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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.”

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