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Technology Stocks : Electronics Boutique (ELBO) -- Ignore unavailable to you. Want to Upgrade?

To: Mad2 who wrote (535)	9/10/1999 12:21:00 AM
From: ratherbelong	Read Replies (1) \| Respond to of 779

Mad2, Here is the Bloomberg article Electronics Boutique's president Joe Firestone gave tonight. I had hoped it would have been timed with Peter Moore's CNBC appearance...but I quess you can't have everything you want. $13M on day one!!! ================================== Electronics Boutique Sees Large Shortages of Sega's Dreamcast Electronics Boutique Sees Large Shortages of Sega's Dreamcast West Chester, Pennsylvania, Sept. 9 (Bloomberg) -- Electronics Boutique Holdings Corp., which runs video game retail stores, expects demand to outstrip supply for Sega Enterprises Ltd.'s Dreamcast console, which was introduced in the U.S. today, Chief Executive Joe Firestone said. Video game enthusiasts have been snapping up the Dreamcast, the first new home console to be introduced in about three years, Firestone said. Electronics Boutique will likely sell its entire original allotment of 80,000 units by the end of the weekend. The Dreamcast is Sega's bid to compete with leading console makers Sony Corp. and Nintendo Co. The company said consumers had ``pre-orderedïï more than 300,000 units by leaving cash deposits with retailers before the product was unveiled today. Consumers may have to submit deposits for the rest of the year to reserve a Dreamcast because of excess demand, Firestone said. ``I guarantee you that weïll be on allocation through the balance of the year and probably into early next year,ïï Firestone told the Bloomberg Forum. ``At this point what anyone has will probably be sold.ïï Sega officials earlier said they expect to sell 1 million Dreamcast units by the end of the year and could have a hard time satisfying demand beyond that. Shortages have been common with the introduction of new console systems. The demand for Dreamcast and associated games could push Electronics Boutique's sales today past $13 million, or more than double its previous record for a single day, Firestone said. The West Chester, Pennsylvania-based company had $113.1 million in sales in the second quarter. The company's store near Las Vegas, in Henderson, Nevada, opened a minute after midnight to distribute the Dreamcast to some 700 customers who had paid deposits. Customers started lining up at 7:30 p.m. and munched on free pizza while waiting for the store to open, Firestone said. It closed at 5:45 a.m., he said. ``Iïve never seen anything like it and Iïve been in the retail business over 40 years,ïï he said. ``The crowd was pretty well behaved until 3:30 in the morning and then things got a little rough because everyone was a little tired.ïï Firestone said it was too soon to tell which software titles would be popular among consumers. Electronic Boutique shares fell 1 3/16 to 23 1/4. Sega's ADRs, shares traded in the U.S., rose 1/2 to 5 3/8.