Viacom Inc. reported a second-quarter loss of $14 million, as problems at its Blockbuster video store chain offset gains at its MTV Networks music and children's cable channels.
The loss translates to 8 cents a share, excluding a charge and a gain, contrasted with a profit from continuing operations of $26 million, or 3 cents a share, in the same period a year ago. Revenue rose 8.8% to $3.03 billion, from $2.79 billion.
The loss was narrower than the 14 cents average estimate of 22 analysts surveyed by First Call. It excludes a $203-million charge to write down the value of excess inventory at Blockbuster Entertainment Group and close some stores.
Blockbuster continues to be the major stumbling block for the New York-based entertainment company and is the main reason Viacom hasn't kept pace with rivals Time Warner Inc. and Walt Disney Co. Analysts don't expect Blockbuster to recover any time soon.