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Gallery exhibits improvements.
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Video Business
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November 20, 2006
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Copyright informationCOPYRIGHT 2006 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Cindy Spielvogel
Hollywood drags same-store rentals down 1.9%
Movie Gallery reported higher than expected revenue for the third quarter but said it would delay its analyst conference call and reporting of full results, including earnings, due to a lease accounting issue.
Investors generally reacted positively, despite the accounting uncertainty, sending the stock price up from $2.37 to above $2.60 on Nov. 14.
Total revenue for the third quarter was $583 million, up 1.8% for the same quarter of 2005.
The company reported gross profit for the third quarter of $363.2 million, down a hair from $366.1 million in last year's third quarter, but did not ...
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