DALLAS, May 14 /PRNewswire-FirstCall/ -- Blockbuster Inc.
(NYSE: BBI, BBI.B) today released the following statement from
Chairman and Chief Executive Officer Jim
Keyes surrounding its quarterly Form 10-Q filing that
included cautionary language that is required by the SEC.
"The operating environment continues to be challenging, but we
have made significant progress during the past year in reducing
costs," stated Jim Keyes, Chairman
and Chief Executive Officer of Blockbuster Inc.
"We believe we will continue to have adequate liquidity during
2010 through efforts including divesting non-core international
assets, significantly improving working capital, continuing to
reduce operating costs, and improving credit terms. Since there are
execution risks related to these objectives, we are simultaneously
pursuing a recapitalization and are in discussions with bond
holders and other parties to improve our liquidity," added
Keyes.
"We continue to have promising negotiations with strategic and
financial partners. We remain optimistic about our ability to
recapitalize Blockbuster and create a sustainable competitive
advantage as the only multichannel provider of media
entertainment," added the CEO.
About Blockbuster Inc.
Blockbuster Inc. is a leading global provider of rental and
retail movie and game entertainment. The company provides customers
with convenient access to media entertainment anywhere, any way
they want it - whether in-store, by-mail, through vending kiosks or
digitally to their homes and mobile devices. With a highly
recognized brand and a library of more than 125,000 movie and game
titles, Blockbuster leverages its multichannel presence to serve
nearly 47 million global customers annually. The company may be
accessed worldwide at www.blockbuster.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements may also be included from time to time in our other
public filings, press releases, our website and oral and written
presentations by management. Specific forward-looking statements
can be identified by the fact that they do not relate strictly to
historical or current facts and include, without limitation, words
such as "may," "will," "expects," "believes," "anticipates,"
"plans," "estimates," "projects," "predicts," "targets," "seeks,"
"could," "intends," "foresees" or the negative of such terms or
other variations on such terms or comparable terminology.
Similarly, statements that describe our strategies, initiatives,
objectives, plans or goals are forward-looking. These
forward-looking statements are based on management's current
intent, belief, expectations, estimates and projections. These
statements are not guarantees of future performance and involve
risks, uncertainties, assumptions and other factors that are
difficult to predict. Currently, the risks and uncertainties that
may most directly affect our future results include (i) whether our
operating results continue to decline and whether we are able to
generate sufficient cash flows to meet our liquidity needs; (ii)
whether we will have sufficient cash flows from operating
activities and cash on hand to service our indebtedness and finance
the ongoing obligations of our business; and (iii) whether we are
able to execute our transformational strategies, (iv) whether we
are able to execute the strategies to retain our NYSE listing and
obtain requisite approvals to recapitalize or restructure our
balance sheet and capital structure and (v) other factors described
in our filings with the Securities and Exchange Commission,
including the factors discussed under the heading "Risk Factors" in
our annual report on Form 10-K for the year ended January 3, 2010 and under the heading "Disclosure
Regarding Forward-Looking Information" in our quarterly reports on
Form 10-Q. This cautionary statement is provided pursuant to
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These uncertainties may cause our
actual future results to be materially different than those
expressed in our forward-looking statements. We do not
undertake to update our forward-looking statements.
SOURCE Blockbuster Inc.