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Blockbuster Inc – ‘8-K’ for 11/8/07 – EX-99.1

On:  Thursday, 11/8/07, at 8:40am ET   ·   For:  11/8/07   ·   Accession #:  1193125-7-239499   ·   File #:  1-15153

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

11/08/07  Blockbuster Inc                   8-K:7,9    11/08/07    2:10M                                    RR Donnelley/FA

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     16K 
 2: EX-99.1     Blockbuster Inc. Presentation, Dated November 8,    HTML    288K 
                          2007                                                   


EX-99.1   —   Blockbuster Inc. Presentation, Dated November 8, 2007


This exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



  Blockbuster Inc. Presentation, dated November 8, 2007  
Exhibit 99.1


PAGE 2
BLOCKBUSTER
These slides are provided as part of Blockbuster's presentation and should be viewed in the context of the presentation and Blockbuster's most recent
Form 10-K, Form 10-Q and Form 8-Ks filed with or furnished to the Securities and Exchange Commission ("SEC"), all of which can be found on the
Investor Relations section of www.blockbuster.com.
This presentation includes "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.  All statements that do not relate strictly to historical or current facts are forward-looking, including those regarding
our operations, strategies, initiatives and investments, objectives, plans, goals and business and financial outlook. 
These forward-looking statements are based on management's current intent, belief, expectations, estimates and projections regarding our company
and
our
industry.
They
are
not
guarantees
of
future
performance
and
involve
risks,
uncertainties,
assumptions
and
other
factors
that
are
difficult
to
predict.  Actual results may vary materially from those expressed in or indicated by the forward-looking statements due to a variety of factors,
including:  (1) consumer appeal of our existing and planned product and service offerings, and the related impact of competitor pricing and product and
service offerings; (2) overall industry performance and the accuracy of our estimates and judgments regarding trends impacting the home video
industry;
(3)
our
ability
to
obtain
favorable
terms
from
suppliers,
including
on
such
matters
as
copy
depth
and
uses
of
product;
(4)
the
studios’
dependence on revenues generated from retail home video and their related determinations with respect to pricing and the timing of distribution of their
product; (5) the variability in consumer appeal of the movie titles and games software released for rental and sale; (6) our ability to comply with
operating and financial restrictions and covenants in our debt agreements, which ability could be impacted by, among other things, any industry
performance that differs from our expectations, and any adverse publicity relating thereto; (7) our ability to respond to changing consumer preferences,
including with respect to new technologies and alternative methods of content delivery, and to effectively adjust our offerings if and as necessary; (8)
the
extent
and
timing
of
our
continued
investment
of
incremental
operating
expenses
and
capital
expenditures
to
continue
to
develop
and
implement
our initiatives and our corresponding ability to effectively control overall operating expenses and capital expenditures; (9) our ability to effectively and
timely prioritize and implement our initiatives and to timely implement and maintain the necessary information technology systems and infrastructure to
support our initiatives; (10) our ability to capitalize on anticipated industry consolidation; (11) the application and impact of future accounting policies or
interpretations
of
existing
accounting
policies;
(12)
the
impact
of
developments
affecting
our
outstanding
and
any
future
litigation
and
claims
against
us;
(13)
shifts
in
strategy
in
connection
with
recent
changes
in
the
composition
of
our
key
management;
and
(14)
other
factors,
as
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
31,
and
under
the
heading
“Disclosure
Regarding
Forward-Looking
Information”
in
our
quarterly
report
on
Form
10-Q
for the quarter ended July 1, 2007.
The forward-looking statements in this presentation are made only as of the date of this presentation and we undertake no obligation to update publicly
any forward-looking statement for any reason, even if new information becomes available or other events occur in the future.
Forward-Looking Statements


PAGE 3
BLOCKBUSTER
State Of The Industry


PAGE 4
BLOCKBUSTER
Share Shift Continues…BBI Remains Market Share
Leader
2004
2007E
NFLX
13.1%
BBI
33.1%
Independents
23.5%
MOVI
6.3%
Vending
3.4%
HLYW
11.6%
BBI
31.6%
MOVI
6.2%
Independents
35.4%
Vending
0%
NFLX
5.3%
HLYW
8.7%
Source: Blockbuster estimates
VOD
9.9%
VOD
11.9%


PAGE 5
BLOCKBUSTER
Channel Shift Has Also Occurred
2004
2007E
By-
Mail
19.1%
Stores
65.6%
Vending
3.4%
Stores
84.8%
Source: Blockbuster estimates
By-
Mail
5.3%
VOD
9.9%
VOD
11.9%


PAGE 6
BLOCKBUSTER
8.0
7.3
6.8
6.3
0.5
0.9
1.3
1.8
4.0
5.0
6.0
7.0
8.0
9.0
2004
2005
2006
2007E
Subscription
Traditional
Domestic Rental Industry Remains Flat
Domestic Rental Industry Revenues
2004-2007; Billions
Source:
Average
of
Adams
Media
Research
8/31/07
and
Kagan
5/24/07
$8.5
$8.2
$8.0
$4.5
$4.7
$5.0
$5.6
Estimated Gross Profit
$8.1


PAGE 7
BLOCKBUSTER
State Of The Company
2004
2007 LTM
$5.9B
$5.5B
Total Revenues
2004 and 2007LTM; Billions
2004
2007 LTM
$508.4M
$204.9M
EBITDA
2004 and 2007LTM; Millions
Note: Please refer to the appendix for the required reconciliation of non-GAAP financial measures


PAGE 8
BLOCKBUSTER
Home Video
Home Video
Rental
Rental
Window
Window
(45-Day)
Consumer
Opportunity
Execution
Weakness
Strategic
Response
“Managed
“Managed
Dissatisfaction”New Releases
Dissatisfaction”New Releases
Out Of Stock On
Out Of Stock On


PAGE 9
BLOCKBUSTER
“Managed Dissatisfaction”= High Out Of Stock


PAGE 10
BLOCKBUSTER
“Managed Dissatisfaction”= High Out Of Stock


PAGE 11
BLOCKBUSTER
Customer
Customer
Complaints
Complaints
On Excessive
On Excessive
Late Fees
Late Fees
Consumer
Opportunity
Execution
Weakness
Depleted
Depleted
Inventory
Inventory
Opportunity
Opportunity
Cost
Cost
Strategic
Response


PAGE 12
BLOCKBUSTER


PAGE 13
BLOCKBUSTER


PAGE 14
BLOCKBUSTER
Rental Pricing Model
Day 1
Day 3
Day 10
Day 33+
Rental
Timeline:
Rent Hot New
Release
“Transformers”
Movie Due
Back;
Free Grace
Period Begins
Free
Grace Period
You
Own The
Movie Now
Return Product For $1.25
Restocking Fee


PAGE 15
BLOCKBUSTER
Economic Impact
2004
2007
Average Rental Pricing
2004
2007
Days Out
$3.60
$2.79
3.6
Price
Days
Out
5.0


PAGE 16
BLOCKBUSTER
Starbucks
Wal-Mart
HIGH
LOW
PRICE
Blockbuster Price Migration…


PAGE 17
BLOCKBUSTER
New Demand
New Demand
DVDs By-
DVDs By-
Mail
Mail
Consumer
Opportunity
Execution
Weakness
Inventory
Inventory
Depletion From
Depletion From
Free Exchanges
Free Exchanges
Cost Of Heavy
Cost Of Heavy
Users
Users
Strategic
Response


PAGE 18
BLOCKBUSTER
Rental By-Mail Channel Growth
By-Mail Channel Paid Subscriber Additions
2006-2007YTD; Thousands
-220
-20
180
380
580
780
Q1 06
Q2 06
Q3 06
Q4 06
Q1 07
Q2 07
Q3 07
BBI
NFLX
Launched
BLOCKBUSTER
Total Access


PAGE 19
BLOCKBUSTER
BLOCKBUSTER Total Access Price Modification
Most Profitable
Least Profitable
Forced Attrition of
Unprofitable Customers
Note: For Illustrative Purposes Only
Average
Monthly Profit
Per Subscriber
Average
Monthly Profit
Per Subscriber
Before
Changes
To
BLOCKBUSTER Total Access
After
Changes To
BLOCKBUSTER Total Access
Most Profitable
Least Profitable


PAGE 20
BLOCKBUSTER
Customer Migration Model—Old Strategy
Blockbuster Competitive Advantage: None
Horizontal Migration Model
Perception
Horizontal Migration Model—
Reality
Store
Online
Digital
Time
Store
By-Mail
Digital
Unknown timetable for
commercial model in
digital download


PAGE 21
BLOCKBUSTER
Physical DVD
Store
Vending
By-Mail
Vertical Customer Migration Model—New Strategy
Mobile Digital
In-Store
Kiosk
Kiosk
Download
To PC
Potential Partners
Blockbuster Competitive Advantage:
Digital Capability (Movielink)
Consumer Brand Awareness
Content Aggregation
Store Presence
At Home Digital
+
+
+


PAGE 22
BLOCKBUSTER
Current Paradigm
3
M
7
M


PAGE 23
BLOCKBUSTER
New Paradigm
BLOCKBUSTER
Total
Access
BLOCKBUSTER
Total
Access
In-Store
In-Store
Movielink
Movielink
BLOCKBUSTER
Movie Pass
BLOCKBUSTER
Movie Pass
Games
Games
Mail
Mail
BLOCKBUSTER
Rewards
BLOCKBUSTER
Rewards
International
International
By-Mail
By-Mail
Digital
Digital


New Competitive Landscape
Mail
Mail
Netfix
By-Mail
Netfix
By-Mail
Netflix
Digital
Netflix
Digital
Amazon
Amazon
redbox
redbox
CinemaNow
CinemaNow
Best-Buy
Best-Buy
Vudu
Vudu
Movie
Gallery
Movie
Gallery
BLOCKBUSTER
Total
Access
BLOCKBUSTER
Total
Access
In-Store
In-Store
Movielink
Movielink
BLOCKBUSTER
Movie Pass
BLOCKBUSTER
Movie Pass
Games
Games
BLOCKBUSTER
Rewards
BLOCKBUSTER
Rewards
International
International


PAGE 25
BLOCKBUSTER
The New Blockbuster
Restore
Core Rental
Business
Rental To Retail
Transition
DVD To Digital
Transformation


PAGE 26
BLOCKBUSTER
We Are Changing Our Mission From A DVD Rental
Company…To…


PAGE 27
BLOCKBUSTER
…A New Blockbuster Mission-From A DVD Rental
Company…To…
…Convenient Access To
Media Entertainment


PAGE 28
BLOCKBUSTER
Transformation Process…
Strategic Roadmap
Restore Core Rental Business
Rental To Retail Transition
DVD To Digital Transformation
Implementation Steps
Leadership Team
Cost Reductions
Asset Management
Financial Overview


PAGE 29
BLOCKBUSTER
Restore Core  Rental
Business
Transform And Respond To Changing Customer Needs For Media Entertainment
In-Stock On New
In-Stock On New
Releases
Releases
Prequels/Sequels
Prequels/Sequels


PAGE 30
BLOCKBUSTER
Restore Core Rental
Business
Transform And Respond To Changing Customer Needs For Media Entertainment
In-stock On New
In-stock On New
Releases
Releases
Prequels/Sequels
Prequels/Sequels
New/Exclusive
New/Exclusive
Content
Content


PAGE 31
BLOCKBUSTER
Restore Core Rental
Business
Transform And Respond To Changing Customer Needs For Media Entertainment
In-Stock On New
In-Stock On New
Releases
Releases
Prequels/Sequels
Prequels/Sequels
New/Exclusive
New/Exclusive
Content
Content
Seasonal/Event
Seasonal/Event
Based
Based


PAGE 32
BLOCKBUSTER
In-Stock On
In-Stock On
New Releases
New Releases
Restore Core Rental
Business
Transform And Respond To Changing Customer Needs For Media Entertainment


PAGE 33
BLOCKBUSTER
Strategic Roadmap
Core Rental Business Enhancements
Rental To Retail Transition
DVD To Digital Transformation
Implementation Steps
Leadership Team
Cost Reductions
Asset Management
Financial Overview
Transformation Process…


PAGE 34
BLOCKBUSTER
Sell DVDs And
Sell DVDs And
Games
Games
Rental To Retail
Transition
Transform And Respond To Changing Customer Needs For Media Entertainment


PAGE 35
BLOCKBUSTER
Rental
$2,000
Rental
$2,000
Retail
$300
Retail
$300
We Are Focusing On Balancing Our Rental And Retail
Dollars Per Day
Note: For Illustrative Purposes Only


PAGE 36
BLOCKBUSTER
Rental
20%
Retail
80%
Rental
70%
Retail
30%
$2,320
Per Day
Industry Shipments
Blockbuster
Opportunity Lost
Shrek
Example
Note: For Illustrative Purposes Only


PAGE 37
BLOCKBUSTER
Sell DVDs And
Sell DVDs And
Games
Games
Test PS3 Movie
Test PS3 Movie
Station
Station
Rental To Retail
Transition
Transform And Respond To Changing Customer Needs For Media Entertainment


PAGE 38
BLOCKBUSTER
Rental To Retail
Transition
Transform And Respond To Changing Customer Needs For Media Entertainment
Sell DVDs And
Sell DVDs And
Games
Games
Test PS3 Movie
Test PS3 Movie
Station
Station
Test Portable
Test Portable
Devices
Devices


PAGE 39
BLOCKBUSTER
Rental To Retail
Transition
Transform And Respond To Changing Customer Needs For Media Entertainment
Sell DVDs And Games
Sell DVDs And Games
Test PS3 Movie Station
Test PS3 Movie Station
Test Portable Devices
Test Portable Devices
Test Merchandise
Test Merchandise
Related Product
Related Product


PAGE 40
BLOCKBUSTER
Rental To Retail
Transition
Transform And Respond To Changing Customer Needs For Media Entertainment
Sell DVDs And Games
Sell DVDs And Games
Test PS3 Movie Station
Test PS3 Movie Station
Test Portable Devices
Test Portable Devices
Test Merchandise
Test Merchandise
Related Product
Related Product
Develop Merchant
Develop Merchant
Culture
Culture


PAGE 41
BLOCKBUSTER
Strategic Roadmap
Core Rental Business Enhancements
Rental To Retail Transition
DVD To Digital Transformation
Implementation Steps
Leadership Team
Cost Reductions
Asset Management
Financial Overview
Transformation Process…


PAGE 42
BLOCKBUSTER
Merge Movielink
Merge Movielink
And
And
Blockbuster.com
Blockbuster.com
Build Digital
Build Digital
Distribution
Distribution
DVD To Digital
Transformation
Transform And Respond To Changing Customer Needs For Media Entertainment


PAGE 43
BLOCKBUSTER
Merge Movielink And
Merge Movielink And
Blockbuster.com
Blockbuster.com
Build Digital
Build Digital
Distribution
Distribution
Kiosk
Kiosk
Development
Development
DVD To Digital
Transformation
Transform And Respond To Changing Customer Needs For Media Entertainment


PAGE 44
BLOCKBUSTER
Merge Movielink And
Merge Movielink And
Blockbuster.com
Blockbuster.com
Build Digital
Build Digital
Distribution
Distribution
Kiosk Development
Kiosk Development
Potential
Potential
Partners To
Partners To
Home
Home
Telecom /Cable
Telecom /Cable
/Satellite
/Satellite
DVD To Digital
Transformation
Transform And Respond To Changing Customer Needs For Media Entertainment


PAGE 45
BLOCKBUSTER
Facebook.com
Facebook.com and
blockbuster.com
Movie sharing amongst
Facebook friends
Rent directly from Facebook(full
queue management)
Socially-driven acquisition
campaign driven by
blockbuster.com
users with
Facebook accounts
Install Movie Clique on
Facebook
Share movie ideas with friends
via News Feeds
Link blockbuster.com
account to
share existing movie lists and
build your queue
User’s blockbuster.com
activities
are broadcast to the user’s
Facebook friends
Prominent and guaranteed
placement of blockbuster.com
user events on Facebook News
Feeds
Subscriber acquisition (soft sell)
Subscriber retention
Movie Clique Application
Subscriber acquisition
Branding
Newsfeed Beacon
Integration
Where?
What?
How?
Why?


PAGE 46
BLOCKBUSTER
The News Feed Integration Is Driven By blockbuster.com
Users Feeding Their Activities To Their Facebook Friends
Facebook
Friends
Blockbuster
Members


PAGE 47
BLOCKBUSTER
True Total Access


PAGE 48
BLOCKBUSTER
Strategic Roadmap
Core Rental Business Enhancements
Rental To Retail Transition
DVD To Digital Transformation
Implementation Steps
Leadership Team
Cost Reductions
Asset Management
Financial Overview
Transformation Process…


PAGE 49
BLOCKBUSTER
Previous Organizational Structure
The prior organizational structure consisted of only a few direct reports to
the CEO
Chairman & CEO
CFO & CAO
COO
Corp Comm
Finance & Acctg
Controller
Finance
Tax & Treasury
Investor Relations
HR & Admin
IT
Internal Audit
Legal
GM BB Online
US Operations
General Merch Mgr
CMO US Stores
Franchise & Dev
Canada
Europe
Mexico
Australia/Asia
Community Affairs
Event Services
Strategic Planning
Market Intelligence


PAGE 50
BLOCKBUSTER
Chairman & CEO
Media Dev.
& Studios
CMO
Digital
Store
Ops
HR
Int’l
CFO
Merch.,
Log.
& Distrib.
CIO
GC
New Executive Leadership and Structure & Team


PAGE 51
BLOCKBUSTER
Strategic roadmap
Core rental business enhancements
Rental to retail transition
DVD to digital transformation
Implementation Steps
Leadership Team
Cost Reductions
Asset management
Financial Overview
Transformation Process…


PAGE 52
BLOCKBUSTER
Cost Reduction Proposal
We reduced our G&A run-rate by approximately $45 million
The Everest Group has been retained to evaluate the potential
outsourcing of key overhead areas
Compensation
Other G&A
Outsourcing Opportunities
And Advertising
$20M
$25M
Note: For Illustrative Purposes Only
Cost Structure


PAGE 53
BLOCKBUSTER
Strategic Roadmap
Core Rental Business Enhancements
Rental To Retail Transition
DVD To Digital Transformation
Implementation Steps
Leadership Team
Cost Reductions
Asset Management
Financial Overview
Transformation Process…


PAGE 54
BLOCKBUSTER
Managing Worldwide Assets…Licensing and
Franchising Opportunities


PAGE 55
BLOCKBUSTER
Store Efficiency
$158
$132
2004
2007 LTM
Annual Total Revenue Per
Square Feet Per Store


PAGE 56
BLOCKBUSTER
Store Efficiency
2004
2007 LTM
Annual Total Revenue Per
Square Feet Per Store
$158
$132
$4,000


PAGE 57
BLOCKBUSTER


PAGE 58
BLOCKBUSTER
Blockbuster Is Responding To The Changing
Needs Of Customers…


PAGE 59
BLOCKBUSTER
Concept 1: A Better Blockbuster
Key Points:
Update image of traditional business
Improve customer experience and product merchandising
Create basis for other retail concepts


PAGE 60
BLOCKBUSTER
Concept 1: A Better Blockbuster –
Center
Spotlight


PAGE 61
BLOCKBUSTER
Concept 2: Beverage Lounge
Key Points:
Lounge creates a destination for an enjoyable entertainment
browsing experience
Broader definition of entertainment
Additional products will include books and magazines


PAGE 62
BLOCKBUSTER
Concept 3: Beverage Bar


PAGE 63
BLOCKBUSTER
Concept 4: Tech
Key Points:
Make Blockbuster a destination for media entertainment and the
latest, primarily portable, entertainment devices
Product: Portable devices that play music and video pre-loaded
with content, devices pre-selected to solve entertainment access
problems such as home theater in a box


PAGE 64
BLOCKBUSTER
Concept 4: Tech


PAGE 65
BLOCKBUSTER
Concept 5: Kids
Key Points:
Create a destination for family-friendly browsing and purchasing
of entertainment, with a focus on kids
Product would include entertainment-related toys and games,
kids’
videos, etc.


PAGE 66
BLOCKBUSTER
Concept 5: Kids


PAGE 67
BLOCKBUSTER
Strategic Roadmap
Core Rental Business Enhancements
Rental To Retail Transition
DVD To Digital Transformation
Implementation Steps
Leadership Team
Cost Reductions
Asset Management
Financial Overview
Transformation Process…


PAGE 68
BLOCKBUSTER
Opportunity For EBITDA Recovery
$611M
Average Annual EBITDA
2002-2004
2007 EBITDA
“No Late Fees”
BLOCKBUSTER Total Access
Note: For Illustrative Purposes Only
Note: Please refer to the appendix for the required reconciliation of non-GAAP financial measures


PAGE 69
BLOCKBUSTER
2007 And Beyond
2007 EBITDA
Future
G&A Reduction
Further Cost
Reductions
New Revenue
Streams
Rental
Retail
Digital
Pricing
In-store
By Mail
Note: For Illustrative Purposes Only


PAGE 70
BLOCKBUSTER
We Believe We Can End 2007 Operating Within Th
Requirements Of Our Credit Facility
Margin
G&A
Revenue
Comps
BLOCKBSUTER Total Access
Economics Continue To
Improve
BLOCKBSUTER Total Access
Economics Continue To
Improve
Box Office Is Up 14.3%
Traffic Expected To Be Higher
Box Office Is Up 14.3%
Traffic Expected To Be Higher
$165M
Minimum
LTM EBITDA
Excluding  In-Store Exchange
Costs, Improved Online
Profitability is
Offsetting In-Store Profit Decline
$45 Million G&A Savings Run-Rate
Starts In Q4
$45 Million G&A Savings Run-Rate
Starts In Q4


PAGE 71
BLOCKBUSTER
Impact of BLOCKBUSTER Total Access On Rental
Domestic Gross Profit
Q1 07
Q2 07
Q3 07
$35M
$29M
$50M
$10-20M
Pricing changes to BLOCKBUSTER Total Access are improving economics
We are committed to making the BLOCKBUSTER Total Access offering
profitable early next year
Note: For Illustrative Purposes Only


PAGE 72
BLOCKBUSTER
We Realigned Our Strategy To Focus On And
Maximize The Profitability Of All Consumer
Segments
28-Day
In-Store Active
BLOCKBUSTER Total
Access Subscriber
Current Monthly Marginal Profitability Per Customer
28-day In-Store Actives Vs. BLOCKBUSTER Total Access Subscriber
$4.26
$9.72


PAGE 73
BLOCKBUSTER
Disciplined Approach To Growth
Growth
Return
2004
Future
2007
2006
High
Low
Low
High


PAGE 74
BLOCKBUSTER
Our New Strategy Requires Organizational
Realignment And Tremendous Focus On Execution
Reduce costs
Enthusiastic
organizational
support
Focus on most
important
initiatives
Realign
resources to
support new
strategy
New
Leadership
Team
Successful
Strategy
Execution


PAGE 75
BLOCKBUSTER
Blockbuster –
Shareholder Value Focused
Driving Performance In Our
Core Business
Increasing Efficiency
Return on Assets
Financial
Flexibility
Earnings
Power
Total
Returns
EBITDA
EPS
Cash
Flow
ROIC
Total Return To Shareholders
Achieving appropriate capital
structure
Total Debt/EBITDA
Total Debt/Enterprise Value
Executing On
Profitable Growth Initiatives


PAGE 76
BLOCKBUSTER
Reconciliations of Non-GAAP Financial
Measures


PAGE 77
BLOCKBUSTER
Reconciliation of Net Income To EBITDA
Twelve Months Ended
September 30,
December 31,
December 31,
December 31,
December 31,
2006
2005
2004
2003
2002
Net income (loss)
(103.8)
$          
54.7
$              
(588.1)
$          
(1,248.8)
$       
(978.7)
$          
(1,621.1)
$       
Adjustments to reconcile net income (loss) to EBITDA:
(Income) loss from discontinued operations, net of tax
1.1
                  
13.2
                
39.8
                
(4.9)
                 
23.8
                
(0.4)
                 
Cumulative effect of change in accounting principle
-
                  
-
                  
-
                  
-
                  
4.4
                  
1,817.0
          
Equity (income) loss of affiliates
-
                  
-
                  
-
                  
-
                  
0.7
                  
2.2
                  
(Benefit) provision for income taxes
30.5
                
(76.4)
               
63.3
                
(20.8)
               
114.1
              
108.1
              
Other items, net
(1.9)
                 
(4.1)
                 
2.4
                  
(1.6)
                 
0.4
                  
(2.9)
                 
Interest income
(7.7)
                 
(9.9)
                 
(4.1)
                 
(3.6)
                 
(3.1)
                 
(4.1)
                 
Interest expense
89.9
                
101.6
              
98.7
                
38.1
                
33.0
                
49.5
                
Depreciation and amortization of intangibles
191.7
              
208.6
              
226.6
              
247.3
              
264.4
              
238.0
              
Impairment of goodwill and other long-lived assets
5.1
                  
5.1
                  
341.9
              
1,502.7
          
1,280.8
          
-
                  
EBITDA
204.9
$           
292.8
$           
180.5
$           
508.4
$           
739.8
$           
586.3
$           

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing    Date    Other Filings
12/31/0711-K
Filed on / For Period End:11/8/07
7/1/0710-Q
12/31/0610-K,  11-K
 List all Filings 
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Filing Submission 0001193125-07-239499   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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