Printer Friendly

BARNES & NOBLE, INC. REPORTS REVENUE GAIN OF 22 PERCENT IN THIRD QUARTER RESULTS

 NEW YORK, Nov. 23 /PRNewswire/ -- Due to rapidly increasing revenues from its superstore group, which is the nation's largest operator of book superstores, Barnes & Noble, Inc. (NYSE: BKS) posted a 22 percent revenue increase in its third quarter to $293.8 million, up from $241.5 million a year ago. For the nine months ended Oct. 30, 1993 revenues were up 26 percent to $853.7 million from $678.6 million a year ago.
 The net loss for the third quarter was reduced to ($5.5) million this year or ($.23) per share, before giving effect to the $10.6 million preferred stock redemption premium associated with the company's recently completed initial public offering, from ($6.6) million for the same period last year. The company attributes the year-to-year improvement in the third quarter to a rising percentage of revenues from its superstore group which grew to 48.7 percent of total company revenues, up from 31.3 percent for the same period last year. Also contributing to the improvement was a decline in selling and administrative expenses as a percentage of revenues, which decreased to 21.2 percent for the third quarter of 1993, down from 24.4 percent a year ago.
 The company's business is highly seasonal, with a major portion of its revenues and profits realized during the fourth quarter, which includes the holiday selling season.
 Comparable sales for the company's superstores rose 10.0 percent for the third quarter and were up 9.4 percent for the nine months ended Oct. 30, 1993. Comparable sales for superstores opened by the company (excluding the Bookstop/Bookstar stores acquired in 1989) rose 13.3 percent for the third quarter and were up 13.6 percent for the nine-month period. Comparable sales for the mall division were down 1.4 percent for the third quarter and up 0.6 percent for the nine-month period.
 During the third quarter, the company opened 24 superstores and closed 1 superstore, bringing the total to 191. For the same period, the company opened 4, relocated 4 and closed 4 mall bookstores. At quarter-end, the company operated 958 stores in 48 states, the District of Columbia and Puerto Rico, up from 909 stores one year ago.
 As a result of the company's recapitalization in November 1992 and its recent initial public offering, the company's net worth has increased to $301.1 million as of Oct. 30, 1993, up from $34.7 million on Oct. 31, 1992.
 In October 1993, Barnes & Noble, Inc. completed an initial public offering of 9,058,500 shares of its common stock at $20.00 per share. The offering was made through an underwriting group led by Morgan Stanley & Co. Incorporated and co-managed by Donaldson, Lufkin & Jenrette Securities Corporation and PaineWebber Incorporated.
 Barnes & Noble, Inc. operates superstores under the Barnes & Noble, Bookstop and Bookstar tradenames and mall stores under the B. Dalton Bookseller, Doubleday Book Shops and Scribner's Bookstore tradenames. Barnes & Noble, Inc. also publishes books under its own imprint for exclusive sale through its retail stores and nationwide mail-order catalogs.
 BARNES & NOBLE, INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (thousands of dollars)
 (unaudited)
 Periods 13 Weeks 39 Weeks
 Ended 10/30/93 10/31/92 10/30/93 10/31/92
 Revenues $293,831 241,453 853,699 678,645
 Cost of sales, buying
 and occupancy 194,879 156,375 567,403 450,551
 Gross profit 98,952 85,078 286,296 228,094
 Selling and administrative
 expenses 62,417 58,826 183,028 157,732
 Rental expenses 29,203 21,454 86,022 63,817
 Depreciation and
 amortization 7,043 6,825 21,048 18,612
 Pre-opening expenses 2,334 1,320 6,436 4,374
 Operating loss (2,045) (3,347) (10,238) (16,441)
 Interest (net of interest
 income of $488, $389, $982
 and $1,098, respectively)
 and amortization of debt
 discount and expense 6,518 6,200 20,281 19,992
 Loss before benefit for
 income taxes (8,563) (9,547) (30,519) (36,433)
 Benefit for income taxes (3,061) (2,933) (11,128) (12,948)
 Net loss (5,502) (6,614) (19,391) (23,485)
 Preferred stock redemption
 premium (10,627) -- (10,627) --
 Net loss after preferred
 stock redemption
 premium $(16,129) (6,614) (30,018) (23,485)
 Pro-forma net loss per
 common share $ (0.23) (0.34) (0.79) (1.21)
 Preferred stock redemption
 premium per common share (0.44) -- (0.43) --
 Pro-forma net loss per
 common share after preferred
 stock redemption premium (0.67) (0.34) (1.22) (1.21)
 Weighted average common
 shares outstanding 24,245,874 19,453,020 24,532,957 19,453,020
 -0- 11/23/93
 /CONTACT: Irene R. Miller, Executive Vice President-Finance of Barnes & Noble, 212-633-3451/
 (BKS)


CO: Barnes & Noble, Inc. ST: New York IN: REA SU: ERN

GK -- NY011 -- 7121 11/23/93 08:26 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 23, 1993
Words:812
Previous Article:THE LIPOSOME COMPANY, INC. STARTS PHASE III ABLC TRIALS IN SOUTH AFRICA -- DRUG BEING TESTED IN AIDS RELATED FUNGAL INFECTIONS --
Next Article:SZL SPORTSIGHT INC. FINALIZES ACQUISITION OF EASTERN MICRO SYSTEMS; DONALD M. PRIOR, FORMER IBM EXECUTIVE, NAMED EASTERN MICRO PRESIDENT
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters