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Video Rental Chain Gets Big In Tiny Towns.(B)(NASDAQ STOCKS IN THE NEWS)
Byline: David Saito-Chung
Movie Gallery had a fabulous 2001, jumping to $10 a share in early May 2001 and rising as high as 30.24 in early December after a 3-for-2 stock split. The stock split 3-for-2 again in January. It now has a float of about 23 million shares.
You won't see stores of the Alabama-based video rental chain in the big cities of the U.S. and Canada. The firm targets small towns with populations of 5,000 to 30,000.
Movie's profit shrank sharply in 1997 to 3 cents a share. It grew 57% a year over the next four years to 75 cents a share in 2001. Buying up mom and pop stores and ...
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