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Electronics Boutique Holdings: Companies
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Video-game retailer Electronics Boutique Holdings Corp. took a $4.8 million onetime, noncash, after-tax charge after adopting new accounting rules related to vendor payments. The charge will reduce the company's net income for the previous fiscal year by $1.5 million. The company adopted new rules that account for payments from vendors for promoting Electronics Boutique products, Reuters reports.
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GRAPEVINE, Texas -- GameStop Corp. (NYSE:GME) (NYSE:GME.B) and Electronics Boutique Holdings Corp. (Nasdaq:ELBO) announced today that the registration statement relating to the combination of the two companies has been declared effective by the U.S. Securities and Exchange Commission. Both companies expect to begin mailing their joint proxy statement-prospectus on or about September 7, 2005 to stockholders of record as of Tuesday, August 30, 2005.
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By the end of the 1990s, Electronics Boutique was a 600-store chain, having tripled in size during the decade. In the new decade ahead, the company greatly increased its pace of expansion domestically and abroad, particularly in Europe. It ... added a new retail format, testing the concept at the Garden State Plaza shopping center in Paramus, New Jersey. The store was the prototype for EBKids, a computer software and video game store that sold what was described as "violence-free, educational" merchandise. The success of the Paramus store convinced Firestone to move forward with expansion plans for the concept--an example of one of the ways the company was promoting growth internally. Its efforts to achieve growth through external means took center stage at the beginning of the 21st century, however, highlighted by a bold bid to acquire a competitor.
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SCREAMER: Funco shares climbed 42 percent after Electronics Boutique Holdings Corp. said it has agreed to buy the company for $110 million in cash. The merger would create the world's largest electronic game specialty retailer. Funco shares rose 5 to close at 16 7/8, while Electronics Boutique fell 1/4 to close at 18 7/8. See Screamers.
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Sales at Electronics Boutique Holdings Corp.’s web retailing site ebgames.com increased 77% to $25 million from the previous year. For the 53-week fiscal year ended Feb. 3, 2001, the company reported revenues of $770.8 million up 5.5% from $730.4 million the year before. Net income for the same period was $14.9 million, compared with $22.8 million the year earlier. The company had 737 stores as of Feb. 3, compared with 619 in the year earlier. Comparable store sales on a 52-week basis ended January 27, 2001 decreased 4.5%. Electronic Boutique sells only video game hardware and software, PC entertainment, PC productivity and educational software and accessories.
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As Electronics Boutique developed into a chain, it used its first store in suburban Philadelphia as a blueprint for expansion, at least in terms of location. The company grew up in shopping malls, using the location of its stores to advertise itself rather than investing in any substantial marketing campaign. A decade after starting out, Electronics Boutique stood as a 77-store chain with annual revenues of roughly $30 million. Stores averaged 1,200 square feet and stocked 4,000 software titles, with hardware and computer accessories supporting the chain's mainstay merchandise line. Amkor, by far, was the bigger of Kim's two enterprises, collecting more than $100 million in annual sales, but the disparity in size would not last long. Kim, with Firestone in charge of the day-to-day management of the chain, intended to add 30 stores each year for the remainder of the decade, aiming to create a 200-store chain by the beginning of the 1990s.
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