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Electronics Boutique Holdings: Eb Games
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Electronics Boutique Holdings Corp. announced that total sales for the nine-week period ended January 3, 2004 were $544.4 million, 24.4% higher than the $437.6 million in sales in the same period last year. Comparable store sales only increased 2.5%. Similar to GameStop, Electronics Boutique noted that software sales were strong and hardware sales were better than expected.
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The respective directors and executive officers of GameStop and Electronics Boutique and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding GameStop's directors and executive officers is available in its proxy statement filed with the SEC on May 28, 2004, and information regarding Electronics Boutique's directors and executive officers is available in its proxy statement filed with the SEC on May 28, 2004. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other documents to be filed with the SEC when they become available.
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EB's online store can be accessed via the Internet at "www.ebworld.com" and "www.electronicsboutique.com." EB registered its "EBWorld" domain name on December 19, 1996 and its "Electronics Boutique" domain name on December 30, 1997. EB has invested heavily in promoting its website to online customers. EB has expended a considerable amount of resources towards making its website consumer friendly. An easy-to-use website is critical to EB's ability to generate revenue directly through Internet customers and indirectly as support for EB's "brick and mortar" stores. Over the last eight months, online purchases have yielded an average of more than 1.1 million in sales per month and EB has logged more than 2.6 million online visitors.
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Shares of Electronics Boutique rose even higher — up $14.42 or 35.1 percent, to $55.54 — in trading Monday morning on the Nasdaq Stock Market. GameStop shares rose $2.15 or 10 percent, to $23.76 on the New York Stock Exchange.
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Electronics Boutique shares rose $14.09, or 34 percent, to $55.21 on the Nasdaq Stock Market yesterday. Class A shares of GameStop rose $2.10, or 9.7 percent, to $23.71 in New York Stock Exchange trading.
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As previously announced on April 18, 2005, GameStop and Electronics Boutique have entered into a definitive agreement and plan of merger. The merger transaction, which is expected to close in the third quarter of 2005, remains subject to approval by the stockholders of both GameStop and Electronics Boutique and the satisfaction of other customary closing conditions.
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