Business Services Industry
Albany, N.Y.-based Trans World Entertainment's sales, profits up for quarter.
Knight Ridder/Tribune Business News, August, 2004
By Alan Wechsler, Times Union, Albany, N.Y. Knight Ridder/Tribune Business News
Aug. 13--The second quarter was a good one at Trans World Entertainment Corp. -- sales were up 12 percent, and credits associated with two acquisitions pushed net income to $9.3 million.
But the profit would have been a loss if not for a $10.5 million tax credit from the 1999 purchase of Camelot Music Holdings Inc. and $2.2 million in accounting credits from last year's acquisition of Wherehouse Entertainment Inc. Trans World did not count the Camelot tax credit in previous years because officials were waiting to see if the Internal Revenue Service would accept them in an audit this year, according to the company.
Last year, the Albany-based retailer of...
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