Reading a file with a specified delimiter for newline

You could use a generator:

def myreadlines(f, newline):
  buf = ""
  while True:
    while newline in buf:
      pos = buf.index(newline)
      yield buf[:pos]
      buf = buf[pos + len(newline):]
    chunk = f.read(4096)
    if not chunk:
      yield buf
      break
    buf += chunk

with open('file') as f:
  for line in myreadlines(f, "."):
    print line