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Movie Gallery Seeks Delay in Financial Filings

By Erik Gruenwedel | Posted: 02 Dec 2008

Movie Gallery said it would not be able to file quarterly financial results for the period ended Oct. 8, 2008, according to a filing with the Securities and Exchange Commission.

The Wilsonville, Ore.-based No. 2 DVD rental service, which emerged from Chapter 11 bankruptcy protection in May, said changes in management and financial leadership had made meeting the filing date impossible without incurring “unreasonable effort and expense.”

Gallery, which parted with auditor Ernest & Young LLP for new accountant Burr, Pilger & Mayer LLP, has not formally filed an annual financial report for fiscal year ended Jan. 6, 2008, in addition to quarterly reports for periods ended April 6 and July 6, respectively.

Separately, seven new senior executives received more than 500,000 shares of unrestricted common stock collectively. The $10 shares become unrestricted after Dec. 31, 2010 and are exercisable based on the executives attaining performance-based goals.

The executives, who include Pamela Schneider, EVP, general counsel and secretary; Lucinda Baier, EVP and CFO; Sherif Mityas, president and COO; Cliff Torng, EVP, chief marketing officer; Clarence Gabriel, president and CEO; Caroline Rogers, EVP, human resources; and Craig Miller, EVP, chief information officer, collectively hold nearly 1.9 million shares of Gallery’s common stock.

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