SmartMoney.com, in the article Another Thriller at Blockbuster, is reporting that Blockbuster "is scheduled to report what will almost certainly be dismal first-quarter earnings before the market open on Thursday — while corporate raider Carl Icahn angles to take over its board."
The DVD-by-mail war is hurting Netflix and Blockbuster, and we still have yet to see what Amazon is going to do...
hey... don't hide the fun stuff from everyone.
Happy Birthday Mikey!
Posted by: Ryan | May 05, 2005 at 08:49 AM
Happy Birthday!
Posted by: Michael | May 05, 2005 at 10:28 AM
Well that was one of the more entertaining earnings calls I've ever heard. Antioco used it as a stage in the Icahn battle, and then Icahn called in. It was amusing.
A couple of notes:
1) Blockbuster did have covenent issues but squared them away with the banks already.
2) There is confusion about the proxy procedure. It may not actually be possible to vote for Antioco (from BB's slate) and 2 of Icahn's (from his slate) because that would require the use of 2 cards, whereas the rules stipulate only the most recent one received is counted. This makes the ISS suggestion impossible to implement for shareholders. It also increases the likelihood that voter intention will be grossly misrepresented.
3) They are aiming for a Q2 ending sub count of over 1M for their online operation.
Posted by: Aron | May 05, 2005 at 12:54 PM
netflix stoxx had an 2
unusal spikes wednesday
and thursday. rumors?
Posted by: boris | May 05, 2005 at 04:27 PM
happy birthday mike
Posted by: trey | May 05, 2005 at 07:03 PM