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Tweeter/Big Screen City Deal Completed

5/21/2001 02:00:00 AM Eastern

CANTON, MASS. — Tweeter Home Entertainment Group has completed the acquisition of San Diego-based Big Screen City.

The purchase cost Tweeter $4 million in cash and 50,973 shares from its shelf registration filed in April.

Big Screen City, a four-store specialty consumer electronics retailer, has annual sales of about $16 million, said Tweeter. Tweeter expects the acquisition to be neutral to earnings-per-share in fiscal 2001, and add "a penny or so" in fiscal 2002.

Big Screen joins nine Tweeter stores in the San Diego market. Two new stores will come on board by the end of the summer, giving Tweeter a total of 15 in the area. Tweeter, which did $405 million in sales overall in fiscal 2000, operates 96 stores under the Tweeter and HiFi Buys nameplates.