If Blockbuster (BBI) continues to lose sales at this rate, it could be gone completely in a couple of years. For its latest quarter, revenue dropped to just over $1 billion from $1.3 billion in the same period a year ago. Because of extremely aggressive cost cutting, net loss was $39.7 million, or 21 cents a share compared to $44.7 million or 23 cents in the same period a year ago.
Blockbuster only has $99 million in cash and cash equivalents and its forecast for the balance of the year was depressing. It adjusted its EBITDA prediction down by $30 million to a range of $270 million to $290 million.