Barnes & Noble, Inc. Reports 2002 Consolidated EPS Increases 48%; 2003 Consolidated EPS Expected to Increase 40%.Business Editors NEW YORK--(BUSINESS WIRE)--March 20, 2003 Barnes Barnes, former municipal borough, SE England. See Richmond upon Thames. & Noble, Inc. (NYSE NYSE See: New York Stock Exchange :BKS BKS Barracks BKS Best Kept Secret (gaming) BKS Bildung, Kultur Und Sport (German) BKS Brookside (city) BKS Bergen Kirurgiske Sykehus (Bergen, Norway) ), the world's largest bookseller, today reported sales and earnings for the fourth quarter and for the full year ended February February: see month. 1, 2003: 2002 RESULTS Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Earnings Consolidated net earnings for the fourth quarter increased approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 32% to $111.0 million or $1.49 per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. Consolidated net earnings for the year increased over 50% to $99.9 million or $1.39 per fully diluted share, including a non-cash impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge recorded in the first quarter of 2002, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the company's investment in Gemstar. Without the impairment charge, consolidated EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. would have been $1.58, exceeding analyst consensus estimates. Bookstores Bookstore sales were $1.3 billion for the fourth quarter, an increase of 1.9%, and $3.8 billion for the year, an increase of 4.5%. Net earnings for the fourth quarter were $91.3 million or $1.21 per fully diluted share and $120.8 million for the year or $1.56 per fully diluted share. -- Barnes & Noble store sales were $1.2 billion for the quarter, an increase of 4.0% and $3.6 billion for the year, an increase of 6.4%. Comparable store sales decreased (3.0)% for the fourth quarter and were flat for the year. The company opened 47 new Barnes & Noble stores for the year and closed 10 locations ending the year with 628 stores. -- B. Dalton sales, which comprise approximately 7.0% of total bookstore sales, were $88.9 million for the quarter, a decrease of (20.7)%, and $260.0 million for the year, a decrease of (16.2)%, due primarily to the closing of 47 stores. Comparable store sales decreased (11.4)% for the fourth quarter and (6.4)% for the year. GameStop GameStop Corporation (NYSE: GME), headquartered in Grapevine, Texas, a suburb of Dallas, is the world's largest video game and entertainment software retailer. The company operates over 4,900 retail stores throughout Japan, U.S. GameStop, the nation's largest video-game and entertainment-software specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. retailer, continued to gain market share in the face of a weak economy and reported a double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" comparable store sales increase. GameStop sales were $520.4 million for the quarter, an increase of 1.2% and $1.4 billion for the year, an increase of 20.7%. Comparable store sales decreased (7.4)% for the fourth quarter and increased 11.4% for the year. The company's share of net earnings for the fourth quarter was $17.7 million or $0.23 per fully diluted share and $26.8 million for the year or $0.34 per fully diluted share. Barnes & Noble.com Barnes & Noble.com reported a fourth quarter sales increase of 11.2%, as compared with the year-ago period. Full year 2002 sales increased 4.5% to $422.8 million. Total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. decreased 72.0% quarter-over-quarter and 50.1% year-over-year. The significant improvements in operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. are attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to improved efficiencies, greater productivity, cost control measures and the absence of impairment and special charges. The company's share of net losses for Barnes & Noble.com was $5.6 million or $(0.04) per share for the quarter and $26.8 million or $(0.21) per share for the year. Other Investments Other investments for the fourth quarter consisted solely of the company's investment in Calendar Club. Calendar Club earned $11.3 million or $0.09 per share for the quarter and $1.6 million or $0.02 per share for the year. For the year, other investments resulted in a loss of $13.9 million, or $(0.11) per share. This includes a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. , non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of $0.09 per fully diluted share recorded in the second quarter to write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. the remaining carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of the company's investments in iUniverse iUniverse, founded in October 1999, is one of the largest self-publishing companies in the United States. The company uses print-on-demand technology and publishes more than 5,000 new titles each year. iUniverse has offices in New York City, Shanghai and Lincoln, Nebraska. .com, Book magazine, Indigo Books & Music Inc. and enews, inc. "While 2002 proved to be a challenge for retailers, Barnes & Noble delivered to shareholders 48% growth in consolidated EPS," said Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Riggio, chief executive officer of Barnes & Noble, Inc. "As a result of investments, and key operational, merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. and marketing initiatives, we have registered another year of market-share gains. This market leadership, plus the ever-present Adj. 1. ever-present - being always present present - being or existing in a specified place; "the murderer is present in this room"; "present at the wedding"; "present at the creation" exposure from more than 11 million unique visitors A count of how many different people access a Web site. For example, if a user leaves and comes back to the site five times during the measurement period, that person is counted as one unique visitor, but would count as five "user sessions. per month to Barnes & Noble.com, has also translated into unprecedented brand leadership." "Despite current uncertainties, we are focused on our business-building initiatives and remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. fundamentals of the business," continued Mr. Riggio. GUIDANCE FOR 2003 Consolidated Consolidated results for the first quarter are expected to range from $0.00 to $(0.04) per share, based upon a basic share count of approximately 65 million shares. The company projects consolidated earnings-per-share growth for fiscal year 2003 of approximately 40.0%, ranging from $1.93 to $2.01 per share, based upon approximately 76 million fully diluted shares. Bookstores The company's 2003 bookstore earnings guidance includes the operations of Calendar Club and Sterling Publishing. In addition, the company will discontinue dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: allocating interest expense to GameStop and will include the interest expense within the bookstores' financial results. For the first quarter, the company expects comparable store sales at Barnes & Noble stores to decrease between (3.5)% and (5.0)%. Based upon these projections, the company expects results to range between $0.00 and $(0.02) per share for the first quarter of 2003, versus an equivalent $0.01 for the same period last year. For the fiscal year ending January January: see month. 31, 2004, the company currently expects Barnes & Noble comparable store sales to range from 0.0% to 1.0%. B. Dalton Dalton, city (1990 pop. 21,761), seat of Whitfield co., extreme NW Ga., in the Appalachian valley; inc. 1847. It is a highly industrialized city in a farm area. comparable store sales are expected to range from (6.0)% to (7.0)% for the year. Based on these sales levels, bookstores are expected to earn between $1.61 and $1.65 per share in fiscal 2003, compared to $1.52 per share in fiscal 2002. GameStop For the first quarter, GameStop expects comparable store sales to increase between 5.0% to 7.0%. The company's share of first quarter net earnings is expected to range from $0.05 to $0.06. GameStop expects full year revenues to increase 14.0% to 16.0% with corresponding comparable store sales increases of 4.0% to 6.0%. The company's share of net earnings is expected to range from $0.48 to $0.50. Barnes & Noble.com Barnes & Noble.com expects first quarter sales to range between $105 million to $115 million. The company's share of first quarter net losses per share is in a range of $(0.06) to $(0.07) per share. Full year 2003 sales are expected to be between $430 million to $470 million. The company's share of net losses per share are expected to be between $(0.14) and $(0.16) per share. A conference call with Barnes & Noble, Inc.'s management will be simulcast Simulcast is a portmanteau of "simultaneous broadcast", and refers to programs or events broadcast across more than one medium, or more than one service on the same medium, at the same time. on the Web at (www.companyboardroom.com) beginning at 11 A.M. ET on Thursday Thursday: see week. , March 20, 2003, and is accessible at (http://www.barnesandnobleinc.com/financials), where it will be archived until April 20, 2003. The next scheduled press release will be the March sales release on April 10, 2003. ABOUT BARNES & NOBLE, INC. Barnes & Noble, Inc. (NYSE: BKS) is the world's largest bookseller, operating 628 Barnes & Noble stores in 49 states. It also operates 258 B. Dalton Bookseller stores, primarily in regional shopping malls shopping mall or shopping centre Collection of independent retail stores, services, and parking areas constructed and maintained by a management firm as a unit. It is a 20th-century adaptation of the historical marketplace. In the U.S. . The company offers titles from more than 50,000 publisher imprints, including thousands of small, independent publishers and university presses. It conducts its e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. business through Barnes & Noble.com (http://www.bn.com) in which it owns an approximate ap·prox·i·mate v. To bring together, as cut edges of tissue. adj. 1. Relating to the contact surfaces, either proximal or distal, of two adjacent teeth; proximate. 2. Close together. 37% interest. Barnes & Noble also has approximately a 60% interest in GameStop (NYSE: GME GME granulomatous meningoencephalitis. GME Graduate medical education, see there ), the nation's largest video-game and entertainment-software specialty retailer with 1,231 stores. General financial information on Barnes & Noble, Inc. can be obtained via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the by visiting the company's corporate Web site: http://www.barnesandnobleinc.com/financials. SAFE HARBOR Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. This press release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ." Barnes & Noble is including this statement for the express purpose of availing itself of the protections of the safe harbor provided by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 with respect to all such forward-looking statements. These forward-looking statements are based on currently available information and represent the beliefs of the management of the company. These statements are subject to risks and uncertainties that could cause actual results to differ materially. These risks include, but are not limited to, general economic and market conditions, decreased consumer demand for the company's products, possible disruptions in the company's computer or telephone systems, possible work stoppages or increases in labor costs, possible increases in shipping rates or interruptions in shipping service, effects of competition, possible disruptions or delays in the opening of new stores or the inability to obtain suitable sites for new stores, higher than anticipated store closing or relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. costs, higher interest rates, the performance of the company's online and other initiatives, the successful integration of acquired businesses, unanticipated increases in merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain or occupancy costs Occupancy costs are the whole life costs of buildings and their associated land from occupancy until disposal. These costs may be incurred on a regular or irregular basis. Occupancy costs are those costs related to occupying a space including; rent, real estate taxes, personal , unanticipated adverse litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. results or effects, product shortages, and other factors which may be outside of the company's control. 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.
BARNES & NOBLE, INC. AND SUBSIDIARIES
Fourth Quarter Summary
($ in millions, except per share amounts)
13 weeks ended 52 weeks ended
-----------------------------------------------
February 1, February 2, February 1, February 2,
2003 2002 2003 2002
-----------------------------------------------
BARNES & NOBLE RETAIL
OPERATIONS
BARNES & NOBLE BOOKSELLERS
(Bookstores - excludes
Calendar Club)
Sales $1,262 1,239 3,847 3,681
Operating profit 153 154 200 214
EBITDA 185 183 323 328
EPS 1.21 1.15 1.56 1.59
GAMESTOP
(Video Game & Entertainment
Software Stores)
Sales 520 514 1,353 1,121
Operating profit 53 36 87 34
EBITDA 37 44 69 64
EPS 0.23 0.23 0.34 0.11
RETAIL EPS 1.44 1.38 1.90 1.70
INVESTING ACTIVITIES
Share of net losses of
Barnes & Noble.com (0.04) (0.34) (0.21) (0.66)
Share of net profit (loss)
from other investments
Calendar Club 0.09 0.08 0.02 0.02
Other investments(1) 0.00 (0.03) (0.13) (0.09)
----------- ----------- ----------- -----------
Net profit (loss)
from other investments 0.09 0.05 (0.11) (0.07)
----------- ----------- ----------- -----------
CONSOLIDATED EPS BEFORE
GEMSTAR IMPAIRMENT
CHARGE 1.49 1.09 1.58 0.97
----------- ----------- ----------- -----------
Impairment charge
(Gemstar
International Ltd.) (2) 0.00 0.00 (0.19) 0.00
----------- ----------- ----------- -----------
CONSOLIDATED EPS BEFORE
LEGAL SETTLEMENT
EXPENSE 1.49 1.09 1.39 0.97
----------- ----------- ----------- -----------
Legal settlement
expense 0.00 0.00 0.00 (0.03)
----------- ----------- ----------- -----------
CONSOLIDATED EPS $1.49 1.09 1.39 0.94
=========== =========== =========== ===========
Weighted average shares
outstanding 75,245,000 79,171,000 77,680,000 77,839,000
(1) Primarily losses attributable to investments in iUniverse.com,
Book magazine, Indigo Books & Music Inc. and enews, inc.
(2) In fiscal 1998, Barnes & Noble, Inc. purchased an investment in
NuvoMedia, Inc. for $4.8 million. In fiscal 1999, NuvoMedia was
acquired by Gemstar International Ltd. (Gemstar). In connection with
this sale, Barnes & Noble, Inc. recognized a pre-tax gain of $22.4
million (which was recorded as stock in Gemstar). As a result of
Gemstar's financial difficulties, the Company believed that the
decline in the value of its investment in Gemstar was other than
temporary, and recorded an impairment charge in the first quarter of
fiscal 2002. The investment was sold in the second quarter of fiscal
2002.
BARNES & NOBLE, INC. AND SUBSIDIARIES
Reconciliation of Summary Reporting to Consolidated
Statements of Operations
Fourth Quarter 2002
($ in thousands, except per share amounts)
13 weeks ended 52 weeks ended
-----------------------------------------------
February 1, February 2, February 1, February 2,
2003 2002 2003 2002
-----------------------------------------------
BOOKSTORES
Consolidated operating
profit, as reported 216,396 200,451 264,112 245,787
Less: GameStop
operating profit, as
reported (52,513) (35,899) (87,071) (34,087)
Addback: impairment
charge 0.00 0.00 25,328 0.00
Less: Calendar Club
operating profit (11,351) (10,966) (2,820) (3,010)
----------- ----------- ----------- -----------
Bookstores operating
profit 152,532 153,586 199,549 208,690
Bookstores interest
expense, net (3,945) (2,837) (14,452) (16,533)
Legal settlement
expense 0.00 0.00 0.00 4,500
Interest addback,
convertible notes 4,247 4,288 17,153 15,078
----------- ----------- ----------- -----------
Bookstores pre-tax
profit 152,834 155,037 202,250 211,735
Income taxes 61,516 64,340 81,406 87,870
----------- ----------- ----------- -----------
Bookstores net earnings 91,318 90,697 120,844 123,865
Bookstores EPS 1.21 1.15 1.56 1.59
GAMESTOP
Net earnings, as
reported 31,587 18,660 52,404 8,562
Less: minority interest
(diluted) (12,806) 0.00 (21,172) 0.00
Interest expense on
Barnes & Noble, Inc.'s
investment in
GameStop, net of tax (1,120) 0.00 (4,481) 0.00
----------- ----------- ----------- -----------
Barnes & Noble's
ownership interest in
GameStop 17,661 18,660 26,751 8,562
Share in GameStop EPS 0.23 0.23 0.34 0.11
----------- ----------- ----------- -----------
Consolidated Retail EPS 1.44 1.38 1.90 1.70
----------- ----------- ----------- -----------
BARNES & NOBLE.COM
Net loss, as reported (15,042) (127,836) (73,657) (244,366)
Barnes & Noble's
ownership interest (5,568) (46,292) (26,795) (88,378)
Income taxes (2,241) (19,211) (10,785) (36,677)
----------- ----------- ----------- -----------
Barnes & Noble's
ownership interest in
Barnes & Noble.com (3,327) (27,081) (16,010) (51,701)
----------- ----------- ----------- -----------
Share of Barnes &
Noble.com EPS (0.04) (0.34) (0.21) (0.66)
----------- ----------- ----------- -----------
OTHER INVESTMENTS
Other expense, as
reported 0.00 (3,705) (16,498) (11,730)
Share of Calendar Club
pretax profit 11,259 10,862 2,635 2,659
----------- ----------- ----------- -----------
Operating profit
(loss), other
investments 11,259 7,157 (13,863) (9,071)
Income taxes 4,532 2,970 (5,580) (3,764)
----------- ----------- ----------- -----------
Net income (loss) from
other investments 6,727 4,187 (8,283) (5,307)
----------- ----------- ----------- -----------
Other investments EPS 0.09 0.05 (0.11) (0.07)
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Consolidated EPS before
Gemstar impairment
charge 1.49 1.09 1.58 0.97
----------- ----------- ----------- -----------
Gemstar impairment
charge, net of tax 0.00 0.00 (15,133) 0.00
----------- ----------- ----------- -----------
Gemstar impairment
charge EPS 0.00 0.00 (0.19) 0.00
----------- ----------- ----------- -----------
Legal settlement
expense, net of tax 0.00 0.00 0.00 (2,633)
----------- ----------- ----------- -----------
Legal settlement
expense EPS 0.00 0.00 0.00 (0.03)
----------- ----------- ----------- -----------
CONSOLIDATED EPS 1.49 1.09 1.39 0.94
=========== =========== =========== ===========
Weighted average shares
outstanding 75,245,000 79,171,000 77,680,000 77,839,000
BARNES & NOBLE, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(thousands of dollars, except per share data)
-------------------------------------------- -----------------------
13 weeks ended 52 weeks ended
February 1, February 2, February 1, February 2,
2003 2002 2003 2002
----------------------- ------------------------
Sales (1) $1,846,110 1,815,130 5,269,335 4,870,390
Cost of sales and
occupancy 1,312,222 1,300,945 3,855,842 3,560,038
----------- ----------- ----------- -----------
Gross profit 533,888 514,185 1,413,493 1,310,352
----------- ----------- ----------- -----------
Selling and
administrative
expenses 277,003 272,744 965,135 904,280
Legal settlement
expense - - - 4,500
Depreciation and
amortization 38,339 38,066 148,691 147,826
Pre-opening expenses 2,150 2,924 10,227 7,959
Impairment charge - - 25,328 -
----------- ----------- ----------- -----------
Operating profit (2) 216,396 200,451 264,112 245,787
Interest expense, net (5,536) (6,942) (21,506) (36,334)
Equity in net loss of
Barnes & Noble.com (5,568) (46,292) (26,795) (88,378)
Other expense,
primarily losses
attributable to
equity-method
investments - (3,705) (16,498) (11,730)
----------- ----------- ----------- -----------
Income before
taxes and
minority
interest (3) 205,292 143,512 199,313 109,345
Income taxes 82,634 59,557 80,223 45,378
----------- ----------- ----------- -----------
Income before
minority
interest 122,658 83,955 119,090 63,967
Minority interest (11,647) - (19,142) -
----------- ----------- ----------- -----------
Net income $111,011 83,955 99,948 63,967
=========== =========== =========== ===========
Income per common
share:
Basic $1.72 1.25 1.51 0.96
Diluted $1.49 1.09 1.39 0.94
Weighted average
common shares
outstanding
Basic 64,578,000 67,173,000 66,362,000 66,393,000
Diluted 75,245,000 79,171,000 77,680,000 77,839,000
Percentage of sales:
Sales (1) 100.0% 100.0% 100.0% 100.0%
Cost of sales and
occupancy 71.1% 71.7% 73.2% 73.1%
----------- ----------- ----------- -----------
Gross profit 28.9% 28.3% 26.8% 26.9%
----------- ----------- ----------- -----------
Selling and
administrative
expenses 15.0% 15.0% 18.3% 18.6%
Legal settlement
expense 0.0% 0.0% 0.0% 0.1%
Depreciation and
amortization 2.1% 2.1% 2.8% 3.0%
Pre-opening expenses 0.1% 0.2% 0.2% 0.2%
Impairment charge 0.0% 0.0% 0.5% 0.0%
----------- ----------- ----------- -----------
Operating profit (2) 11.7% 11.0% 5.0% 5.0%
Interest expense, net -0.3% -0.4% -0.4% -0.7%
Equity in net loss of
Barnes & Noble.com -0.3% -2.5% -0.5% -1.8%
Other expense,
primarily losses
attributable to
equity-method
investments 0.0% -0.2% -0.3% -0.3%
----------- ----------- ----------- -----------
Income before
taxes and
minority
interest (3) 11.1% 7.9% 3.8% 2.2%
Income taxes 4.5% 3.3% 1.5% 0.9%
----------- ----------- ----------- -----------
Income before
minority
interest 6.6% 4.6% 2.3% 1.3%
Minority interest -0.6% 0.0% -0.4% 0.0%
----------- ----------- ----------- -----------
Net income 6.0% 4.6% 1.9% 1.3%
=========== =========== =========== ===========
(1) Includes Calendar Club sales of $64.2 and $69.5 for the 13 and
52 weeks ended February 1, 2003, respectively. Includes Calendar Club
sales of $62.1 and $68.2 for the 13 and 52 weeks ended February 2,
2002, respectively.
(2) Includes Calendar Club operating profit of $11.4 and $2.8 for the
13 and 52 weeks ended February 1, 2003, respectively. Includes
Calendar Club operating profit of $11.0 and $3.0 for the 13 and 52
weeks ended February 2, 2002, respectively.
(3) Includes Calendar Club pretax profit of $11.3 and $2.6 for the 13
and 52 weeks ended February 1, 2003, respectively. Includes Calendar
Club pretax profit of $10.9 and $2.7 for the 13 and 52 weeks ended
February 2, 2002, respectively.
BARNES & NOBLE, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(thousands of dollars, except per share data)
----------------------------------------------------------------------
February 1, February 2,
2003 2002
-----------------------
ASSETS
Current assets:
Cash and cash equivalents $267,642 108,218
Receivables, net 66,948 51,366
Barnes & Noble.com receivable 55,174 47,204
Merchandise inventories 1,395,872 1,285,005
Prepaid expenses and other current assets 101,232 99,201
----------- ----------
Total current assets 1,886,868 1,590,994
----------- ----------
Property and equipment:
Land and land improvements 3,247 3,247
Buildings and leasehold improvements 495,499 468,954
Fixtures and equipment 936,136 798,505
----------- ----------
1,434,882 1,270,706
Less accumulated depreciation and
amortization 812,579 674,937
----------- ----------
Net property and equipment 622,303 595,769
----------- ----------
Intangible assets, net 438,572 352,897
Investment in Barnes & Noble.com 23,280 48,217
Other noncurrent assets 24,404 35,343
----------- ----------
Total assets $2,995,427 2,623,220
=========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $710,907 695,284
Accrued liabilities 520,541 444,944
----------- ----------
Total current liabilities 1,231,448 1,140,228
----------- ----------
Long-term debt 300,000 449,000
Deferred income taxes 119,823 36,178
Other long-term liabilities 115,415 109,704
Minority interest 200,951 -
Shareholders' equity:
Common stock; $.001 par value; 300,000,000
shares
authorized; 73,110,740 and 72,713,069
shares issued, respectively 73 73
Additional paid-in capital 828,522 728,015
Accumulated other comprehensive loss (11,064) (14,303)
Retained earnings 391,650 291,702
Treasury stock, at cost, 8,502,700 and
5,504,700
shares, respectively (181,391) (117,377)
----------- ----------
Total shareholders' equity 1,027,790 888,110
----------- ----------
Commitments and contingencies - -
----------- ----------
Total liabilities and shareholders' equity $2,995,427 2,623,220
=========== ==========
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