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Movie Gallery turns profit


DOTHAN, Ala. Struggling DVD rental chain Movie Gallery reported a profit for the one-month period that ended Jan. 6. In its most recent monthly finance report with the U.S. Bankruptcy Court, the chain reported $12.7 million in net income for the 30-day period.

The chain reported $49 million in net income from its Movie Gallery stores and a $36.3 million loss at its Hollywood Video stores. The turnaround is a good sign for Movie Gallery, which closed hundreds of stores last year before filing for Chapter 11 Bankruptcy protection in October 2007. Movie Gallery has struggled since acquiring the larger Hollywood Video chain in 2005.

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