Citing the effects of an increased effective...

Citing the effects of an increased effective tax rate, Video Library Inc. reported a decline in net income on higher revenues for the first quarter ended March 31. Net income totaled $191,000, less than half of the $383,000 reported for the same period last year. Revenues for the three months were $3.8 million, up 39% from the $2.7 million reported a year ago.

Video Library now operates 33 video rental stores and has plans to open five more by the end of July.