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November 27 – December 4, 2008 Edition
In Third Quarter
BIRMINGHAM, AL/Authorlink News/11/27/08–Books-A-Million, Inc. last week announced financial results for the third quarter and 39-week period ended November 1, 2008. Net sales for the 13-week period ended November 1, 2008, decreased 5.7% to $111.0 million from net sales of $117.7 million in the year-earlier period. Comparable store sales for the third quarter decreased 9.9% when compared with the 13-week period for the prior year. Net loss for the third quarter increased to $2.2 million, or $0.14 per diluted share, compared with net loss of $555,000, or $0.03 per diluted share, in the year-earlier period.
For the 39-week period ended November 1, 2008, net sales decreased 4.8% to $349.2 million from net sales of $366.8 million in the year-earlier period. Comparable store sales decreased 8.0% when compared with the same period in the prior year. For the 39-week period ended November 1, 2008, the Company reported net loss of $635,000, or $0.04 per diluted share, compared with net income of $4.7 million, or $0.28 per diluted share, for the year-earlier period.
Commenting on the results, Sandra B. Cochran, President and Chief Executive Officer, said, “Results for the quarter were clearly disappointing. We faced dramatic macroeconomic headwinds, and as a result we experienced our weakest comparable store sales in many years. The negative trends were broadly felt across most categories although bargain books, gifts and teen provided positive results. Our entire team remains focused on adjusting to this difficult environment by controlling costs, managing inventory and preparing for the holiday season.”
The Company also announced that its Board of Directors has approved a quarterly cash dividend of $0.05 per share. The quarterly dividend will be paid on December 19, 2008, to stockholders of record at the close of business on December 5, 2008.
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 217 stores in 20 states and the District of Columbia. The Company operates large superstores under the names Books-A-Million and Books & Co. and traditional bookstores operating under the name Bookland and Books-A-Million. The common stock of Books-A-Million, Inc. is traded on the NASDAQ Global Select Market under the symbol BAMM.
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