Remember what I said about SPGLA and E-Commerce??? BAMM released and I am still not impressed. . . what were we thinking, when we sent Amazon to the moon?
Books-A-Million, Inc. Announces Record Sales
BIRMINGHAM, Ala.--(BUSINESS WIRE)--March 17, 1999--Books-A-Million, Inc. (Nasdaq/NM:BAMM) today announced financial results for the fourth quarter and fiscal year ended January 30, 1999. Net sales for the fourth quarter of fiscal 1999 increased 3.1% to a record $116.5 million from $113.0 million in the year-earlier period. Comparable store sales for the quarter were down 0.9%, a slight decrease from the prior-year period. Earnings before interest, taxes and depreciation for the fourth quarter increased 0.8% to $14.5 million from $14.4 million in the year-earlier period. Net income for the final three months of fiscal 1999 was $6.5 million, or $0.37 per basic share, compared with $6.4 million, or $0.37 per basic share, in the year-earlier period.
Net sales for all of fiscal 1999 increased 7.1% to a record
$347.9 million from $324.8 million in fiscal 1998. Comparable store
sales for the year decreased 2.8%. Earnings before interest, taxes and
depreciation for fiscal 1999 decreased 9.1% to $24.7 million from
$27.2 million in fiscal 1998. Net income for fiscal 1999 was $4.5
million, or $0.26 per basic share, compared with fiscal 1998 net
income of $7.0 million, or $0.40 per basic share.
Commenting on the results, Clyde B. Anderson, President and Chief
Executive Officer, said, "Although we are not yet satisfied with our
comparable store sales, the fourth quarter saw marked improvement over
the trend of the first three quarters. We are also encouraged by our
operating performance in the quarter which enabled us to maintain
earnings in the face of lower comparable store sales.
"Our plans for fiscal year 2000 include a continued focus on the
fundamentals of our business," Anderson continued. "Along with the
continued enhancement and expansion of our e-commerce initiative at
booksamillion.com, we will be adding stores in appropriate markets and
growing our wholesale business. We also plan to expand our Joe Muggs
coffee brand, both on the Internet and through the Joe Muggs cafes."
Books-A-Million is one of the nation's leading book retailers and
sells on the Internet at www.booksamillion.com. The company presently
operates 175 stores in 17 states. The Company operates four distinct
store formats, including large superstores operating under the names
Books-A-Million and Books & Co., traditional bookstores and
combination book and greeting card stores, both operating under the
name Bookland, and Joe Muggs Newsstands.
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BOOKS-A-MILLION, INC.
Unaudited Consolidated Financial Highlights
(In thousands, except per share data)
Fourth Quarter Ended
January 30, January 31,
1999 1998
Net sales $116,491 $113,045
Earnings before interest,
taxes and depreciation 14,527 14,414
Operating income 11,256 11,290
Net income $ 6,477 $ 6,373
Earnings per share:
Basic $ 0.37 $ 0.37
Diluted $ 0.36 $ 0.37
Weighted average number of
shares outstanding:
Basic 17,697 17,428
Diluted 18,136 17,428
Fiscal Year Ended
January 30, January 31,
1999 1998
Net sales $347,877 $324,762
Earnings before interest,
taxes and depreciation 24,690 27,160
Operating income 11,716 15,572
Net income $ 4,514 $ 6,969
Earnings per share:
Basic $ 0.26 $ 0.40
Diluted $ 0.26 $ 0.40
Weighted average number of
shares outstanding:
Basic 17,497 17,425
Diluted 17,549 17,425
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Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995:
Certain of the statements set forth herein are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements are based on management's current
intentions, assumptions and projections and are subject to risks and
uncertainties that could cause actual results to differ materially
from those set forth in the forward-looking statements. Factors that
could cause actual results to differ materially from those in the
forward-looking statements include, among other things, unanticipated
increases in merchandise, salary and distribution costs, and the
effects of increased competition on specific stores and the Company
generally.
CONTACT:
Books-A-Million Inc., Birmingham
Sandra B. Cochran, 205/942-3737 |
