MAIN NEWS HEADLINES
May 29 – June 5, 2008 Edition
Books-A-Million
Sales Decline
In Fiscal Quarter
BIRMINGHAM, AL/5/22/08–Books-A-Million fiscal 2009 sales for the 13-week period ending May 3, 2008 , fell 0.7% to $115.5 million from sales of $116.3 million in the year-earlier period. Comparable store sales for the quarter decreased 3.4% when compared with the 13-week period for the prior first quarter.
Net income decreased to $0.9 million, from $2.1 million in the same year-ago period. First quarter results for fiscal 2009 included a one-time charge of $406,000 ($241,000 net of taxes) for severance related to a staff reduction at the Companys headquarters.
Commenting on the results, Sandra B. Cochran, President and Chief Executive Officer, said, Our first quarter results were affected by a very challenging economic environment. We are focused on executing the fundamentals of managing inventory, controlling costs and maintaining margins while adjusting our merchandising plan to meet the demands of a cost-conscious consumer.
In addition, the Board of Directors has declared a regular quarterly cash dividend of $0.09 per common share. The dividend will be paid on June 19, 2008, to shareholders of record at the close of business on June 5, 2008.
Books-A-Million is one of the nations leading book retailers and sells on the Internet at www.booksamillion.com. The Company presently operates 207 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, Books-A-Million and Joe Muggs Newsstands. The common stock of Books-A-Million, Inc. is traded on the NASDAQ Global Select Market under the symbol BAMM.
