Dothan-based Movie Gallery cut its third-quarter earnings outlook. The company blamed the decline in profits on a weaker home-video release schedule and the effects of four hurricanes.
The video-store operator said it now anticipates earnings of $0.28 to $0.30 a share, which is down from a prior estimate of $0.29 to $0.32 a share.
Analysts had forecast, on average, earnings of $0.29 a share.
In making the revision, the company cited a lack of traffic-driving movie titles and a strong viewer ship of events such as the Summer Olympics as hurting rentals, as well as disruptions in business from the hurricanes.
While Movie Gallery lowered its earnings view, the third quarter revenue outlook is unchanged. The company continues to forecast revenue of $185 million to $190 million, which would be an increase of 11 percent to 14 percent over the same period last year.
Movie Gallery owns and operates nearly 2,400 video specialty stores located throughout North America.
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