Business Services Industry
Tower Records' Quarterly Profits Decline Due to Internet, Video Costs.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, March, 2000 by Kasler, Dale
Mar. 17--Tower Records reported lower quarterly profits Thursday, as higher costs in its Internet and video operations offset a healthy and long-awaited increase in sales.
West Sacramento-based MTS Inc., the corporate name for Tower, said net income fell to $2 million in the quarter that ended Jan. 31 from $2.4 million the year before. MTS isn't publicly held but must file quarterly profit-and-loss statements with the Securities and Exchange Commission because it has borrowed money in the public debt market.
After several quarters of lackluster sales growth, revenue jumped to $335.6 million in the quarter from $302.8 million a year earlier. Two new stores contributed to the higher sales, as did improved results from the company's Internet site, said...
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