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Blockbuster beats Street
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February 13, 2001: 8:59 a.m. ET
Video retailer's 4Q profit jumps 32% amid growth in rental revenue
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NEW YORK (CNNfn) - Video retailer Blockbuster Inc. posted a 10.2 percent increase in fourth- quarter earnings Tuesday, exceeding Wall Street's forecasts and crediting its gains to international expansion and growth in the U.S. video rental market.
The Dallas-based chain, a separately traded unit of media conglomerate Viacom Inc. (VIA: Research, Estimates), earned $37.8 million, or 22 cents per diluted share, up from $34.3 million, or 20 cents per share, in the 1999 fourth quarter. The results exclude taxes and amortization costs primarily associated with the company's investments in its new media division.
The latest results exceed analysts' estimates of 20 cents per share, according to the consensus forecast reported by earnings tracker First Call Corp.
 "By any measure, 2000 was a great year for Blockbuster," Chairman and CEO John Antioco said. "Building on the strength of 2000, we remain confident that we can continue generating solid cash earnings growth in 2001 and beyond, led by continued success in our retail store business."
Including amortization costs, Blockbuster (BBI: Research, Estimates) recorded a net loss of $24.6 million, or 14 cents per diluted share, compared with a loss of $6.8 million, or 4 cents per share, in the 1999 period.
Revenue rose 12 percent to $1.34 billion in the fourth quarter.
Blockbuster stock slipped 19 cents to $11.68 in Monday trading on the New York Stock Exchange. 
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