Books-A-Million beats expectations
By William L. Watts, CBS MarketWatch
Last Update: 5:23 PM ET Aug 19, 1999 Also: NewsWatch
BIRMINGHAM, Ala. (CBS.MW) -- Retailer Books-A-Million Inc. reported Thursday that it avoided red ink in the second quarter, beating Wall Street expectations.
The company said it saw net income of $19,000, which put it at the break-even point on a per-share basis. Books-A-Million posted a loss of $514,000, or 3 cents a share, in the second quarter last year.
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Updated:
8/19/99 4:58:24 PM ET
Analysts surveyed by First Call had predicted another 3-cent loss in this year's second quarter.
The results were announced after the closing bell. Books-A-Million (BAMM: news, msgs) shares slipped 5/16 during the session to close at 10 1/16.
Books-A-Million, which operates 178 stores in 17 states, said comparable-store sales rose 5.4 percent in the second quarter, while net sales rose 15.3 percent to $89.9 million.
"We are very pleased with these results and believe we are well-positioned to build on this trend as we enter the second half of our fiscal year," said Clyde B. Anderson, president and chief executive, in a press release.
The company reported net income of $329,000, or 2 cents per share, for the first half of fiscal 2000, compared with a net loss of $504,000, or 3 cents per share, for the same period of fiscal 1999.
Books-A-Million operates large superstores under the names Books-A-Million and Books & Co., as well as traditional bookstores and combination book and greeting-card stores under the names Bookland and Joe Muggs Newsstands. Its online store is located at www.booksamillion.com.
The company recently announced a strategic alliance with Wal-Mart, making Books-A-Million the exclusive provider and distributor of books and related products to the discount giant's online customers.
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