I'm back and I just bought VMIX at 16 1/16. Downgraded to LT Accumulate and this news I believe is way overblown. NOT A DAYTRADE
biz.yahoo.com
Thursday June 17, 6:17 pm Eastern Time
Company Press Release
Valley Media Incurs Unexpected Expenses Associated With Warehouse Move
WOODLAND, Calif.--(BUSINESS WIRE)--June 17, 1999--Valley Media Inc. (Nasdaq:VMIX - news), the largest full line distributor of music and video entertainment products in the United States, today announced that it is incurring unexpected expenses related to the move of the Company's Woodland, CA distribution facility to a new and larger warehouse.
As a result Valley Media expects to report first quarter revenue of approximately $185 million versus revenue of $154.4 million in the same quarter last year. The Company expects a per share net loss for the quarter in the range of ($0.08) - ($0.10) compared to a per share net loss of ($0.25) before an extraordinary item for the same period one year ago. Valley Media will announce final first quarter results on August 5, 1999.
''The warehouse relocation factors are one-time issues that we are now correcting. We are incurring additional expenses to address these issues and improve customer service through this period,'' said Rob Cain, Chief Executive Officer of Valley Media. ''Demand across our entire product line from both traditional and new media customers remains strong and therefore we expect to report strong EPS growth for the full year.''
Valley Media is a recognized leader in full-line distribution of music, video and DVD product, Internet fulfillment, independent distribution, publications and proprietary database products. Valley Media operates facilities in seven states with primary distribution facilities in Louisville, KY and at its Woodland, CA corporate headquarters. Additional information is available at www.valley-media.com.
This press release contains forward-looking statements made pursuant to the ''safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by words such as ''will,'' ''expects,'' ''anticipates,'' ''plans,'' or ''intends'' and by other descriptions of future circumstances or conditions. Actual results may differ materially from those projected in these forward-looking statements. Factors that could affect Valley Media's actual results include, without limitation, risks and uncertainties related to the following factors: intense competition, customers' ability or preference to buy product direct, facilities and systems integration upgrades, new electronic delivery technologies and copyright or royalty disputes. More information about these and other factors that could negatively affect Valley Media's financial performance and the value of its common stock is contained in Valley Media's filings with the Securities and Exchange Commission, including its registration statement on Form S-1. Note particularly the Risk Factors and Management's Discussion and Analysis.
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Contact:
Valley Media Inc.
Randy Cerf or Rob Cain, 530/661-6600 |
