Hastings Entertainment reports second-quarter net income of $500,000, or four cents per diluted share, vs. income of about $200,000, or two cents per share, in the same period last year.

Hastings Entertainment reports second-quarter net income of $500,000, or four cents per diluted share, vs. income of about $200,000, or two cents per share, in the same period last year.

Total revenues for the quarter, which ended July 31, increased 6.1% to $122.4 million. Comparable-store sales of video product were up 26.2%, videogames rose 9.4% and music was up 4.8%. These increases were offset by declines in comp-store rentals and book sales, bringing total comp-store revenues up 4%.

For the first six months of the year, net income was $2.3 million, or 19 cents per diluted share, vs. a net loss of $900,000, or eight cents per share, in the same period last year. Revenues rose 7.4% to $249.3 million.

First-half total comp-store sales were up 6%. Video comp-store sales rose 25.4%, videogames rose 8% and music was up 5.4%.

Amarillo, Texas-based Hastings says that although its second-quarter net income was "below our internal forecast," it is maintaining its fiscal 2004 guidance of 50-53 cents per diluted share.

The company's stock was trading today (Aug. 23) after the announcement down 11.54% at $6.90.