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September 7 – September 14, 2006 Edition
BIRMINGHAM, Ala./9/5/2006Books-A-Million, Inc. (Nasdaq/NM:BAMM) has announced that its Board of Directors has authorized a program to repurchase up to $25 million in shares of its common stock. The program is in addition to the previous program to repurchase up to $10 million in shares of common stock that began in June 2006. As of August 2006, the company has repurchased $4.4 million in shares of its common stock. Stock may be purchased in the open market or through private transactions from time to time over the next 18 months, dependent upon market conditions.
As a result of the authorization, the Company may now repurchase up to $30.6 million shares of its Common Stock over the next 18 months.
The plan does not obligate the Company to repurchase any specific number of shares and may be suspended at any time at managements discretion. The Company currently has 16.6 million shares outstanding.
In August, Books-A-Million announced financial results for the second quarter ended July 29, 2006. Net sales for the 13-week period decreased 0.7% to $121.2 million from sales of $122.0 million in the year-earlier period. Comparable store sales for the quarter decreased 1.2% when compared with the 13-week period for the prior year. Net income increased to $2.5 million, or $0.14 per diluted share, compared with net income of $1.7 million, or $0.10 per diluted share, in the year-earlier period.
For the 26-week period ended July 29, 2006, net sales increased 0.1% to $235.0 million from sales of $234.7 million in the year-earlier period. Comparable store sales decreased 0.8% when compared with the same period of fiscal 2006. For the 26-week period, the Company reported net income of $4.0 million, or $0.23 per diluted share, compared with net income of $2.8 million, or $0.16 per diluted share, for the year-earlier period.
Books-A-Million is one of the nations leading book retailers and sells on the internet at www.booksamillion.com. The Company presently operates 205 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.
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