Guitar Center Inc. today reported net income rose to $17.2 million or $0.57 per share for the first quarter ended March 31 on revenues of $534.5 million. The results compare with net income of $15.7 million or $0.55 per diluted share and revenues of $470.7 million in the comparable period last year. “We are pleased with our results for the quarter, which exceeded our expectations,” said Erick Mason, executive vice president and CFO of Guitar Center. During the quarter the company opened 12 Guitar Center stores. Guitar Center shares rose $0.17 to $45.36 in afternoon trading.