Audio By Carbonatix
On his blog last week, Carl Ichan noted that it was his idea to install Jim Keyes as chairman and CEO of Blockbuster and that Keyes “has saved approximately $100 million in operating costs over the past year, a laudable result.” Keyes has also managed to increase the Dallas-based company’s revenues by 3.3 percent in the second quarter of ’08 compared with the same period in ’07 — seems like they’re selling a lot of new movies but also renting fewer games.
Only, some bad news for the company this a.m., as it reports a net loss of $41.9 million for the second quarter of 2008, or $10.5 million more than it lost during the same period in ’07. Keyes, in the media release, points to Movielink as the future. Funny thing, though: No mention of those downloading kiosks or those video-rental ATMs. –Robert Wilonsky
