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Books-A-Million, Inc. Announces First Quarter Results

Stocks in this article: BAMM

Books-A-Million, Inc. (NASDAQ:BAMM) today announced financial results for the 13-week first quarter ended April 28, 2012. Net sales for the 13-week period ended April 28, 2012 increased 10.5% to $113.1 million compared with sales of $102.4 million in the year-earlier period. Comparable store sales for the first quarter declined 4.2%, compared with the 13-week period in the prior year. Net loss from continuing operations for the first quarter was $1.9 million, or $0.13 per diluted share, compared with net loss from continuing operations of $3.4 million, or $0.22 per diluted share, in the year-earlier period.

Commenting on the results, Terrance G. Finley, Chief Executive Officer and President, said, "Results for the quarter reflect an improving trend in comparable store sales and the contribution from our new stores that opened in the 4th quarter. The core book business stabilized in the face of slower growth than expected in the digital business. Sales of Hunger Games books and merchandise were a highlight for the quarter. This performance along with the current phenomenal success of the 50 Shades’ series and the continued strong performance in toys, games, gifts and electronics demonstrate that consumers are responding to our integrated merchandising offerings.”

ABOUT BOOKS-A-MILLION, INC.

Books-A-Million, Inc. is one of the nation’s leading book retailers and also sells on the Internet at www.booksamillion.com. The Company presently operates 255 stores in 31 states and the District of Columbia. The Company operates large superstores under the names Books-A-Million (BAM!), Books & Co. and 2nd & Charles and traditional bookstores operating under the names Bookland and Books-A-Million. The common stock of Books-A-Million, Inc. is traded on the NASDAQ Global Select Market under the symbol BAMM. For more information, visit the Company’s corporate website at www.booksamillioninc.com.

Follow Books-A-Million on Twitter ( www.twitter.com/booksamillion) and like us on Facebook ( www.facebook.com/booksamillion).

   

BOOKS-A-MILLION, INC. Unaudited Consolidated Financial Highlights (In thousands, except per share data)

 
13 Weeks Ended
April 28,     April 30,
2012 2011 (a)

NET SALES

$ 113,100 $ 102,399

Cost of sales, including warehouse, distribution and store occupancy costs

82,260 74,182
GROSS PROFIT 30,840 28,217
Operating, selling and administrative expenses 28,932 29,118
Depreciation and amortization 4,154 3,912
OPERATING LOSS (2,246) (4,813)
Interest expense, net 438 219
LOSS BEFORE INCOME TAXES (2,684) (5,032)
Income tax benefit (844) (1,556)
Net loss before equity method investment (1,840) (3,476)
Net income (loss) on equity method investment (102) 46
NET LOSS FROM CONTINUING OPERATIONS (1,942) (3,430)
Loss from discontinued operations, net of income tax benefit

--

(81)
NET LOSS ATTRIBUTABLE TO BOOKS-A-MILLION, INC.

$

(1,942) $ (3,511)
 
NET LOSS PER COMMON SHARE:
Basic:
Net loss from continuing operations $ (0.13) $ (0.22)
Net loss from discontinued operations

--

--

Net loss per share $ (0.13) $ (0.22)
Weighted average shares outstanding 15,343 15,646
Diluted:
Net loss from continuing operations $ (0.13) $ (0.22)
Net loss from discontinued operations

--

--

Net loss per share $ (0.13) $ (0.22)
Weighted average shares outstanding 15,343 15,646
 

(a) The results for 13-weeks ended April 30, 2011, contain certain insignificant reclassifications necessary to conform to the presentation of the 13-weeks ended April 28, 2012 due to discontinued operations.

 

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

This document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. A number of factors could cause actual results, performance, achievements of the Company or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors include, but are not limited to, the competitive environment in the book retail industry in general and in the Company's specific market area; inflation; economic conditions in general and in the Company's specific market areas; the number of store openings and closings; the profitability of certain product lines, capital expenditures and future liquidity; liability and other claims asserted against the Company; uncertainties related to the Internet and the Company's Internet initiative; and the impact of the availability of e-content and the e-reader market. In addition, such forward-looking statements are necessarily dependent upon assumptions, estimates and dates that may be incorrect or imprecise and involve known and unknown risks, uncertainties and other factors. Accordingly, any forward-looking statements included herein do not purport to be predictions of future events or circumstances and may not be realized. Given these uncertainties, stockholders and prospective investors are cautioned not to place undue reliance on such forward-looking statements. Please refer to the Company’s annual, quarterly and periodic reports on file with the SEC for a more detailed discussion of these and other risks that could cause results to differ materially. The Company disclaims any obligations to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.



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