Movie Gallery Expects to Meet or Exceed High End of Targeted Range for Third Quarter Earnings Per Diluted Share19 Sep, 2001 By: Hive News
In response to heightened investor concerns following last week's terrorist attacks, Movie Gallery said Wednesday that it expects its third-quarter operating results to be at the high end or slightly exceed its previously announced targetrange for pro forma earnings per diluted share of $0.09 to $0.12, compared with $0.03 for the third quarter last year, all adjusted for the three-for-two stock split effected in August 2001.
Movie Gallery will announce actual results of operations for the third quarter on Oct. 25.
J.T. Malugen, chairman and c.e.o. of Movie Gallery, said in a prepared remark, "Movie Gallery's results of operations were not significantly affected by last week's tragedies, and, in fact, we expect to achieve stronger earnings for the entire third quarter thanoriginally anticipated. We expect these earnings to reflect the continued expansion of our base of stores in operation throughinternal development and acquisition, as well as the substantial contribution from an increase in same-store sales for the quarter ina range of 5% to 7%.
"Furthermore, we believe home video will represent a popular entertainment alternative in the comingmonths. We intend to address the impact of the third quarter's better-than-expected performance on our financial targets for thefull year when we announce actual third-quarter results in late October."