Video Library Reports Record Income, Sales

Video Library Inc. reported record net income and sales for the second quarter, ended June 30. Net income was $355,663 on sales of $3.8 million. Over the same period last year, net income was $217,515 on sales of $2.8 million. Same-store sales were up 15% over last year.

The firm, which owns and operates 37 video rental stores, said net income for the year to date stood at $546,580 on sales of $7.6 million, down from $600,405 on sales of $5.5 million for the comparable period last year. The drop in profit was attributed to a loss of investment tax credits that has increased the company’s effective tax rate.