Comet Enterprises Reports $298,483 Loss for Year
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Comet Enterprises, a Sherman Oaks concern that operates 14 video-rental stores, reported a $298,483 loss for its fiscal year that ended June 30 on sales of $1.76 million. There were no sales in fiscal 1987 because at that time Comet was a shell company created to search for acquisitions. Since then, Comet has focused on acquiring video-rental stores.
Comet said its stores, operated by its subsidiaries Video Library and Video Excitement of America, are in Phoenix, Salt Lake City, Boise, Ida., and several cities in Montana. The company also is about to open its first California store in Torrance, Comet said.
Comet blamed its fiscal 1988 loss on increased purchases of videotapes, merger expenses and higher costs related to opening new stores.
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