BOOKS-A-MILLION, INC. 402 Industrial Lane
Birmingham, AL 35211
205-942-3737
Contact: R. Todd Noden
Executive Vice President and Chief Financial Officer
(205) 909-4808
For the 39-week period ended November 1, 2014, revenue increased 0.3% to $313.3 million from revenue of $312.4 million in the year earlier period. Comparable store sales declined 0.2% compared with the same period in the prior year. For the 39-week period ended November 1, 2014, net loss attributable to Books-A-Million was $15.5 million, or $1.08 per diluted share, compared with a net loss of $19.8 million, or $1.34 per diluted share, in the year earlier period.
Commenting on the results, Terrance G. Finley, Chief Executive Officer and President, said, "We delivered solid sales performance in our retail stores as we built on the results from the prior quarter. We saw positive comparable sales in the largest categories in our core book business led by Kids and Teen, where our sales continue to be boosted by movie tie-ins from Disney's Frozen to John Green's Fault In Our Stars. We also saw positive results in our General Merchandise category and Cafés. In our 2nd and Charles division, we continued our expansion with two new stores located in Athens, GA and Bossier City, LA, which brought our store count to twenty-two."
Books-A-Million, Inc. is one of the nation's leading book retailers and sells on the Internet at www.booksamillion.com. The Company presently operates 262 stores in 33 states and the District of Columbia. The Company operates large superstores under the names Books-A-Million (BAM!), Books & Co. and 2nd & Charles and traditional bookstores operating under the names Bookland and Books-A-Million. Also included in the Company's retail operations is the operation of Yogurt Mountain Holding, LLC, a retailer and franchisor of self-serve frozen yogurt stores with 44 locations. The Company also develops and manages commercial real estate investments through its subsidiary, Preferred Growth Properties, which presently include four retail shopping centers. The common stock of Books-A-Million, Inc. is traded on the NASDAQ Global Select Market under the symbol BAMM. For more information, visit the Company's corporate website at www.booksamillioninc.com.
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BAMM Announces Third Quarter 2015 Results
Page 2
November 25, 2014
BOOKS-A-MILLION, INC. Unaudited Consolidated Financial Highlights(In thousands, except per share data)
Revenue
(a) (a)
Net sales $ 100,374 $ 99,543 $ 311,104 $ 311,146
Other revenue 812 451 2,200 1,274 Total revenues 101,186 99,994 313,304 312,420
Cost of products sold, including warehouse
distribution and store occupancy costs 74,369 73,839 227,051 226,794 Gross profit 26,817 26,155 86,253 85,626
Operating, selling and administrative
expenses 29,577 28,602 88,173 87,107
Depreciation and amortization 4,303 4,764 13,120 13,483 Operating loss from continuing operations (7,063) (7,211) (15,040) (14,964)
Interest expense, net 478 620 1,603 1,512
Loss from continuing operations, before
income taxes (7,541) (7,831) (16,643) (16,476) Income tax expense (benefit) (476) (590) (442) 3,485
Net loss from continuing operations before
equity method investment (7,065) (7,241) (16,201) (19,961) Net income on equity method investment 10 113 177 112
Less net loss attributable to noncontrolling
interest (164) (197) (537) (218)
Net loss per share attributable to Books-A-Million:
Basic and Diluted
Net loss from continuing operations $ (0.50) $ (0.47) $ (1.08) $ (1.33) Net loss from discontinued operations -- -- -- (0.01)
Net loss per common share $ (0.50) $ (0.47) $ (1.08) $ (1.34) Weighted average number of shares
outstanding - basic and diluted 13,912 14,657 14,315 14,725
(a) The results for the 13-weeks and 39-weeks ended November 2, 2013 contain certain reclassifications for discontinued operations and other insignificant reclassifications necessary to conform to the presentation of the 13-weeks and 39-weeks ended November 1, 2014.
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BAMM Announces Third Quarter 2015 Results
Page 3
November 25, 2014
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This document contains certain forward-looking statements 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 areas; inflation or deflation; economic conditions in general and in the Company's specific market areas, including the length of time that the United States economy remains in the current state of limited economic growth; the number of store openings and closings; the profitability of certain product lines and business segments, capital expenditures and future liquidity; liability and other claims asserted against the Company; the impact of electronic books and e-content; uncertainties related to the Internet and the Company's Internet operations; the successful development of the properties held by the Company in connection with the Company's real estate development and management segment; the Company's ability to lease the properties; and the factors described in Part I, Item 1A, "Risk Factors" in the Company's Annual Report on form
10-K for the year ended February 1, 2014. In addition, such forward-looking statements are necessarily dependent upon assumptions, estimates and dates that may be incorrect or imprecise and involve known and unknown risks, uncertainties and other factors. Accordingly, any forward- looking statements included herein do not purport to be predictions of future events or circumstances and may not be realized. Given these uncertainties, stockholders and prospective investors are cautioned not to place undue reliance on such forward-looking statements. Please refer to the Company's annual, quarterly and periodic reports on file with the SEC for a more detailed discussion of these an d other risks that could cause results to differ materially. 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.
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