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Movie Gallery Inc

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BUSINESS
August 11, 2007 | From Times Staff and Wire Reports
Movie Gallery Inc. reported a wider quarterly loss and said there were doubts whether it could remain a going concern. The debt-plagued No. 2 U.S. movie rental company's second-quarter loss was $9.69 a share, compared with 47 cents a share for the year-earlier quarter. The Dothan, Ala.-based company said it might be unable to continue operating past the third quarter unless it obtained additional capital.
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BUSINESS
December 13, 2007 | From Times Wire Services
Movie Gallery Inc. plans to close its direct-to-home video rental unit MovieBeam Inc. on Saturday to cut costs. Movie Gallery filed for bankruptcy protection Oct. 16, blaming two years of losses and competition from Blockbuster Inc. and Netflix Inc. Initially backed by Walt Disney Co., Burbank-based MovieBeam started its video service in February 2006.
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BUSINESS
July 3, 2007 | From Times Wire Services
Movie Gallery Inc., the second-largest U.S. video rental chain, defaulted on a loan and hired turnaround specialists to help it reorganize the company. Movie Gallery, based in Dothan, Ala., lost almost half its stock market value this year as movie rentals fell more than the company had anticipated. Shares fell $1.08, or 57%, to 81 cents after the close of regular trading.
BUSINESS
October 17, 2007 | From the Associated Press
Video rental giant Movie Gallery Inc. filed for bankruptcy protection Tuesday and indicated that it could close additional stores to save money, but said it had no plans to shake up management in the process. Movie Gallery, the nation's No. 2 video rental chain, sought Chapter 11 after months of struggling with debt from its purchase of rival Hollywood Entertainment Corp. for $1 billion in 2005. The Dothan, Ala.
BUSINESS
February 15, 2005 | From Associated Press
Movie rental chain Movie Gallery Inc. said it had passed a regulatory review of possible antitrust issues in its bid to acquire larger rival Hollywood Entertainment Corp. Hollywood also is the target of a takeover bid from industry leader Blockbuster Inc. Shares of Dothan, Ala.-based Movie Gallery's shares were unchanged at $21.42 and Dallas-based Blockbuster declined a dime to $9.30, both on the New York Stock Exchange. Wilsonville, Ore.-based Hollywood Entertainment fell 21 cents to $14.
BUSINESS
September 26, 2007 | From Bloomberg News
Movie Gallery Inc., a video store chain burdened by more than $1 billion of debt, said Tuesday that it would close 12% of its stores to conserve cash. About 520 unprofitable locations will be shut, Movie Gallery said. The company declined to say how many jobs would be eliminated. It has about 40,000 full- and part-time workers in its 4,500 U.S. and Canadian stores. The move will save an unspecified amount of money as the video chain works to appease debt holders.
BUSINESS
May 12, 2006 | From Bloomberg News
Movie Gallery Inc., the second-largest U.S. video-rental chain, said Thursday that first-quarter profit more than doubled, beating analysts' estimates and sending its shares up 51%. Net income climbed to $40.3 million, or $1.27 a share, from $18.4 million, or 58 cents, a year earlier, Dothan, Ala.-based Movie Gallery said. Revenue in the period ended April 2 almost tripled to $694.4 million after the purchase of Hollywood Entertainment Corp. in April 2005.
BUSINESS
March 8, 2007 | From Bloomberg News
Movie Gallery Inc., the second-largest U.S. video-rental chain, acquired MovieBeam Inc. for less than $10 million to allow customers to download films to their televisions for a fee. MovieBeam charges $100 for a set-top control box, and movie rentals cost $1.99 to $4.99 each. The company is developing other technology that eventually may allow customers to download films onto computers.
BUSINESS
March 26, 2005 | Rong-Gong Lin II, Times Staff Writer
Blockbuster Inc., the nation's largest video rental chain, withdrew its nearly $1-billion bid Friday to acquire No. 2 player Hollywood Entertainment Corp., citing fears that federal antitrust regulators would try to thwart the purchase. The move clears the way for the nation's No. 3 video rental company, Movie Gallery Inc., to buy the Wilsonville, Ore.-based operator of the Hollywood Video chain for $850 million. Blockbuster said its cash-and-stock bid valued Hollywood Entertainment at $14.
BUSINESS
December 13, 2007 | From Times Wire Services
Movie Gallery Inc. plans to close its direct-to-home video rental unit MovieBeam Inc. on Saturday to cut costs. Movie Gallery filed for bankruptcy protection Oct. 16, blaming two years of losses and competition from Blockbuster Inc. and Netflix Inc. Initially backed by Walt Disney Co., Burbank-based MovieBeam started its video service in February 2006.
BUSINESS
September 26, 2007 | From Bloomberg News
Movie Gallery Inc., a video store chain burdened by more than $1 billion of debt, said Tuesday that it would close 12% of its stores to conserve cash. About 520 unprofitable locations will be shut, Movie Gallery said. The company declined to say how many jobs would be eliminated. It has about 40,000 full- and part-time workers in its 4,500 U.S. and Canadian stores. The move will save an unspecified amount of money as the video chain works to appease debt holders.
BUSINESS
August 11, 2007 | From Times Staff and Wire Reports
Movie Gallery Inc. reported a wider quarterly loss and said there were doubts whether it could remain a going concern. The debt-plagued No. 2 U.S. movie rental company's second-quarter loss was $9.69 a share, compared with 47 cents a share for the year-earlier quarter. The Dothan, Ala.-based company said it might be unable to continue operating past the third quarter unless it obtained additional capital.
BUSINESS
July 3, 2007 | From Times Wire Services
Movie Gallery Inc., the second-largest U.S. video rental chain, defaulted on a loan and hired turnaround specialists to help it reorganize the company. Movie Gallery, based in Dothan, Ala., lost almost half its stock market value this year as movie rentals fell more than the company had anticipated. Shares fell $1.08, or 57%, to 81 cents after the close of regular trading.
BUSINESS
March 8, 2007 | From Bloomberg News
Movie Gallery Inc., the second-largest U.S. video-rental chain, acquired MovieBeam Inc. for less than $10 million to allow customers to download films to their televisions for a fee. MovieBeam charges $100 for a set-top control box, and movie rentals cost $1.99 to $4.99 each. The company is developing other technology that eventually may allow customers to download films onto computers.
BUSINESS
May 12, 2006 | From Bloomberg News
Movie Gallery Inc., the second-largest U.S. video-rental chain, said Thursday that first-quarter profit more than doubled, beating analysts' estimates and sending its shares up 51%. Net income climbed to $40.3 million, or $1.27 a share, from $18.4 million, or 58 cents, a year earlier, Dothan, Ala.-based Movie Gallery said. Revenue in the period ended April 2 almost tripled to $694.4 million after the purchase of Hollywood Entertainment Corp. in April 2005.
BUSINESS
November 12, 2005 | From Bloomberg News
Video rental chains Blockbuster Inc. and Movie Gallery Inc. had their credit ratings cut one level by Standard & Poor's Ratings Services. The corporate credit ratings were reduced to B-minus from B and the subordinated note ratings to CCC from CCC-plus for both companies, S&P said. The ratings reductions came after Blockbuster this week reported a third-quarter loss of $491.4 million and Movie Gallery posted a loss of $12.5 million.
BUSINESS
November 11, 2005 | From Bloomberg News
Movie Gallery Inc. reported a third-quarter loss of $12.5 million on a slump in movie rentals and costs to buy Hollywood Entertainment Corp. The net loss was 39 cents a share, contrasted with net income of $9.21 million, or 29 cents, a year earlier, Dothan, Ala.-based Movie Gallery said. Revenue more than doubled to $572.4 million, lifted by the Hollywood Entertainment purchase.
BUSINESS
November 11, 2005 | From Bloomberg News
Movie Gallery Inc. reported a third-quarter loss of $12.5 million on a slump in movie rentals and costs to buy Hollywood Entertainment Corp. The net loss was 39 cents a share, contrasted with net income of $9.21 million, or 29 cents, a year earlier, Dothan, Ala.-based Movie Gallery said. Revenue more than doubled to $572.4 million, lifted by the Hollywood Entertainment purchase.
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