Blockbuster mum on earnings
Company cancels conference callBlockbuster's behavior suggests that something is up, and investors are no doubt hoping it's not bankruptcy.
The troubled renter of movies and video games said Wednesday it wouldn't hold a conference call with analysts after it released quarterly earnings, which it was supposed to do today.
Now it appears Blockbuster might not even release those financial results at its scheduled time.
Several calls and emails to Blockbuster press and investor relations were going unanswered, and, as of 4 p.m., there was no earnings release in sight.
Blockbuster shares on Thursday rose 18% to 18 cents. The stock has been delisted from the New York Stock Exchange and now trades on the pink sheets under the symbol, BLOKA.PK.
The heavily indebted company is supposed to make a $23.9 million amortization payment and an $18.5 million interest payment on Friday.
When it canceled its call with analysts, Blockbuster said: "In light of the sensitive nature and fluid, rapid pace of ongoing negotiations related to its recapitalization, the company will not host a conference call in conjunction with the earnings release."
It reiterated, though, that the earnings release would happen today after the close of trading.