Books-A-Million, Inc. Announces Third Quarter Results; Comparable Store Sales Increase 4.4%.Business Editors BIRMINGHAM, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--Nov. 19, 2003 Books-A-Million, Inc. (Nasdaq/NM:BAMM BAMM British Association of Medical Managers BAMM Bay Area Model Mugging (now Impact Bay Area) BAMM Beta and Advection Model - Medium BAMM Bay Area Math Meet (San Francisco, CA) ) today announced financial results for the third quarter and nine months ended November 1, 2003. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the third quarter of fiscal 2004 increased 6.6% to $103.1 million from $96.7 million in the year-earlier period. Comparable store sales for the quarter increased 4.4%. Net loss for the quarter was $755,000, or $0.05 per 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, compared with a net loss of $2.8 million, or $0.17 per diluted share, in the year-earlier period. For the 39-week period ended November 1, 2003, net sales increased 4.6% to $315.4 million from sales of $301.4 million in the prior-year period. Comparable store sales increased 2.6% when compared with the same period of fiscal 2003. For the 39-week period, the Company reported a net loss of $436,000, or $0.03 per diluted share, compared with a net loss of $4.5 million, or $0.28 per diluted share, for the year-earlier period. Last year's net loss included a decrease to earnings to reflect the cumulative effect of a change in accounting principle of $1.2 million after tax, or $0.08 per diluted share. Before the change in accounting principle, the Company reported a loss of $3.3 million, or $0.20 per diluted share. Commenting on the results, Clyde B. Anderson, Chairman and Chief Executive Officer, said, "One of the best title lineups in years resulted in strong comparable store sales increases during the quarter. Bestsellers in several categories, along with the performance of our Joe Muggs cafes, contributed to our success during the quarter. Diet and Health was one of the leading categories, led by The South Beach Diet and Dr. Phil Dr. Phil may refer to:
 This article or section contains information about one or more candidates in an upcoming or ongoing election.Content may change as the election approaches. and talk show host Bill O'Reilly Bill O'Reilly may refer to:
The strong title lineup A criminal investigation technique in which the police arrange a number of individuals in a row before a witness to a crime and ask the witness to identify which, if any, of the individuals committed the crime. released during the third quarter should continue to perform well into the holiday selling season. That lineup, combined with several upcoming new titles, is expected to lead to improved comparable store sales versus last year's fourth quarter. Books-A-Million is one of the nation's leading book retailers and sells on the Internet at www.booksamillion.com. The Company presently operates 204 stores in 18 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . The Company operates three distinct store formats, including large superstores This is a list of superstores by country. Multi-national
n. 1. (O. Eng. Law) Charter land held by deed under certain rents and free services, which differed in nothing from free socage lands. This species of tenure has given rise to the modern freeholds. and Books-A-Million, and Joe Muggs Newsstands. The Company's wholesale operations include American Wholesale Book Company and Book$mart, both based in Florence, Alabama Florence city is the seat of Lauderdale County, which is situated in the northwest corner of the U.S. state of Alabama. According to the 2005 Census Bureau estimates, the city's population was 36,721. . NetCentral, Inc., an Internet development and service Company is located in Nashville, Tennessee “Nashville” redirects here. For other uses, see Nashville (disambiguation). Nashville is the capital and the second most populous city of the U.S. state of Tennessee, after Memphis. .
BOOKS-A-MILLION, INC.
Unaudited Consolidated Statements of Income
(In thousands, except per share data)
13 Weeks Ended 39 Weeks Ended
------------------- -------------------
Nov. 1, Nov. 2, Nov. 1, Nov. 2,
2003 2002 2003 2002
-------- -------- -------- --------
NET SALES $103,067 $ 96,694 $315,385 $301,426
Cost of sales (including
warehouse, distribution
and store occupancy
costs) 76,720 73,952 233,106 223,163
-------- -------- -------- --------
GROSS PROFIT 26,347 22,742 82,279 78,263
Operating, selling and
administrative expenses 22,899 21,774 68,308 68,255
Depreciation and
amortization 3,864 4,078 11,881 11,966
-------- -------- -------- --------
OPERATING INCOME (LOSS) (416) (3,110) 2,090 (1,958)
Interest expense, net 747 1,274 2,464 3,208
-------- -------- -------- --------
LOSS FROM CONTINUING
OPERATIONS BEFORE
INCOME TAXES AND
CUMULATIVE EFFECT
OF CHANGE IN
ACCOUNTING PRINCIPLE (1,163) (4,384) (374) (5,166)
Income tax benefit (442) (1,667) (142) (1,964)
-------- -------- -------- --------
LOSS FROM CONTINUING
OPERATIONS BEFORE
CUMULATIVE EFFECT
OF A CHANGE IN
ACCOUNTING PRINCIPLE (721) (2,717) (232) (3,202)
DISCONTINUED OPERATIONS:
Loss from discontinued
operations (including
loss on disposal) (54) (60) (329) (143)
Income tax benefit (20) (22) (125) (54)
-------- -------- -------- --------
LOSS FROM DISCONTINUED
OPERATIONS (34) (38) (204) (89)
-------- -------- -------- --------
INCOME (LOSS) BEFORE
CUMULATIVE EFFECT
OF A CHANGE IN
ACCOUNTING PRINCIPLE (755) (2,755) (436) (3,291)
Cumulative effect of a
change in accounting
principle, net of
income taxes -- -- -- (1,201)
-------- -------- -------- --------
NET LOSS $ (755) $ (2,755) $ (436) $ (4,492)
======== ======== ======== ========
NET LOSS PER COMMON SHARE:
Basic:
Loss from continuing
operations before
cumulative effect of a
change in accounting
principle $ (0.05) $ (0.17) $ (0.02) $ (0.19)
Loss from discontinued
operations (0.00) (0.00) (0.01) (0.01)
-------- -------- -------- --------
Loss before cumulative
effect of a change in
accounting principle (0.05) (0.17) (0.03) (0.20)
Cumulative effect of a
change in accounting
principle 0.00 0.00 0.00 (0.08)
-------- -------- -------- --------
Net loss $ (0.05) $ (0.17) $ (0.03) $ (0.28)
======== ======== ======== ========
Diluted:
Loss from continuing
operations before
effect of a change in
accounting principle $ (0.05) $ (0.17) $ (0.02) $ (0.19)
Loss from discontinued
operations (0.00) (0.00) (0.01) (0.01)
-------- -------- -------- --------
Loss before cumulative
effect of a change in
accounting principle (0.05) (0.17) (0.03) (0.20)
Cumulative effect of a
change in accounting
principle 0.00 0.00 0.00 (0.08)
-------- -------- -------- --------
Net loss $ (0.05) $ (0.17) $ (0.03) $ (0.28)
======== ======== ======== ========
Weighted average shares
outstanding:
Basic 16,278 16,200 16,249 16,187
======== ======== ======== ========
Diluted 16,278 16,200 16,249 16,187
======== ======== ======== ========
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. Statement Under 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: This document contains certain 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. 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. In addition, such forward-looking statements are necessarily dependent upon assumptions, estimates and dates that may be incorrect or imprecise im·pre·cise adj. Not precise. im  pre·cise ly adv. and involve known
and unknown risks, uncertainties and other factors. Accordingly, any
forward-looking statements included herein do not purport To convey, imply, or profess; to have an appearance or effect.The purport of an instrument generally refers to its facial appearance or import, as distinguished from the tenor of an instrument, which means an exact copy or duplicate. PURPORT, pleading. to be predictions of future events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or and may not be realized. Given these uncertainties, shareholders and prospective investors are cautioned not to place undue reliance on such forward-looking statements. 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. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion