Movie Gallery 3Q loss widens |
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Sat, 20 Jan 2007 00:19
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NEW YORK (AFX) - Movie Gallery Inc., the country's second-largest movie and video game rental chain, on Friday filed its delayed third-quarter financial report, indicating its quarterly loss widened on higher professional fees and other expenses.The company, which had delayed the filing due to an ongoing review of its accounting for store lease obligations, said quarterly losses totaled $36.1 million, or $1.13 per share, compared with a loss of $12.5 million, or 39 cents per share, in the year-ago period.Revenue rose to $583 million from $572.4 million.Wall Street, on average, had been expecting a loss of 44 cents per share on $571.5 million in revenue, according to an analyst poll by Thomson Financial.Hurting the Dothan, Ala.-based company was a jump in general and administrative expenses to $44 million from $40 million in the prior-year period. Movie Gallery said in a filing with the Securities and Exchange Commission the increase was primarily due to higher professional fees, bonus expense and stock-compensation expense.Movie Gallery shares closed unchanged at $3.02 on the Nasdaq.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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