Movie Gallery reports monthly profit
Hollywood stores still in red
By Cindy Spielvogel -- Video Business, 2/12/2008
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FEB. 12 | Movie Gallery filed a required monthly financial report with the U.S. Bankruptcy Court showing the company earned $12.7 million in net income for the month ended Jan. 6.
Most of the profit came from Movie Gallery-branded stores, which reported $49 million in net income on revenue of $71.5 million, while Hollywood Video stores had a $36.3 million loss on $182 million in revenue.
Total revenue for the period was $253.6 million, broken out as $160.8 million from rentals and $92.8 million from product sales.
For the period beginning Oct. 16, when Movie Gallery filed for chapter 11 bankruptcy protection, through Jan. 6, Movie Gallery showed an overall net loss of $69.4 million on $548.9 million in revenue.
The loss came mainly from Hollywood stores, which reported a $90.2 million net loss for the period on $389.6 million in revenue, while Movie Gallery stores had net income of $20.8 million on $159.3 million in revenue.