This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

Books-A-Million, Inc. (NASDAQ:BAMM) today announced financial results for the 13-week and 26-week periods ended August 3, 2013. Net revenues for the 13-week period ended August 3, 2013 decreased 8.6% to $109.2 million, compared with revenues of $119.5 million in the year-earlier period. Comparable store sales for the second quarter declined 12.0%, compared with the 13-week period in the prior year. Net loss from continuing operations for the second quarter was $9.0 million, or $0.61 per diluted share, compared with net loss from continuing operations of $0.9 million, or $0.06 per diluted share, in the year-earlier period.

For the 26-week period ended August 3, 2013, net revenues decreased 8.0% to $213.2 million from net revenues of $231.8 million in the year-earlier period. Comparable store sales declined 9.5%, compared with the same period in the prior year. For the 26-week period ended August 3, 2013, the Company reported a net loss from continuing operations of $12.6 million, or $0.86 per diluted share, compared with net loss from continuing operations of $2.8 million, or $0.18 per diluted share, in the year-earlier period.

The results for the 13-week and 26-week periods ended August 3, 2013 include higher income tax expense due to the recording of a non-cash valuation allowance and the reversal of related Q1 tax benefits. These adjustments were required by accounting guidance due to cumulative losses in recent years. The impact of these adjustments on second quarter results was $7.3 million or $0.50 per diluted share. Excluding this tax item, the loss for the 13-week and 26-week periods ended August 3, 2013 would have been $0.11 per diluted share and $0.36 per diluted share, respectively.

Commenting on the results, Terrance G. Finley, Chief Executive Officer and President, said, "Results for the quarter reflect the very tough comparisons to the prior year due to the unprecedented success of the Hunger Games series and the Fifty Shades of Grey trilogy. In addition we continued to see softening in sales of e-reading devices and slower growth of digital content. Our general merchandise categories and internet business performed well in the quarter.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,012.85 -57.55 -0.32%
S&P 500 2,101.44 -13.05 -0.62%
NASDAQ 4,960.9980 -55.9310 -1.11%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs