NEW YORK--(BUSINESS WIRE)--Barnes & Noble, Inc. (NYSE: BKS) today reported sales and earnings for its fiscal 2016 fourth quarter and full-year ended April 30, 2016.
Retail sales, which include Barnes & Noble stores and BN.com, were $850 million for the quarter and $4.0 billion for the full year, decreasing 2.2% and 1.9%, respectively. Comparable store sales declined 0.8% for the quarter and were flat for the full year, in-line with Company guidance. “Core” comparable store sales, which exclude sales of NOOK products, declined 0.8% for the quarter, while increasing 0.4% for the full year, slightly below expectations of an approximate 1% increase. Sales for both the quarter and the year were also impacted by store closures and lower online sales.
NOOK sales, which include digital content, devices and accessories, were $42.0 million for the quarter and $191.5 million for the full year, decreasing 20.0% and 27.4%, respectively, due primarily to lower device and content sales.
Consolidated sales were $877 million for the quarter and $4.16 billion for the year, decreasing 3.7% and 3.1%, respectively, as compared to the prior year.
Retail incurred an operating loss of $34.9 million for the quarter and an operating profit of $113.3 million for the year. NOOK generated an operating loss of $23.1 million for the quarter and $98.6 million for the year.
The consolidated fourth quarter net loss from continuing operations was $30.6 million, or $0.42 per share, compared to a loss from continuing operations of $3.0 million, or $0.12 per share, in the prior year. Fiscal 2016 consolidated net earnings from continuing operations were $14.7 million, or $0.05 per share, compared to net earnings from continuing operations of $32.9 million, or $0.15 per share, in the prior year.
For the fourth quarter, Retail incurred an EBITDA loss of $11.1 million, which includes a previously disclosed $20.9 million pension settlement charge related to the termination of the Company’s pension plan. Excluding this charge, Retail EBITDA would have been $9.8 million during the quarter, a decline of $23.3 million versus the prior year, primarily on lower sales, increased promotional activity and higher store wages and benefit costs.
For the full year, Retail generated EBITDA of $215.2 million, inclusive of $35.2 million of charges, including the $20.9 million pension charge noted above, a $10.5 million executive severance charge related to the Barnes & Noble College spin-off and a $3.8 million publishing contract impairment. Excluding these charges, Retail EBITDA would have been $250.4 million for the year, declining $67.3 million primarily on lower sales, increased advertising, higher store wages and expense deleverage.
Fourth quarter NOOK EBITDA losses were $14.9 million, which included approximately $4.0 million of expenses incurred to further rationalize the cost structure of the business. These expenses include transitional costs to outsource certain technology functions, consulting fees, Retail integration costs, and expenses to exit the U.K., apps and video businesses. Excluding these items, NOOK EBITDA losses would have been consistent with the third quarter.
Full year NOOK EBITDA losses were $64.7 million this year as compared to $83.9 million a year ago, a 23% decrease as the Company continues to focus on cost rationalization efforts.
On a consolidated basis, the fourth quarter EBITDA loss was $26.0 million, which includes the $20.9 million pension settlement charge. Excluding the charge, the fourth quarter consolidated EBITDA loss would have been $5.1 million. For the full year, consolidated EBITDA was $150.5 million, which includes the $35.2 million of charges noted above. Excluding the charges, consolidated EBITDA would have been $185.7 million for the full year.
Excluding the charges noted above, the consolidated fourth quarter net loss from continuing operations would have been $17.8 million, or $0.24 per share, and fiscal 2016 consolidated net earnings from continuing operations would have been $36.2 million, or $0.35 per share.
Return of Capital
During the quarter, the Company returned $21.5 million in cash to its shareholders, including $11.3 million in dividends and $10.2 million through share repurchases. The Company acquired approximately 964,000 shares at an average price of $10.61 during the quarter under its share repurchase program.
Outlook
“As we look ahead to fiscal 2017 and beyond, we are focusing on executing a number of initiatives to grow bookstore and online sales, reduce Retail and NOOK expenses and grow our Membership base,” said Ron Boire, Chief Executive Officer of Barnes & Noble, Inc. “We believe our marketing, merchandising and Membership initiatives will lead to increased traffic and conversion in our stores. We are also excited about our plans to open four new concept stores opening later this year, beginning with the first store opening this October in Eastchester, NY. We look forward to discussing these initiatives at our Investor Day.”
For fiscal year 2017, the Company expects comparable bookstore sales to be approximately flat to an increase of approximately 1%. The Company also expects full year consolidated EBITDA to be in a range of $200 million to $250 million, with Retail EBITDA of $240 million to $280 million and NOOK EBITDA losses declining to a range of $30 million to $40 million, including previously announced transitional costs.
Investor Day Webcast
The Company’s senior management will host an investor conference beginning at 9:00 A.M. ET on Thursday, June 23, 2016 to discuss the Company's financial results, business strategy and longer-term outlook. The webcast of this investor conference can be accessed on Barnes & Noble, Inc.'s corporate website at www.barnesandnobleinc.com/webcasts.
Barnes & Noble, Inc. will report fiscal 2017 first quarter results on or about September 8, 2016.
About Barnes & Noble, Inc.
Barnes & Noble, Inc. (NYSE: BKS) is a Fortune 500 company, the nation’s largest retail bookseller, and a leading retailer of content, digital media and educational products. The Company operates 640 Barnes & Noble bookstores in 50 states, and one of the Web’s premier e-commerce sites, BN.com (www.bn.com). The NOOK Digital business offers a lineup of popular NOOK (www.nook.com) tablets and eReaders and an expansive collection of digital reading and entertainment content through the NOOK Store®. The NOOK Store features more than 4 million digital books in the US plus periodicals, comics, apps, movies and TV shows, and offers the ability to enjoy content across a wide array of popular devices through Free NOOK Reading Apps™ available for Android™, iOS® and Windows®.
General information on Barnes & Noble, Inc. can be obtained by visiting the Company's corporate website at www.barnesandnobleinc.com.
Forward-Looking Statements
This press release contains certain forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) and information relating to Barnes & Noble that are based on the beliefs of the management of Barnes & Noble as well as assumptions made by and information currently available to the management of Barnes & Noble. When used in this communication, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “will,” “forecasts,” “projections,” and similar expressions, as they relate to Barnes & Noble or the management of Barnes & Noble, identify forward-looking statements.
Such statements reflect the current views of Barnes & Noble with respect to future events, the outcome of which is subject to certain risks, including, among others, the general economic environment and consumer spending patterns, decreased consumer demand for Barnes & Noble’s products, low growth or declining sales and net income due to various factors, including store closings, higher-than-anticipated or increasing costs, including with respect to store closings, relocation, occupancy (including in connection with lease renewals) and labor costs, the effects of competition, the risk of insufficient access to financing to implement future business initiatives, risks associated with data privacy and information security, risks associated with Barnes & Noble’s supply chain, including possible delays and disruptions and increases in shipping rates, various risks associated with the digital business, including the possible loss of customers, declines in digital content sales, risks and costs associated with ongoing efforts to rationalize the digital business and the digital business not being able to perform its obligations under the Samsung commercial agreement and the consequences thereof, the risk that financial and operational forecasts and projections are not achieved, the performance of Barnes & Noble’s initiatives including but not limited to its new store concept and e-commerce initiatives, unanticipated adverse litigation results or effects, potential infringement of Barnes & Noble’s intellectual property by third parties or by Barnes & Noble of the intellectual property of third parties, and other factors, including those factors discussed in detail in Item 1A, “Risk Factors,” in Barnes & Noble’s Annual Report on Form 10-K for the fiscal year ended May 2, 2015, and in Barnes & Noble’s other filings made hereafter from time to time with the SEC.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those described as anticipated, believed, estimated, expected, intended or planned. Subsequent written and oral forward-looking statements attributable to Barnes & Noble or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements in this paragraph. Barnes & Noble undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this communication.
| BARNES & NOBLE, INC. AND SUBSIDIARIES | |||||||||||||||||
| Consolidated Statements of Operations | |||||||||||||||||
| (In thousands, except per share data) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| 13 weeks ended | 13 weeks ended | 52 weeks ended | 52 weeks ended | ||||||||||||||
| April 30, 2016 | May 2, 2015 | April 30, 2016 | May 2, 2015 | ||||||||||||||
| Sales | $ | 876,684 | $ | 910,079 | $ | 4,163,844 | $ | 4,297,108 | |||||||||
| Cost of sales and occupancy | 610,926 | 610,272 | 2,836,547 | 2,871,184 | |||||||||||||
| Gross profit | 265,758 | 299,807 | 1,327,297 | 1,425,924 | |||||||||||||
| Selling and administrative expenses | 291,715 | 280,986 | 1,176,778 | 1,192,065 | |||||||||||||
| Depreciation and amortization | 31,999 | 33,715 | 135,863 | 143,665 | |||||||||||||
| Operating profit (loss) | (57,956 | ) | (14,894 | ) | 14,656 | 90,194 | |||||||||||
| Interest expense, net | 1,537 | 2,955 | 8,770 | 17,678 | |||||||||||||
| Income (loss) before taxes | (59,493 | ) | (17,849 | ) | 5,886 | 72,516 | |||||||||||
| Income taxes | (28,885 | ) | (14,830 | ) | (8,814 | ) | 39,644 | ||||||||||
| Net income (loss) from continuing operations | (30,608 | ) | (3,019 | ) | 14,700 | 32,872 | |||||||||||
| Net income (loss) from discontinued operations | - | (16,402 | ) | (39,146 | ) | 3,724 | |||||||||||
| Net income (loss) | $ | (30,608 | ) | $ | (19,421 | ) | $ | (24,446 | ) | $ | 36,596 | ||||||
| Basic income (loss) per common share: | |||||||||||||||||
| Income (loss) from continuing operations | $ | (0.42 | ) | $ | (0.12 | ) | $ | 0.05 | $ | 0.15 | |||||||
| Income (loss) from discontinued operations | 0.00 | (0.26 | ) | (0.54 | ) | 0.06 | |||||||||||
| Basic income (loss) per common share | $ | (0.42 | ) | $ | (0.37 | ) | $ | (0.49 | ) | $ | 0.21 | ||||||
| Diluted income (loss) per common share: | |||||||||||||||||
| Income (loss) from continuing operations | $ | (0.42 | ) | $ | (0.12 | ) | $ | 0.05 | $ | 0.15 | |||||||
| Income (loss) from discontinued operations | 0.00 | (0.26 | ) | (0.54 | ) | 0.06 | |||||||||||
| Diluted income (loss) per common share | $ | (0.42 | ) | $ | (0.37 | ) | $ | (0.49 | ) | $ | 0.21 | ||||||
| Weighted average common shares outstanding: | |||||||||||||||||
| Basic | 73,680 | 63,198 | 72,410 | 60,842 | |||||||||||||
| Diluted | 73,680 | 63,198 | 72,542 | 60,928 | |||||||||||||
| Dividends declared per common share | $ | 0.15 | $ | - | $ | 0.60 | $ | - | |||||||||
| Percentage of sales: | |||||||||||||||||
| Sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||
| Cost of sales and occupancy | 69.7 | % | 67.1 | % | 68.1 | % | 66.8 | % | |||||||||
| Gross profit | 30.3 | % | 32.9 | % | 31.9 | % | 33.2 | % | |||||||||
| Selling and administrative expenses | 33.3 | % | 30.9 | % | 28.3 | % | 27.7 | % | |||||||||
| Depreciation and amortization | 3.7 | % | 3.7 | % | 3.3 | % | 3.3 | % | |||||||||
| Operating profit (loss) | -6.6 | % | -1.6 | % | 0.4 | % | 2.1 | % | |||||||||
| Interest expense, net | 0.2 | % | 0.3 | % | 0.2 | % | 0.4 | % | |||||||||
| Income (loss) before taxes | -6.8 | % | -2.0 | % | 0.1 | % | 1.7 | % | |||||||||
| Income taxes | -3.3 | % | -1.6 | % | -0.2 | % | 0.9 | % | |||||||||
| Net income (loss) from continuing operations | -3.5 | % | -0.3 | % | 0.4 | % | 0.8 | % | |||||||||
| Net income (loss) from discontinued operations | 0.0 | % | -1.8 | % | -0.9 | % | 0.1 | % | |||||||||
| Net income (loss) | -3.5 | % | -2.1 | % | -0.6 | % | 0.9 | % | |||||||||
| BARNES & NOBLE, INC. AND SUBSIDIARIES | ||||||||||||||||||
| Segment Information | ||||||||||||||||||
| (In thousands) | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| 13 weeks ended | 13 weeks ended | 52 weeks ended | 52 weeks ended | |||||||||||||||
| April 30, 2016 | May 2, 2015 | April 30, 2016 | May 2, 2015 | |||||||||||||||
| Sales | ||||||||||||||||||
| Retail | $ | 850,024 | $ | 869,360 | $ | 4,028,614 | $ | 4,108,243 | ||||||||||
| NOOK | 41,952 | 52,431 | 191,520 | 263,833 | ||||||||||||||
| Elimination | (15,292 | ) | (11,712 | ) | (56,290 | ) | (74,968 | ) | ||||||||||
| Total | $ | 876,684 | $ | 910,079 | $ | 4,163,844 | $ | 4,297,108 | ||||||||||
| Gross Profit | ||||||||||||||||||
| Retail | $ | 248,807 | $ | 268,444 | $ | 1,258,405 | $ | 1,309,397 | ||||||||||
| NOOK | 16,951 | 31,363 | 68,892 | 116,527 | ||||||||||||||
| Total | $ | 265,758 | $ | 299,807 | $ | 1,327,297 | $ | 1,425,924 | ||||||||||
| Selling and Administrative Expenses | ||||||||||||||||||
| Retail | $ | 259,868 | $ | 235,307 | $ | 1,043,221 | $ | 991,669 | ||||||||||
| NOOK | 31,847 | 45,679 | 133,557 | 200,396 | ||||||||||||||
| Total | $ | 291,715 | $ | 280,986 | $ | 1,176,778 | $ | 1,192,065 | ||||||||||
| EBITDA | ||||||||||||||||||
| Retail | $ | (11,061 | ) | $ | 33,137 | $ | 215,184 | $ | 317,728 | |||||||||
| NOOK | (14,896 | ) | (14,316 | ) | (64,665 | ) | (83,869 | ) | ||||||||||
| Total | $ | (25,957 | ) | $ | 18,821 | $ | 150,519 | $ | 233,859 | |||||||||
| Depreciation and Amortization | ||||||||||||||||||
| Retail | $ | (23,809 | ) | $ | (24,420 | ) | $ | (101,888 | ) | $ | (104,373 | ) | ||||||
| NOOK | (8,190 | ) | (9,295 | ) | (33,975 | ) | (39,292 | ) | ||||||||||
| Total | $ | (31,999 | ) | $ | (33,715 | ) | $ | (135,863 | ) | $ | (143,665 | ) | ||||||
| Operating Profit (Loss) | ||||||||||||||||||
| Retail | $ | (34,870 | ) | $ | 8,717 | $ | 113,296 | $ | 213,355 | |||||||||
| NOOK | (23,086 | ) | (23,611 | ) | (98,640 | ) | (123,161 | ) | ||||||||||
| Total | $ | (57,956 | ) | $ | (14,894 | ) | $ | 14,656 | $ | 90,194 | ||||||||
| Net Income (Loss) | ||||||||||||||||||
| Operating profit (loss) | $ | (57,956 | ) | $ | (14,894 | ) | $ | 14,656 | $ | 90,194 | ||||||||
| Interest expense, net | (1,537 | ) | (2,955 | ) | (8,770 | ) | (17,678 | ) | ||||||||||
| Income taxes | 28,885 | 14,830 | 8,814 | (39,644 | ) | |||||||||||||
| Income (loss) from discontinued operations | - | (16,402 | ) | (39,146 | ) | 3,724 | ||||||||||||
| Total | $ | (30,608 | ) | $ | (19,421 | ) | $ | (24,446 | ) | $ | 36,596 | |||||||
| Percentage of sales: | ||||||||||||||||||
| Gross Margin | ||||||||||||||||||
| Retail | 29.3 | % | 30.9 | % | 31.2 | % | 31.9 | % | ||||||||||
| NOOK | 63.6 | % | 77.0 | % | 50.9 | % | 61.7 | % | ||||||||||
| Total | 30.3 | % | 32.9 | % | 31.9 | % | 33.2 | % | ||||||||||
| Selling and Administrative Expenses | ||||||||||||||||||
| Retail | 30.6 | % | 27.1 | % | 25.9 | % | 24.1 | % | ||||||||||
| NOOK | 119.5 | % | 112.2 | % | 98.8 | % | 106.1 | % | ||||||||||
| Total | 33.3 | % | 30.9 | % | 28.3 | % | 27.7 | % | ||||||||||
| EBITDA | ||||||||||||||||||
| Retail | -1.3 | % | 3.8 | % | 5.3 | % | 7.7 | % | ||||||||||
| NOOK | -55.9 | % | -35.2 | % | -47.8 | % | -44.4 | % | ||||||||||
| Total | -3.0 | % | 2.1 | % | 3.6 | % | 5.4 | % | ||||||||||
| Depreciation and Amortization | ||||||||||||||||||
| Retail | -2.8 | % | -2.8 | % | -2.5 | % | -2.5 | % | ||||||||||
| NOOK | -30.7 | % | -22.8 | % | -25.1 | % | -20.8 | % | ||||||||||
| Total | -3.7 | % | -3.7 | % | -3.3 | % | -3.3 | % | ||||||||||
| Operating Profit (Loss) | ||||||||||||||||||
| Retail | -4.1 | % | 1.0 | % | 2.8 | % | 5.2 | % | ||||||||||
| NOOK | -86.6 | % | -58.0 | % | -72.9 | % | -65.2 | % | ||||||||||
| Total | -6.6 | % | -1.6 | % | 0.4 | % | 2.1 | % | ||||||||||
| BARNES & NOBLE, INC. AND SUBSIDIARIES | ||||||||
| Consolidated Balance Sheets | ||||||||
| (In thousands) | ||||||||
| (Unaudited) | ||||||||
| April 30, 2016 | May 2, 2015 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 13,838 | $ | 14,646 | ||||
| Receivables, net | 124,917 | 60,265 | ||||||
| Merchandise inventories, net | 933,723 | 995,738 | ||||||
| Prepaid expenses and other current assets | 105,912 | 93,965 | ||||||
| Short-term deferred taxes | - | - | ||||||
| Current assets of discontinued operations | - | 447,626 | ||||||
| Total current assets | 1,178,390 | 1,612,240 | ||||||
| Property and equipment: | ||||||||
| Land and land improvements | 2,541 | 2,541 | ||||||
| Buildings and leasehold improvements | 1,058,452 | 1,057,975 | ||||||
| Fixtures and equipment | 1,560,005 | 1,531,315 | ||||||
| 2,620,998 | 2,591,831 | |||||||
| Less accumulated depreciation and amortization | 2,322,418 | 2,250,096 | ||||||
| Net property and equipment | 298,580 | 341,735 | ||||||
| Goodwill | 211,276 | 215,197 | ||||||
| Intangible assets, net | 310,904 | 315,653 | ||||||
| Other noncurrent assets | 13,632 | 7,905 | ||||||
| Noncurrent assets of discontinued operations | - | 619,701 | ||||||
| Total assets | $ | 2,012,782 | $ | 3,112,431 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 480,574 | $ | 484,574 | ||||
| Accrued liabilities | 360,194 | 326,660 | ||||||
| Gift card liabilities | 353,103 | 358,146 | ||||||
| Current liabilities of discontinued operations | - | 303,613 | ||||||
| Total current liabilities | 1,193,871 | 1,472,993 | ||||||
| Long-term debt | 47,200 | - | ||||||
| Deferred taxes | 54,017 | 15,795 | ||||||
| Other long-term liabilities | 114,184 | 162,209 | ||||||
| Noncurrent liabilities of discontinued operations | - | 76,017 | ||||||
| Redeemable Preferred Shares | - | 196,059 | ||||||
| Preferred Member Interests in NOOK Media, LLC | - | - | ||||||
| Shareholders' equity: | ||||||||
| Common stock; $0.001 par value; 300,000 shares authorized; | ||||||||
| 111,228 and 98,115 shares issued, respectively | 112 | 98 | ||||||
| Additional paid-in capital | 1,738,034 | 1,927,997 | ||||||
| Accumulated other comprehensive loss | 151 | (16,533 | ) | |||||
| Retained earnings | (24,349 | ) | 357,512 | |||||
| Treasury stock, at cost, 37,941 and 34,841 shares, respectively | (1,110,438 | ) | (1,079,716 | ) | ||||
| Total shareholders' equity | 603,510 | 1,189,358 | ||||||
| Commitments and contingencies | - | - | ||||||
| Total liabilities and shareholders' equity | $ | 2,012,782 | $ | 3,112,431 | ||||
| BARNES & NOBLE, INC. AND SUBSIDIARIES | ||||||||||||||||
| Earnings (Loss) Per Share | ||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| 13 weeks ended | 13 weeks ended | 52 weeks ended | 52 weeks ended | |||||||||||||
| April 30, 2016 | May 2, 2015 | April 30, 2016 | May 2, 2015 | |||||||||||||
| Numerator for basic income (loss) per share: | ||||||||||||||||
| Net income (loss) from continuing operations attributable to Barnes & Noble, Inc. | $ | (30,608 | ) | $ | (3,019 | ) | $ | 14,700 | $ | 32,872 | ||||||
| Inducement fee paid upon conversion of Series J preferred stock | - | - | (3,657 | ) | - | |||||||||||
| Preferred stock dividends | - | (3,942 | ) | - | (15,767 | ) | ||||||||||
| Preferred stock dividends paid in shares | - | - | (1,783 | ) | - | |||||||||||
| Accretion of dividends on preferred stock | - | (315 | ) | (4,204 | ) | (7,339 | ) | |||||||||
| Less allocation of dividends to participating securities | (220 | ) | - | (1,219 | ) | - | ||||||||||
| Less allocation of undistributed earnings to participating securities | - | - | - | (535 | ) | |||||||||||
| Net income (loss) from continuing operations available to common shareholders | (30,828 | ) | (7,276 | ) | 3,837 | 9,231 | ||||||||||
| Net income (loss) from discontinued operations attributable to Barnes & Noble, Inc. | - | (16,402 | ) | (39,146 | ) | 3,724 | ||||||||||
| Less allocation of undistributed earnings to participating securities | - | - | - | (204 | ) | |||||||||||
| Net income (loss) from discontinued operations available to common shareholders | - | (16,402 | ) | (39,146 | ) | 3,520 | ||||||||||
| Net income (loss) available to common shareholders | $ | (30,828 | ) | $ | (23,678 | ) | $ | (35,309 | ) | $ | 12,751 | |||||
| Numerator for diluted income (loss) per share: | ||||||||||||||||
| Net income (loss) from continuing operations available to common shareholders | $ | (30,828 | ) | $ | (7,276 | ) | $ | 3,837 | $ | 9,231 | ||||||
| Preferred stock dividends (a) | - | - | - | - | ||||||||||||
| Accretion of dividends on preferred stock (a) | - | - | - | - | ||||||||||||
| Allocation of undistributed earnings to participating securities | - | - | - | 535 | ||||||||||||
| Less diluted allocation of undistributed earnings to participating securities | - | - | - | (534 | ) | |||||||||||
| Net income (loss) from continuing operations available to common shareholders | (30,828 | ) | (7,276 | ) | 3,837 | 9,232 | ||||||||||
| Net income (loss) from discontinued operations available to common shareholders | - | (16,402 | ) | (39,146 | ) | 3,520 | ||||||||||
| Allocation of undistributed earnings to participating securities | - | - | - | 204 | ||||||||||||
| Less diluted allocation of undistributed earnings to participating securities | - | - | - | (204 | ) | |||||||||||
| Net income (loss) from discontinued operations available to common shareholders | - | (16,402 | ) | (39,146 | ) | 3,520 | ||||||||||
| Net income (loss) available to common shareholders | $ | (30,828 | ) | $ | (23,678 | ) | $ | (35,309 | ) | $ | 12,752 | |||||
| Denominator for basic income (loss) per share: | ||||||||||||||||
| Basic weighted average common shares | 73,680 | 63,198 | 72,410 | 60,842 | ||||||||||||
| Denominator for diluted income (loss) per share: | ||||||||||||||||
| Basic weighted average common shares | 73,680 | 63,198 | 72,410 | 60,842 | ||||||||||||
| Preferred shares (a) | - | - | - | - | ||||||||||||
| Average dilutive options | - | - | 118 | 86 | ||||||||||||
| Average dilutive non-participating securities | - | - | 14 | - | ||||||||||||
| Diluted weighted average common shares | 73,680 | 63,198 | 72,542 | 60,928 | ||||||||||||
|
Basic income (loss) per common share: |
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|
Income (loss) from continuing operations |
$ | (0.42 | ) | $ | (0.12 | ) | $ | 0.05 | $ | 0.15 | ||||||
|
Income (loss) from discontinued operations |
- | (0.26 | ) | (0.54 | ) | 0.06 | ||||||||||
|
Basic income (loss) per common share |
$ | (0.42 | ) | $ | (0.37 | ) | $ | (0.49 | ) | $ | 0.21 | |||||
|
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|
Diluted income (loss) per common share: |
||||||||||||||||
|
Income (loss) from continuing operations |
$ | (0.42 | ) | $ | (0.12 | ) | $ | 0.05 | $ | 0.15 | ||||||
|
Income (loss) from discontinued operations |
- | (0.26 | ) | (0.54 | ) | 0.06 | ||||||||||
|
Diluted income (loss) per common share |
$ | (0.42 | ) | $ | (0.37 | ) | $ | (0.49 | ) | $ | 0.21 | |||||
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|
(a) Although the Company was in a net income position during the 52 weeks ended April 30, 2016 and May 2, 2015, the dilutive effect of the Company’s convertible preferred shares was excluded from the calculation of income per share using the two-class method because the effect would be antidilutive. |
| BARNES & NOBLE, INC. AND SUBSIDIARIES | ||||||||||
|
Forward Looking Statement Non-GAAP Reconciliation |
||||||||||
| (In millions) | ||||||||||
| (Unaudited) | ||||||||||
| Forward Looking Range | ||||||||||
| EBITDA | ||||||||||
| Retail | $ |
240 |
$ | 280 | ||||||
| NOOK | (40 | ) | (30 | ) | ||||||
| Total | $ |
200 |
$ | 250 | ||||||
| Operating Profit | ||||||||||
| EBITDA | $ |
200 |
$ | 250 | ||||||
| Depreciation and amortization | (120 | ) | (120 | ) | ||||||
| Total | $ |
80 |
$ | 130 | ||||||
