May 19, 1999 08:46
Hastings Entertainment First Quarter Net Income Jumps 41.8% on
12.5% Revenue Gain; Comp-Store Sales Up 5.5%
AMARILLO, Texas, May 19 /PRNewswire/ -- Hastings Entertainment, Inc. (Nasdaq: HAST), a leading multimedia entertainment superstore retailer, today announced that for the fiscal 1999 first quarter ended April 30, 1999, net income jumped 41.8% to $1,705,000 from $1,202,000 for the fiscal 1998 first quarter ended April 30, 1998. With 35.1% more shares outstanding, diluted earnings per share were $0.15 per share versus $0.14 per share for the first quarter of fiscal 1998. Revenues rose 12.5% to $100,579,000 for the fiscal 1999 first quarter from $89,387,000 for the first quarter of fiscal 1998, as comparable-store sales increased 5.5% from a year ago.
"Our first quarter results exhibited revenue growth in each of our major sale and rental categories with solid improvement in our gross margin performance," said John H. Marmaduke, chairman and chief executive officer. "Our retailing concept of providing a wide range of multimedia home entertainment products to small to-medium sized communities is unique, and it continues to allow Hastings to meet its growth goals while increasing profitability.
"As planned, we opened two superstores during the first quarter, and we have signed leases for an additional five superstores to be opened by the end of the second quarter. Hastings is well positioned to meet its goal to open 20 new superstores in 1999," added Marmaduke. "In addition, we are very enthusiastic about the potential revenue upside related to our new Web site, gohastings.com, which we anticipate will be launched by the end of May."
Founded in 1968, Hastings Entertainment, Inc. is a leading multimedia entertainment retailer that combines the sale of books, music, software, periodicals, DVDs and videotapes with the rental of videotapes, DVDs and video games in a superstore format. The Company currently operates 131 superstores, averaging 21,200 square feet, primarily in small to medium-sized markets in the Midwestern and Western United States. The Company opened two superstores during the first quarter of fiscal 1999 and anticipates opening up to 18 more superstores during the remainder of 1999. Hastings' new e-commerce Internet Web site, gohastings.com, will provide a selection of more than 10 million new and used entertainment products to the global community, as well as a line of low-priced computers and accessories. |
