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Blockbuster beats forecast
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August 2, 2000: 8:22 a.m. ET
Strong same-store sales allows large 2Q gain for Viacom subsidiary
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NEW YORK (CNNfn) - Video retailer Blockbuster beat earnings expectations Wednesday for the second quarter, helped by increased sales at stores open at least a year.
The company, a publicly traded subsidiary of media conglomerate Viacom (VIA: Research, Estimates), which still owns 82 percent of its stock, reported earnings of $13.8 million, or 8 cents a share, before amortization of intangibles. That number compares with forecasts of 6 cents a share from analysts surveyed by earnings tracker First Call, and $1 million in earnings, or 1 cents a share, in the year-earlier period.
 Inclusiob of the amortization of intangibles resulted in a net loss for the period of $27.9 million, or 16 cents a share, an improvement from the net loss of $39.9 million, or 28 cents, a year earlier.
Revenue rose to $1.2 billion from $1.0 billion in the year-earlier period. The company said sales in stores open at least a year, a closely watched retail measure known as same-store sales, increased 11 percent worldwide.
For the first six months of the year, the company reported earnings excluding charges of $51.9 million, or 30 cents a share, up from $38.8 million, or 27 cents, a year earlier. With the write-off of intangibles, the company reported a net loss of $32.0 million, or 18 cents a share, an improvement from the $43.3 million loss, or 30 cents, in the prior year.
Year-to-date revenue rose to $2.4 billion from $2.2 billion a year earlier.
Shares of Blockbuster (BBI: Research, Estimates) gained 3/4 to 11-15/16 in trading Tuesday. 
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Blockbuster
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