August 11, 2007 |
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.
July 3, 2007 |
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.
March 8, 2007 |
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.
May 12, 2006 |
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.
November 12, 2005 |
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.
November 11, 2005 |
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.