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BUSINESS
April 28, 2004
* Guitar Center Inc. said first-quarter net income increased 123% to $11.8 million, or 46 cents a share, compared with $5.3 million, or 22 cents, a year earlier. Sales increased 22% to $349.7 million.
ARTICLES BY DATE
ENTERTAINMENT
May 23, 2013 | By Chris Barton
Consider an all-guitar jazz quartet and it's easy for your mind to conjure images of fingers burning up and down fretboards with the kind of mind-scrambling fireworks that've made heroes out of Pat Metheny and John McLaughlin. Although those approaches to guitar music aren't necessarily wrong, Anthony Wilson offers something more understated with his Seasons quartet. Assembled after being commissioned by guitar maker John Monteleone, the quartet of Wilson, Julian Lage, Chico Pinheiro and Steve Cardenas debuted at the Metropolitan Museum of Art in 2011 with a concert that became a split CD/DVD release that same year.
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BUSINESS
May 8, 2007 | From Times Wire Services
Musical instrument retailer Guitar Center Inc. posted a better-than-expected quarterly profit as sales rose. First-quarter net income totaled $17.2 million, or 57 cents a share, up from $15.7 million, or 55 cents, a year earlier. Sales climbed 13.5% to $534.5 million. Analysts on average had expected the Westlake Village-based company to earn 49 cents a share on $525.4 million in sales, according to Reuters Estimates. Sales at Guitar Center stores climbed 11% to $339.
ENTERTAINMENT
May 13, 2013 | by Randall Roberts, Los Angeles Times Pop Music Critic
There's a fine line between evolution and de-evolution, and which process Fitz and the Tantrums is experiencing on its sophomore effort, "More Than Just a Dream," depends on what you liked about the L.A. band's breakout debut. That record, the retro-soul-fueled "Pickin' Up the Pieces," delivered a few memorable hits, "Breakin' the Chains of Love" and "MoneyGrabber," and propelled the band to modest success while inviting comparisons to the more assured and charismatic Sharon Jones and the Dap-Kings.
BUSINESS
December 17, 2005 | From Associated Press
Westlake Village-based Guitar Center Inc. said it reached a preliminary agreement to settle two lawsuits filed by hourly employees at its retail music stores in California. The suits allege that the company improperly documented and enforced break-time and lunchtime periods. Guitar Center denied wrongdoing but said it chose to settle to avoid the costs of fighting the suits. It agreed to pay as much as $3.5 million to resolve the claims.
BUSINESS
March 18, 2005 | Rong-Gong Lin II, Times Staff Writer
Guitar Center Inc. trimmed its first-quarter sales forecast Thursday, the third time this week that the Westlake Village company has rattled investors. Shares of the nation's largest guitar retailer fell $3.26, or 6%, to $50.84 on Nasdaq, bringing the stock's loss over the last three days to 15%. Guitar Center's stock began falling Tuesday, a day after the company, in a regulatory filing, outlined operational difficulties at its American Music division.
BUSINESS
October 27, 2005 | Leslie Earnest, Times Staff Writer
Investors whacked 17% off the price of Guitar Center Inc. shares Wednesday, one day after the retailer posted lower-than-expected third-quarter sales and said margins were lower in its hotly competitive Internet business. The Westlake Village-based company's stock closed at $50.92, down $10.23. "I think there's going to be continued pressure on the stock due to investors' worries about the business" and about consumers' mood, said analyst Paul Swinand at Stephens Inc.
CALIFORNIA | LOCAL
June 8, 1999
Guitar Center Inc., Agoura Hills, said it completed a merger with Musician's Friend Inc. in a stock-for-stock transaction. Guitar Center issued 1,959,970 new shares to Musician's Friend shareholders and assumed about $18.4 million in debt for a total transaction value of about $48.3 million based on Guitar Center's closing stock price of $15.25 on May 28. Guitar Center is a retailer of guitars, amplifiers, percussion instruments, keyboards and pro audio equipment.
BUSINESS
June 5, 1999 | Bloomberg News
Guitar Center Inc., the world's largest musical instrument retailer, said second-quarter earnings will be 8 cents lower than forecast because of slow sales and the effect of a recent acquisition. Shares of the Agoura Hills-based company plunged $4.13, or 27%, to close at $10.94 in heavy trading on Nasdaq. Although analysts expected lower earnings from Guitar Center's $48.
BUSINESS
October 12, 2004 | From Bloomberg News
Guitar Center Inc., which sells guitars and amplifiers, said Marty Albertson, president and co-chief executive, would assume the position of chairman and become sole CEO of the company. Larry Thomas, chairman and co-CEO, will become chairman emeritus, the Westlake Village-based company said. Shares of Guitar Center rose 67 cents to $44.73 on Nasdaq.
ENTERTAINMENT
September 22, 2011 | By Randy Lewis, Los Angeles Times
It's taken 65 years, but guitar-loving kids are finally being allowed into the candy store. In a move designed to amplify the emotional connection between music fans and iconic instruments created at the Fender guitar factory in Corona, Calif., the company's new chief executive, Larry Thomas, has opened the factory for tours along with a new visitor center he hopes will turn the facility into a major tourist destination. "I'm a musician and a guitar player … so I can relate from the heart and the gut level what Fender is all about," Thomas, the former chairman of the Guitar Center retail chain, said last week during a preview of the new 8,600-square-foot facility where guitar heroes, including Rancid's Tim Armstrong, Guns N' Roses/Loaded guitarist Duff McKagan, Velvet Revolver's Dave Kushner and Rob Zombie associate John 5, poked around various displays.
ENTERTAINMENT
January 8, 2009 | Elina Shatkin
It was like Christmas, Easter and the Fourth of July rolled into one drum kit. As soon as Thomas Pridgen saw those glorious, gleaming drums, he knew they were meant for him. Preternaturally self-confident at only 9 years old, Pridgen entered the Guitar Center Drum-Off, and round after round he blew away drummers who were two and three times his age. "I told everybody I knew that I was going to win," Pridgen says. "They asked me, 'What if you don't win?'
ENTERTAINMENT
January 7, 2008 | Greg Burk, Special to The Times
The scene: Guitar Center partied loud for the last round of its nationwide Drum-Off contest at Hollywood's Music Box @ Fonda on Saturday night. Notable thwackers including Joey Castillo (Queens of the Stone Age) and Ray Luzier (Korn) judged the four semipro finalists' solos. Angels & Airwaves, Go Get a Late Pass!!! (featuring the Roots' ?uestlove) and Street Drum Corps rocked full-length performances. A head-scarfed and hyped-up Stephen Perkins, skinsman for Jane's Addiction, emceed.
ENTERTAINMENT
November 15, 2007
Nipper was barely toddling when I learned that kiddie thrills don't come at expensive theme parks. Looking to buy a hummingbird feeder at Lowe's, we emerged from a long aisle and Nipper's head dropped back in awe. He pointed and shrieked at the dozens of shiny new ceiling fans spinning wa-a-a-a-ay above us. When he stayed enthralled for a full 15 minutes, I knew I was onto something.
BUSINESS
August 8, 2007 | From Times Wire Services
Guitar Center Inc. said second-quarter net income fell 29% as sales missed expectations and the company took acquisition-related charges. Quarterly profit fell to $9.6 million, or 32 cents a share, from $13.4 million, or 47 cents, a year earlier. Revenue rose 13% to $518.9 million. Results include 6 cents a share in costs related to the company's takeover. Westlake Village-based Guitar Center is being acquired by Bain Capital Partners in a deal expected to close in the fourth quarter.
BUSINESS
June 28, 2007 | Leslie Earnest, Times Staff Writer
Guitar Center Inc., which opened its first store in Hollywood almost half a century ago and expanded to become the largest purveyor of musical instruments in the U.S., is being acquired for $2.1 billion. Bain Capital Partners, a Boston-based private equity firm that holds major stakes in a range of companies including Warner Music Group Corp., Toys R Us Inc. and Burger King Holdings Inc., is expected to take Guitar Center private if the acquisition goes through as planned by the end of the year.
CALIFORNIA | LOCAL
August 1, 2000
Guitar Center Inc. of Agoura Hills reported net income of $4.1 million in the second quarter ended June 30, compared with a net loss of $149,000 for the same period last year. Revenue rose to $178.6 million from $139.2 million. Guitar Center sells guitars, amplifiers, drums, keyboards and recording equipment through 74 retail outlets, and over the Internet through its subsidiary Musician's Friend Inc.
BUSINESS
January 7, 2004 | From Reuters
Shares of Guitar Center Inc. jumped 12.5% in after-hours trading after the retailer raised its fourth-quarter earnings guidance because of sharply higher sales during the holiday shopping season. The Westlake Village-based company said after the market closed that net sales in the fourth quarter rose 18% to $396 million, while same-store sales, a key retail performance gauge, increased 10%.
BUSINESS
May 30, 2007 | From Bloomberg News
Shares of Guitar Center Inc., the largest U.S. musical instrument retailer, rose 11% on Tuesday on speculation the company hired an advisor to study a possible sale. Guitar Center stock jumped $5.04 to $52.47. Volume of 2.2 million shares was more than quadruple the daily average of the last three months. "There have been a lot of private-equity buyouts of retail in recent years," said William Armstrong, an analyst at CL King in Albany, N.Y.
BUSINESS
May 8, 2007 | From Times Wire Services
Musical instrument retailer Guitar Center Inc. posted a better-than-expected quarterly profit as sales rose. First-quarter net income totaled $17.2 million, or 57 cents a share, up from $15.7 million, or 55 cents, a year earlier. Sales climbed 13.5% to $534.5 million. Analysts on average had expected the Westlake Village-based company to earn 49 cents a share on $525.4 million in sales, according to Reuters Estimates. Sales at Guitar Center stores climbed 11% to $339.
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