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Blockbuster Net Earnings Soar

Blockbuster Entertainment Corp.’s net earnings climbed 55% to $68.7 million (85 ¢s; a share) for the year ended Dec. 31, from $44.2 million (57 ¢s;) for the like period a year ago. Revenue rose 71% to $1.2 billion from $663.5 million. For the fourth quarter, Blockbuster’s earnings rose 36% to $21.8 million (26 ¢s;) from $15.6 million (20 ¢s;). Revenue was up 38% to $318.1 million from $231 million.

Separately, Blockbuster announced it has signed a franchise agreement for Australia with Charlshill Equity Ltd. and a definitive agreement relating to a previously announced joint venture with Fujita & Co. Ltd. of Japan.

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