Well the volume hit 143,000 Friday. Think someone noticed due to earnings reported 11/18 and target price of $18 put out by First Financial 11/03. Think it might be a nice play over the next qtr IMO. Plan to get more shares.
PR Newswire - November 18, 1998 16:20
AMARILLO, Texas, Nov. 18 /PRNewswire/ -- Hastings Entertainment, Inc. (Nasdaq: HAST), a leading multimedia entertainment superstore retailer, today reported net income for the fiscal 1998 third quarter ending October 31, 1998 jumped to $1,318,000 from $90,000 for the comparable fiscal 1997 third quarter. Basic earnings per share for the quarter were $0.11 on 35.9% more shares outstanding, compared with $0.01 per share for the like period a year ago. Diluted earnings per share for the current quarter were $0.11 on 33.2% more shares outstanding versus $0.01 for the similar period in fiscal 1997. Total revenues for the third quarter of this year were $91,622,000, up 13.8% from $80,520,000 for the third quarter of last year. Comparable-store revenues were up 6% for the third quarter of fiscal 1998.
For the first nine months of fiscal 1998, net income was up 88.6% to $4,318,000 from $2,289,000 for the first nine months of fiscal 1997. Basic earnings per share were $0.43 on 17.8% more shares outstanding, up 59.3% from $0.27 per share a year ago. Diluted earnings per share for the first three quarters of fiscal 1998 totaled $0.42 on 16.3% more shares outstanding, up 61.5% from $0.26 for the same period in fiscal 1997. Total revenues for the first nine months of fiscal 1998 were $272,196,000, up 13.1% from $240,609,000 for the first nine months of last year. Comparable-store revenues were up 7% for the first nine months of fiscal 1998.
"As had been the case in the second quarter, gains in merchandise sales revenue were well balanced between our book, music, video and software departments, with the movie 'Titanic' being a great sales success in our superstores," said John H. Marmaduke, chairman and chief executive officer. "We are feeling confident about the upcoming Christmas season, with our seasonal inventories in excellent condition and our anticipation of significant product releases in the fourth quarter.
"We continue to enjoy solid competitive advantages by having most of our superstores located in small to medium-sized markets, where we offer a wide range of entertainment products to our customers. A key element of our successful business strategy has been to continue to grow our superstore base in these markets," said Marmaduke. "During the third quarter, we opened five new superstores, and with the Franklin, Tennessee store opening the first week of November, we have completed our plan to have a total of 12 new stores opened during the 1998 fiscal year. By the end of fiscal year 2000, we anticipate growing to 170 superstores as we continue the most ambitious store opening program in our 30-year history.
"In the third quarter, we once again significantly reduced selling, general and administrative expenses as a percentage of revenues, just as we did in the prior two quarters, due to our continuing strong emphasis on carefully controlling operating costs at both the store and corporate levels," added Marmaduke. "The savings resulting from the lower SG&A expense level, together with increased gross margins for the third quarter of this year, contributed to our strong bottom-line comparisons."
Founded in 1968, Hastings is a leading multimedia entertainment retailer that combines the sale of books, music, software, periodicals and videotapes with the rental of videotapes and video games in a superstore format. The company currently operates 129 superstores, averaging 21,200 square feet, primarily in small to medium-sized markets in the Midwestern and Western United States.
Hastings also operates www.hastingsentertainment.com, the only fully integrated, multimedia entertainment e-commerce Internet Web site, that offers books, music, software, videotapes and video games to the electronic global marketplace. General financial information about Hastings is available to investors and customers via the Internet at this site.
Certain statements set forth above are forward looking statements within the meaning of the Securities Exchange Act of 1934. Such statements are based upon management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. The forward-looking statements set forth above are subject to the factors and uncertainties set forth under the heading "Risk Factors" in the Company's Registration Statement on Form S-1 as filed with the SEC and declared effective on June 11, 1998.
Hastings Entertainment, Inc.
PR Newswire - November 04, 1998 12:01
DALLAS, Nov. 4 /PRNewswire/ -- The following is being issued by First Financial Investment Securities, a member of the National Association of Securities Dealers, CRD number 40418:
On Tuesday, November the 3rd, First Financial Investment Securities analyst Chris Adams initiated coverage of Amarillo-based Hastings Entertainment, Inc. (Nasdaq: HAST) with a recommendation of a Buy with a 12-18 month price target of $18 per share. Hastings is at the beginning of a rapid market expansion of multimedia entertainment superstores in the smaller markets of the United States. Revenue and earnings estimates for fiscal year 1998 are $386.8 million and $1.02 per share, respectively. FY99 estimates are $418.9 million and $1.08 per share.
For more information contact Chris Adams, Equity Analyst, or Noel Bustamante and Bill Ballinger, Managing Directors of Sales at 888-522-5929.
SOURCE First Financial Investment Securities
/CONTACT: Chris Adams, Equity Analyst, or Noel Bustamante, Managing Director of Sales or Bill Ballinger, Managing Director of Sales, all of First Financial Investment Securities, 888-522-5929/
So any comments?
Keith |
