Blockbuster swings to 1Q profit on US sales growth
(AP) - The movie rental chain Blockbuster Inc. , which wants to buy the electronics chain Circuit City Stores, said Thursday it swung to a first-quarter profit on lower expenses and improved results from its subscription service and domestic sales growth.
The Dallas-based company said its earnings after preferred dividends was $42. 6 million, or 20 cents per share, in the three months ended April 6. That compared with a loss of $51. 8 million, or 27 cents per share, a year earlier.
"The significant improvement in our first quarter results demonstrates the underlying strength of our core rental and emerging retail business," Blockbuster Chairman and CEO Jim Keyes said in a statement.
Banking group Mizuho sees 50 percent profit drop
(AP) - Mizuho, Japan's No. 2 banking group, took a beating from U. S. subprime credit problems, reporting Thursday a 50 percent drop in profit for the fiscal year.
US disputes IMF on food prices
(AP) - The Bush administration on Wednesday was downplaying the role of biofuels production in rising food prices.
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