For the 52-week period ended February 2, 2002, net sales increased 5.8% to $442.9 million from sales of $418.6 million for the 53-week period ended February 3, 2001. Net sales increased 7.7% when compared with the same 52-week period of fiscal 2001. Comparable store sales decreased 2.8% when compared with the same 52-week period for the prior year. Excluding the effects of collectibles, comparable store sales increased 0.3% for the period. For fiscal 2002, the Company reported net income of $4.0 million, or $0.24 per diluted share, compared with net income of $3.1 million, or $0.17 per diluted share for the year-earlier, 53-week period.
Commenting on the results, Clyde B. Anderson, Chairman and Chief Executive Officer, said, "Continuing on a trend we have seen all year, comparable store sales for the quarter were strong in the book categories. Less after-holiday discounting contributed to flat comparable store sales, but also led to improved margins. The strong book sales and improved gross margin led to an increase in net income of approximately 45%."
Anderson continued, "Strong bestsellers like the Lord of the Rings trilogy and John Grisham's Skipping Christmas, along with the excellent performance of the children's book categories, contributed to our success in the quarter. The spring season's line-up looks promising with new fiction from John Grisham, James Patterson and the long awaited new installment in the Earth's Children series by Jean Auel. The new title in the Star Wars trilogy is also due to release in conjunction with this summer's blockbuster film."
Fiscal 2003 earnings per diluted share are projected to be in the range of $0.29 to $0.31 versus last year's earnings of $0.24 per diluted share.
Books-A-Million is one of the nation's leading book retailers and sells on the Internet at www.booksamillion.com. The Company presently operates 204 stores in 18 states and the District of Columbia. The Company operates four distinct store formats, including large superstores operating under the names Books-A-Million and Books & Co., traditional bookstores and combination book and greeting card stores, both operating under the name Bookland, and Joe Muggs Newsstands. The Company's wholesale operations include American Wholesale Book Company and Book$mart, both based in Florence, Alabama. NetCentral, Inc., an Internet development and service Company is located in Nashville, Tennessee.
BOOKS-A-MILLION, INC. Unaudited Consolidated Financial Highlights (In thousands, except per share data) 13 Weeks 14 Weeks Ended Ended Feb. 2, Feb. 3, 2002 2001 --------- --------- Net sales $ 143,573 $ 141,745 Earnings before interest, taxes and depreciation 15,979 12,628 Operating income 12,085 8,909 Net income $ 6,942 $ 4,800 ========= ========= Earnings per share - basic $ 0.43 $ 0.27 Earnings per share - diluted $ 0.42 $ 0.27 ========= ========= Weighted average number of shares outstanding: Basic 16,156 17,807 Diluted 16,484 17,860 ========= ========= 52 Weeks 53 Weeks Ended Ended Feb. 2, Feb. 3, 2002 2001 --------- --------- Net sales $ 442,886 $ 418,606 Earnings before interest, taxes and depreciation 26,432 24,542 Operating income 10,857 9,749 Net income $ 3,985 $ 3,066 ========= ========= Earnings per share - basic $ 0.24 $ 0.17 Earnings per share - diluted $ 0.24 $ 0.17 ========= ========= Weighted average number of shares outstanding: Basic 16,667 17,955 Diluted 16,945 17,991 ========= ========= Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. A number of factors could cause actual results, performance, achievements of the Company, or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors include, but are not limited to, the competitive environment in the book retail industry in general and in the Company's specific market area; inflation; economic conditions in general and in the Company's specific market areas; the number of store openings and closings; the profitability of certain product lines, capital expenditures and future liquidity; liability and other claims asserted against the Company; uncertainties related to the Internet and the Company's Internet initiative. In addition, such forward-looking statements are necessarily dependent upon assumptions, estimates and dates that may be incorrect or imprecise and involve known and unknown risks, uncertainties and other factors. Accordingly, any forward-looking statements included herein do not purport to be predictions of future events or circumstances and may not be realized. Given these uncertainties, shareholders and prospective investors are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligations to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments. BOOKS-A-MILLION, INC. Consolidated Statements of Income (In thousands, except per share data) 13 Weeks 14 Weeks 52 Weeks 53 Weeks Ended Ended Ended Ended Feb. 2, Feb. 3, Feb. 2, Feb. 3, 2002 2001 2002 2001 -------- -------- -------- -------- NET SALES $143,573 $141,745 $442,886 $418,606 Cost of sales (including warehouse, distribution and store occupancy costs 101,876 103,815 324,654 309,397 -------- -------- -------- -------- GROSS PROFIT 41,697 37,930 118,232 109,209 Operating, selling and administrative expenses 25,718 25,302 91,800 84,667 -------- -------- -------- -------- EBITDA 15,979 12,628 26,432 24,542 Depreciation and amortization 3,894 3,719 15,575 14,793 -------- -------- -------- -------- OPERATING INCOME 12,085 8,909 10,857 9,749 Interest expense, net 887 1,167 4,429 4,804 -------- -------- -------- -------- INCOME BEFORE INCOME TAXES 11,198 7,742 6,428 4,945 Income taxes 4,256 2,942 2,443 1,879 -------- -------- -------- -------- NET INCOME $ 6,942 $ 4,800 $ 3,985 $ 3,066 ======== ======== ======== ======== Net income per share: Basic $ 0.43 $ 0.27 $ 0.24 $ 0.17 Diluted $ 0.42 $ 0.27 $ 0.24 $ 0.17 ======== ======== ======== ======== Weighted average shares outstanding: Basic 16,156 17,807 16,667 17,955 Diluted 16,484 17,860 16,945 17,991 ======== ======== ======== ======== -END-
Contact:Richard S. Wallington
Chief Financial Officer
(205) 942-3737
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