Books-A-Million, Inc. Announces Fourth Quarter and Year-End Results
By Press Release - Mar 19 , 2009
Declares Dividend of $0.05 Per Share
BIRMINGHAM, Ala. (March 19, 2009) – Books-A-Million, Inc. (NASDAQ:BAMM) today announced financial results for the fourth quarter and 52-week fiscal year ended January 31, 2009. Net sales for the 13-week period ended January 31, 2009, decreased 2.5% to $164.0 million from net sales of $168.3 million in the year-earlier period. Comparable store sales for the fourth quarter decreased 5.3% when compared with the prior-year fourth quarter. Net income for the fourth quarter decreased to $11.4 million, or $0.74 per diluted share, compared with net income of $11.9 million, or $0.76 per diluted share, in the year-earlier period. Included in net income for the fourth quarter was a non-cash, after-tax impairment charge of $0.9 million, or $0.06 per diluted share, to reduce the asset carrying value of certain store locations and goodwill.
For the 52-week fiscal period ended January 31, 2009, net sales decreased 4.1% to $513.3 million from net sales of $535.1 million in the prior fiscal year. Comparable store sales decreased 7.2% when compared with the same period in the prior year. For the fiscal year ended January 31, 2009, the Company reported net income of $10.8 million, or $0.69 per diluted share, compared with net income of $16.5 million, or $1.01 per diluted share, for the prior fiscal year. Included in net income for the 52-week fiscal year ended January 31, 2009, was a non-cash, after-tax impairment charge of $0.9 million, or $0.06 per diluted share, to reduce the asset carrying value of certain store locations and goodwill.
Commenting on the results, Clyde B. Anderson, Chairman and Chief Executive Officer, said, “The fiscal year closed with an improvement in the negative sales trend we experienced in the third quarter. We remain focused on maintaining discipline in expense control, inventory management and the maintenance of a strong balance sheet as we navigate the challenging economic environment. Our continued efforts in this area have been successfully demonstrated by a $2.5 million reduction in inventory and a $12.5 million reduction in debt over the previous year.”
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 April 16, 2009, to stockholders of record at the close of business on April 2, 2009.
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 220 stores in 21 states and the District of Columbia. The Company operates under the trade names Books-A-Million, Books & Co. and Bookland. The common stock of Books-A-Million, Inc. is traded on the NASDAQ Global Select Market under the symbol BAMM.
