Hollywood Entertainment Corp rode a 30% increase in same-store sales at its Game Crazy video-game unit to a 15.8% gain in overall net income for the first quarter 2004, the company said in an SEC fili

Hollywood Entertainment Corp rode a 30% increase in same-store sales at its Game Crazy video-game unit to a 15.8% gain in overall net income for the first quarter 2004, the company said in an SEC filing Friday (April 23).

Net income for the quarter was $22.7 million, up from $19.6 million in the same period last year.

While Game Crazy revenue in the first three months of 2004 increased to $57.4 million from $23.8 million in 2003, Hollywood Video stores saw first-quarter revenue decline to $385.4 million from $393.7 million the year before. That represents a 6% same-store sales decline year-on-year for the flagship.

The chain, which added 294 Game Crazy stores and 92 Hollywood Video outlets in the past year, is set to become a private company in a $1 billion-plus buyout deal spearheaded by Hollywood chairman/CEO Mark Wattles and Los Angeles-based investment firm Leonard Green & Partners. Shareholders will receive $14 per share in cash.