2008 September 30, 2007 Percent Percent Gross of Gross of Profit Revenue Profit Revenue (As restated) Domestic
Rental $1,334.0 59.2% $1,314.6 57.2% Merchandise 77.9 19.8% 87.7 29.7% Other 17.6 100.0% 18.1 100.0% Total domestic 1,429.5 53.6% 1,420.4 54.4%
International
Rental 477.2 68.8% 470.7 69.1% Merchandise 127.9 23.8% 143.5 22.1% Other 5.6 100.0% 32.9 100.0% Total international 610.7 49.4% 647.1 47.4%
Total consolidated $2,040.2 52.3% $2,067.5 52.0%
BLOCKBUSTER INC. SUPPLEMENTAL FINANCIAL INFORMATION Selling, General and Administrative (G&A) Comparison (Dollars in millions)
Selling, General and Administrative Expenses:
Thirteen Weeks Thirteen Weeks Ended Ended October 5, 2008 September 30, 2007
Percent Percent SG&A of SG&A of Expense Revenue Expense Revenue (As restated) Domestic Advertising $23.7 2.0% $19.5 1.6% G&A expense - store (4 wall) 331.5 27.5% 330.9 26.7% G&A expense - corporate and other 79.6 6.6% 102.5 8.3% International Advertising 8.7 0.7% 8.0 0.6% G&A expense 165.0 13.7% 170.8 13.8%
Total SG&A $608.5 50.5% $631.7 51.0%
Thirty-Nine Weeks Thirty-Nine Weeks Ended Ended October 5, 2008 September 30, 2007
Percent Percent SG&A of SG&A of Expense Revenue Expense Revenue (As restated) Domestic Advertising $67.6 1.7% $127.8 3.2% G&A expense - store (4 wall) 1,020.5 26.1% 1,040.5 26.2% G&A expense - corporate and other 246.0 6.3% 305.6 7.7% International Advertising 27.2 0.7% 31.1 0.8% G&A expense 515.9 13.2% 536.1 13.5%
Total SG&A $1,877.2 48.0% $2,041.1 51.4%
Facilities Statistics: As of October 5, 2008
Domestic International
Total Avg Sq Total Sq Total Avg Sq Total Sq Number Footage Footage Number Footage Footage (in (in (in (in thousands) thousands) thousands)(thousands)
Stores 3,909 5.5 21,675 1,934 3.0 5,784 Distribution centers 39 N/A 1,121 7 N/A 177 Corporate/ regional offices 12 N/A 416 7 N/A 90
BLOCKBUSTER INC. SUPPLEMENTAL FINANCIAL INFORMATION (Dollars in millions)
Other Information: Revenue Thirteen Weeks Thirty-Nine Weeks Ended Ended October 5, September 30, October 5, September 30, 2008 2007 2008 2007 (As restated) (As restated)
Domestic same-store revenues increase (decrease)
Rental revenues 0.8% (9.9)% 2.5% (8.7)% Merchandise sales 30.7% (3.9)% 37.9% (10.1)% Total revenues 5.1% (9.3)% 7.2% (9.0)%
International same-store revenues increase (decrease)
Rental revenues (2.2)% (2.8)% (1.8)% (3.9)% Merchandise sales (5.0)% 28.2 % (1.8)% 25.0% Total revenues (3.4)% 8.4 % (1.8)% 6.4%
Worldwide same-store revenues increase (decrease)
Rental revenues (0.1)% (8.1)% 1.3% (7.5)% Merchandise sales 7.8 % 14.2% 12.4% 8.8% Total revenues 1.9 % (3.7)% 3.9% (4.3)%
Cash Flow Data: Thirteen Weeks Thirty-Nine Weeks Ended Ended October September October September 5, 30, 5, 30, 2008 2007 2008 2007 (As (As restated) restated) Net cash provided by (used for) operating activities $(18.2) $(17.1) $(101.1) $(201.4) Net cash provided by (used for) investing activities $(33.1) $(20.8) $(73.8) $86.0 Net cash provided by (used for) financing activities $11.7 $16.5 $88.7 $(156.0)
Capital Expenditures $35.5 $21.5 $76.1 $52.0
Balance Sheet Information: October 5, 2008 January 6, 2008
Cash and cash equivalents $95.3 $184.6 Merchandise inventories $471.0 $343.9 Rental library $377.6 $441.1 Accounts payable $411.4 $472.8 Total debt (including capital lease obligations) $854.3 $757.8
BLOCKBUSTER INC. SUPPLEMENTAL FINANCIAL INFORMATION
Worldwide Store Count Information:
Thirty-Nine Weeks Ended October 5, 2008 September 30, 2007
Domestic company-owned stores: Beginning 4,005 4,255 Additions/purchases 30 35 Closures/sales (126) (260) Ending 3,909 4,030
International company-owned stores: Beginning 2,068 2,296 Additions/purchases 13 87 Closures/sales (147) (311) Ending 1,934 2,072
Franchised stores: Beginning 1,757 1,809 Additions/purchases 81 43 Closures/sales (156) (103) Ending 1,682 1,749
Total stores worldwide: Beginning 7,830 8,360 Additions/purchases 124 165 Closures/sales (429) (674) Ending 7,525 7,851
BLOCKBUSTER INC. DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION (Dollars in millions)
For the thirteen and thirty-nine weeks ended October 5, 2008, the Company reports adjusted net income (loss), adjusted net income (loss) per common share and adjusted operating income (loss) excluding costs incurred for store closures, severance and costs incurred to explore the acquisition of Circuit City Stores, Inc.
For the thirteen and thirty-nine weeks ended September 30, 2007, the Company reports adjusted net income (loss), adjusted net income (loss) per common share and adjusted operating income (loss) excluding charges related to costs incurred for store closures, severance and the gain on sale of Gamestation. Additionally, for the thirty-nine weeks ended September 30, 2007, the Company reports adjusted net income (loss), adjusted net income (loss) per common share and adjusted operating income (loss) excluding proceeds from the termination of our Brazilian franchise agreement.
Adjusted net income (loss), adjusted net income (loss) per common share and adjusted operating income (loss) are non-GAAP financial measures within the meaning of Regulation G of the Securities and Exchange Commission and are not measures of operating performance calculated in accordance with GAAP. As a result, adjusted net income (loss), adjusted net income (loss) per common share and adjusted operating income (loss) should not be considered in isolation of, or as a substitute for, income (loss) from continuing operations, net income (loss) per common share and operating income (loss) as indicators of operating performance. Adjusted net income (loss), adjusted net income (loss) per common share and adjusted operating income (loss), as the Company calculates them, may not be comparable to similarly titled measures employed by other companies.
Management believes excluding the recurring and non-recurring items listed below from the Company's financial results provides investors with a clearer perspective of the current underlying operating performance of the Company, a clearer comparison to current period results and greater transparency regarding supplemental information used by management in its financial and operational decision making.
Management uses these non-GAAP financial measures as an internal measure of business operating performance, to establish operational goals, to allocate resources and to analyze trends. Income (loss) from continuing operations is the financial measure calculated and presented in accordance with GAAP that is most comparable to adjusted net income (loss). Operating income (loss) is the financial measure calculated and presented in accordance with GAAP that is most comparable to adjusted operating income (loss).
Thirteen Weeks Thirty-Nine Weeks Ended Ended October September October September 5, 30, 5, 30, 2008 2007 2008 2007 (As (As restated) restated) Reconciliation of adjusted net income (loss): Income (loss) from continuing operations $(17.8) $(34.2) $(14.0) $(116.1) Adjustments to reconcile income (loss) from continuing operations to adjusted net income (loss): Termination of Brazilian franchise agreement, net of tax (non-recurring) - - - (17.0) Store closure costs including lease terminations (recurring) 4.3 2.9 9.7 15.0 Severance costs (non-recurring) - 7.9 1.3 17.5 Costs incurred to explore the acquisition of Circuit City Stores, Inc. (non-recurring) - - 1.9 - Gain on sale of Gamestation (non-recurring) - (0.2) - (81.5)
Adjusted net income (loss) (13.5) (23.6) (1.1) (182.1)
Preferred stock dividends (2.8) (2.8) (8.4) (8.4)
Adjusted net income (loss) applicable to common stockholders $(16.3) $(26.4) $(9.5) $(190.5)
Adjusted net income (loss) per common share $(0.08) $(0.14) $(0.05) $(1.00)
Reconciliation of adjusted operating income (loss): Operating income (loss) $(2.3) $(4.8) $48.1 $(34.1)
Adjustments to reconcile operating income (loss) to adjusted operating income (loss): Termination of Brazilian franchise agreement (non-recurring) - - - (20.0) Store closure costs including lease terminations (recurring) 4.3 2.9 9.7 15.0 Severance costs (non-recurring) - 7.9 1.3 17.5 Costs incurred to explore the acquisition of Circuit City Stores, Inc. (non-recurring) - - 1.9 - Gain on sale of Gamestation (non-recurring) - (0.2) - (81.5)
Adjusted operating income (loss) $2.0 $5.8 $61.0 $(103.1)
BLOCKBUSTER INC. DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION (Dollars in millions)
For the thirteen and thirty-nine weeks ended October 5, 2008, the Company reports adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA") excluding costs incurred for store closures, severance, costs incurred to explore the acquisition of Circuit City Stores, Inc. and stock compensation.
For the thirteen and thirty-nine weeks ended September 30, 2007, the Company reports adjusted EBITDA excluding costs incurred for store closures, severance, the gain on sale of Gamestation and stock compensation. Additionally, for the thirty-nine weeks ended September 30, 2007, the Company reports adjusted EBITDA excluding proceeds from the termination of our Brazilian franchise agreement.
Adjusted EBITDA is a non-GAAP financial measure within the meaning of Regulation G of the Securities and Exchange Commission and is not a measure of operating performance calculated in accordance with GAAP. As a result, adjusted EBITDA should not be considered in isolation of, or as a substitute for, net income (loss) as an indicator of operating performance. Adjusted EBITDA, as the Company calculates it, may not be comparable to similarly titled measures employed by other companies.
Management believes excluding the recurring and non-recurring items listed under EBITDA below from the Company's financial results provides investors with a clearer perspective of the current underlying operating performance of the Company, a clearer comparison to current period results and greater transparency regarding supplemental information used by management in its financial and operational decision making.
In addition, management believes that adjusting the Company's financial results to exclude income (loss) from discontinued operations, net of tax, taxes, interest and other income, net and depreciation and amortization of intangibles also provides investors with a clearer perspective of the current underlying operating performance of the Company and a clearer comparison to current period results.
Management uses adjusted EBITDA as an internal measure of business operating performance, to establish operational goals, to allocate resources and to analyze trends. Net income (loss) is the financial measure calculated and presented in accordance with GAAP that is most comparable to adjusted EBITDA.
Thirteen Weeks Thirty-Nine Weeks Ended Ended October September October September 5, 30, 5, 30, 2008 2007 2008 2007 (As (As restated) restated)
Reconciliation of adjusted EBITDA: Net income (loss) $(17.8) $(34.4) $(14.3) $(114.8) Adjustments to reconcile net income (loss) to adjusted EBITDA: (Income) loss from discontinued operations, net of tax - 0.2 0.3 (1.3) Taxes 3.9 8.7 14.9 20.2 Interest and other income, net 11.6 20.7 47.2 61.8 Depreciation and amortization of intangibles 37.1 43.5 114.9 142.0
EBITDA $34.8 $38.7 $163.0 $107.9
Lease termination costs incurred for store closures (recurring) 2.5 1.6 4.0 8.7 Termination of Brazilian franchise agreement (non-recurring) - - - (20.0) Severance costs (non-recurring) - 7.9 1.3 17.5 Costs incurred to explore the acquisition of Circuit City Stores, Inc. (non-recurring) - - 1.9 - Gain on sale of Gamestation (non-recurring) - (0.2) - (81.5) Stock compensation (recurring) 2.9 1.2 12.7 9.9
Adjusted EBITDA $40.2 $49.2 $182.9 $42.5
BLOCKBUSTER INC. DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION (Dollars in millions)
Free cash flow reflects the Company's net cash flow provided by (used for) operating activities less capital expenditures. The Company uses free cash flow, among other things, to evaluate its operating performance and as a measure of liquidity. Management believes free cash flow provides investors with an important perspective on the cash available for debt service, acquisitions and stockholders after making the capital investments required to support ongoing business operations and long-term value creation. The Company believes the presentation of free cash flow is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by management and helps improve their ability to understand the Company's operating performance. In addition, free cash flow is also a measure used by the Company's investors and analysts for purposes of valuation and comparing the operating performance of the Company to other companies in its industry.
Free cash flow is a non-GAAP financial measure within the meaning of Regulation G of the Securities and Exchange Commission and is not a measure of performance calculated in accordance with GAAP. As a result, free cash flow should not be considered in isolation of, or as a substitute for, net income (loss) as an indicator of operating performance or net cash flow provided by (used for) operating activities as a measure of liquidity. Free cash flow, as the Company calculates it, may not be comparable to similarly titled measures employed by other companies. In addition, free cash flow does not necessarily represent funds available for discretionary use and is not necessarily a measure of the Company's ability to fund its cash needs. As the Company uses free cash flow as a measure of performance and as a measure of liquidity, the tables below reconcile free cash flow to both net income (loss) and net cash flow provided by (used for) operating activities, the most directly comparable financial measures reported under GAAP.
The following table provides a reconciliation of net cash flow provided by (used for) operating activities to free cash flow:
Thirteen Weeks Thirty-Nine Weeks Ended Ended October September October September 5, 30, 5, 30, 2008 2007 2008 2007 (As (As restated) restated) Net cash provided by (used for) operating activities $(18.2) $(17.1) $(101.1) $(201.4)
Adjustments to reconcile net cash flow used for operating activities to free cash flow: Capital expenditures (35.5) (21.5) (76.1) (52.0)
Free cash flow $(53.7) $(38.6) $(177.2) $(253.4)
The following table provides a reconciliation of net income (loss) to free cash flow:
Thirteen Weeks Thirty-Nine Weeks Ended Ended October September October September 5, 30, 5, 30, 2008 2007 2008 2007 (As (As restated) restated) Net income (loss) $(17.8) $(34.4) $(14.3) $(114.8)
Adjustments to reconcile net income (loss) to free cash flow: Depreciation and amortization of intangibles 37.1 43.5 114.9 142.0 Non-cash share-based compensation expense 2.9 1.2 12.7 9.9 Capital expenditures (35.5) (21.5) (76.1) (52.0) Rental library purchases, net of rental amortization 21.2 (10.3) 60.5 39.5 Changes in working capital (63.5) (18.2) (276.0) (196.5) Changes in deferred taxes and other 1.9 1.3 1.1 - Gain on sale of Gamestation - (0.2) - (81.5)
Free cash flow $(53.7) $(38.6) $(177.2) $(253.4)
SOURCE Blockbuster Inc.
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