Joe Malugen
Joe Malugen
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That being said, we are not satisfied with our recent performance and have responded by taking decisive actions to improve our results. We are implementing a comprehensive set of initiatives to drive revenues, maximize margin opportunities, further improve our operating efficiencies, cut costs and increase asset utilization. We expect this plan will help offset the continued revenue softness we are seeing and expect to continue to see in the near-term, and will contribute to the long-term success of the Company, which is our goal for stockholders, partners and associates alike.
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The loss is tragic since it was reportedly the oldest home on the Mississippi Gulf Coast. It was one of the few homes not damaged by Hurricane Camille in 1969.
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Rental revenues have continued to decline over the last several months, and the market weakness we are currently experiencing has been more severe and longer lasting than anticipated,
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We have already made great progress in reducing costs and enhancing efficiency. Today's announcement will further our efforts to create value for shareholders and better position Movie Gallery for long-term success.