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Movie Gallery(MOVI Quote) swung to a wider-than-expected third-quarter loss and warned that the downturn in the video-rental market has been more severe than previously believed.
Movie Gallery, which acquired Hollywood Entertainment earlier this year, lost $12.5 million, or 39 cents a share, in the latest quarter, compared with earnings of $9.2 million, or 29 cents a share, last year. Adjusted to exclude integration and other charges, the company lost $5.2 million, or 16 cents a share, in the latest quarter.
The pro forma loss was well short of Wall Street estimates, which had called for a small profit in the quarter. ...
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