Blockbuster

Blockbuster Inc. (Dallas) reported a 1.6 percent decrease in total revenues for the second quarter ended June 30, 2005.

Net loss for the quarter totaled $57.2 million, compared with net income of $48.6 million for the second quarter of 2004.

“Our second quarter results reflect both the success of our new initiatives as well as the impact of the declining store-based video rental industry,” said chairman and ceo John Antioco. “Our ‘No Late Fees’ program is working, and our online business continues to perform extremely well. These two initiatives helped increase our total rental revenues 9 percent quarter over quarter, excluding extended viewing fee revenues. Although we invested heavily to achieve our revenue results, which combined with industry trends impacted our bottom line, we believe we are affecting a permanent improvement in our business that will enable us to address the decline in our core rental business, develop new revenue streams and drive future growth.”