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Article: Hollywood Entertainment's First-Quarter Net Income Increases 92%, Excluding Reel.Com; Same Store Sales Rise 18%; Reel.com Revenue Increases 530%.
- Article from:
- PR Newswire
- Article date:
- April 28, 1999
CopyrightCOPYRIGHT 1999 PR Newswire Association LLC. 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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PORTLAND, Ore., April 28 /PRNewswire/ -- Hollywood Entertainment Corporation (Nasdaq: HLYW), owner of the Hollywood Video chain of video superstores and Reel.com, a leading Internet entertainment site, today announced financial results for the first quarter ending March 31, 1999.
Excluding Reel.com, the Company reported net revenue in its Hollywood Video unit of $260.2 million compared to $170.0 million in the first quarter of 1998, an increase of 53%. Net income was $14.8 million versus $7.7 million in 1998, up 92%, excluding Reel.com and before a cumulative effect of a change in accounting principle of $1.4 million net of tax, as required by the new SOP 98-5. ...