Same-store Revenue Up At Movie Gallery10 Apr, 2003 By: Hive News
Movie Gallery reported today that same-store revenues for the first quarter ended April 6 rose 10.5 percent.
The same-store revenue results are above the company's previously announced guidance of mid to high single-digit growth. The company also announced that it expects net income per diluted share for the first quarter of 2003 to be at least $0.39. This estimate includes $0.01 per share related to non-cash stock option compensation expense and $0.05 per share related to the non-cash impact of the accounting change for rental inventory amortization discussed in the company's fourth quarter 2002 earnings press release.
Movie Gallery's expected adjusted earnings per diluted share, net income before stock option compensation and the accounting change, is increased to at least $0.45, as compared to the previously announced first-quarter adjusted net income guidance of $0.40 to $0.43 per diluted share. The company management believes its calculation of adjusted earnings per share provides a better measure of the ongoing performance of the company's core business and provides for better comparability to prior periods. Net income per diluted share and adjusted net income per diluted share were both $0.35 for the first quarter of 2002. The company intends to release final financial results for its
"We are extremely pleased with our first-quarter revenue performance and the overall strength we are seeing both from our rental business and from product sales as a result of our steps to enhance our inventory of higher intent-to-own movies, which began in the third quarter of 2002,” said chairman and CEO Joe Malugen. “Contributing to this strength, we continue to see increased DVD conversions throughout our customer base, which we believe generates added interest in home video."