Thomas Nelson Inc. Releases Third Quarter --FY1999 Results--.NASHVILLE, Tenn.--(BUSINESS WIRE)--Feb. 2, 1999--Thomas Nelson, Inc. (NYSE NYSE See: New York Stock Exchange :TNM TNM tumor-nodes-metastasis; see under staging. TNM tumor, nodes and metastases; a system of cancer staging (see TNM staging). ) today announced results for its third fiscal quarter and first nine months of fiscal 1999. For the three months through December 31, 1998, revenues were $66.6 million, a 3% increase over the $64.7 million reported for the comparable period a year ago. Basic earnings per share in the recent quarter were $0.28, a 7.7% gain from the $0.26 of the year ago period. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.27, a 12.5% increase over the comparable period in fiscal 1998. Net income was $4.2 million in the quarter; a decline of 5.9% from the $4.4 million in last year's comparable quarter. Revenues for the first nine months of fiscal 1999 were $193.0 million vs. $187.7 million in the first nine months of last fiscal year. This represents a 2.8% year-to-year gain. Net income was $9.8 million in the first nine months of fiscal 1999, a 2.1% decline. Basic earnings per share rose 6.8%, reaching $0.63 in the recent nine months compared to $0.59 in the comparable year-ago period. Diluted earnings per share rose to $0.61 in the first nine months of fiscal 1999 from $0.57 last year, a 7.0% improvement. As previously announced, the Company has initiated a share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program, and, through the end of the third fiscal quarter, has repurchased approximately 2.4 million shares of common stock. Commenting on the recent quarter, Sam Moore Sam Moore (born Samuel David Moore, 12 October 1935, Miami, Florida) is an American Southern Soul singer. Overview Moore is best known for his work as Sam of the soul duo Sam & Dave, where he was the higher tenor voice, and featured as lead vocal on most of their biggest , Thomas Nelson's Chairman and President said: "Although our earnings per share results were in line with our own and Wall Street's expectations, the quarter was a difficult one. In comparison to the prior year, our gift division was in its normal seasonal low and experienced flat revenues. On the book side, we saw moderate revenue growth - comparable to the overall publishing industry. "Underlying business trends remain satisfactory, and the Company has a very promising line-up of products set for release over the next several months. Our authors continue to dominate the best-seller lists, and some of our more recent and innovative lines, such as Tommy Nelson Tom Cousineau Nelson (May 1, 1917 - September 24, 1973) was a Major League Baseball infielder who played for the Boston Braves in 1945. The 28-year-old rookie was a native of Chicago, Illinois. (TM), our children's imprint im·print tr.v. im·print·ed, im·print·ing, im·prints 1. To produce (a mark or pattern) on a surface by pressure. 2. To produce a mark on (a surface) by pressure. 3. , J. Countryman(R), publisher of gift books, and several titles from our electronic publishing An umbrella term for non-paper publishing, which includes publishing online or on media such as CDs and DVDs. and reference division, are enjoying especially good market acceptance. "In addition, the Company's initial experience with 'E-commerce', utilizing our own site on the World Wide Web, and with national TV advertising, with spots running on the family-friendly Pax Network, are producing encouraging results." This news release includes 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. . Actual results could differ materially from those reflected by the forward-looking statements and a number of factors may affect future results, liquidity and capital resources. These factors include softness in the general retail environment, the timing of products being introduced to the market, the level of returns experienced by the operating divisions, the level of margins achievable in the marketplace and the ability to minimize 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. . Although the Company believes it has the business strategy and resources needed for improved operations, future revenue and margin trends cannot be reliably predicted and may cause the Company to adjust its business strategy for the remaining portion of the 1999 fiscal year. The Company disclaims any intent or obligation to update forward-looking statements. Thomas Nelson Thomas Nelson may refer to:
adj. 1. Of or relating to inspiration. 2. Providing or intended to convey inspiration. 3. Resulting from inspiration. and family value themes, and believes it is the largest commercial publisher of the Bible in English language English language, member of the West Germanic group of the Germanic subfamily of the Indo-European family of languages (see Germanic languages). Spoken by about 470 million people throughout the world, English is the official language of about 45 nations. translations. The Company also designs, manufactures and markets a broad line of gift and stationery The term for boilerplate in the Eudora mail client, starting with Version 3.0. Stationery files are stored on disk and brought into new messages or added to replies. See boilerplate. products. The Company believes it is the largest publisher of Christian and inspirational books in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and a major producer of gift and stationery items. For more information, visit our website http://www.thomasnelson.com. Thomas Nelson stock is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. with the symbol TNM. -0-
THOMAS NELSON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
Nine Months Ended Three Months Ended
December 31, December 31,
1998 1997 1998 1997
---- ---- ---- ----
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net revenues $ 193,023 $ 187,735 $ 66,584 $ 64,658
Cost of goods sold 103,074 103,258 35,590 35,427
--------- --------- -------- --------
Gross Profit 89,949 84,477 30,994 29,231
Selling, general and
administrative 68,783 63,447 22,353 20,497
Amortization of goodwill
and non-compete
agreements 1,234 1,433 417 437
--------- --------- -------- --------
OPERATING INCOME 19,932 19,597 8,224 8,297
Other income 369 1,085 47 277
Interest expense 4,752 4,568 1,672 1,483
--------- --------- -------- --------
Income from continuing
operations before
income taxes 15,549 16,114 6,599 7,091
Provision for income
taxes 5,753 6,103 2,442 2,674
--------- --------- -------- --------
NET INCOME $ 9,796 $ 10,011 $ 4,157 $ 4,417
========= ========= ======== ========
Weighted average number
of shares outstanding:
Basic 15,497 17,112 14,725 17,112
========= ========= ======== ========
Diluted 18,515 20,384 17,223 20,392
========= ========= ======== ========
NET INCOME PER SHARE:
Basic $ 0.63 $ 0.59 $ 0.28 $ 0.26
========= ========= ======== ========
Diluted $ 0.61 $ 0.57 $ 0.27 $ 0.24
========= ========= ======== ========
DIVIDENDS DECLARED
PER SHARE $ 0.12 $ 0.12 $ 0.04 $ 0.04
========= ========= ======== ========
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