Books-A-Million Revises Fourth Quarter and Year-End EPS by $0.01

BIRMINGHAM, Ala. (April 10, 2009) – Books-A-Million, Inc. (NASDAQ:BAMM) today announced revised financial results for the fourth quarter and 52-week fiscal year ended January 31, 2009. After the issuance of the press release on March 19, 2009, an error was discovered in the calculation of the effective state income tax rate. As a result, the adjusted income tax provision is $6.642 million for the thirteen weeks ended January 31, 2009 (as compared to $6.407 million as previously reported in the press release dated March 19, 2009) and $6.396 million for the fifty-two weeks ended January 31, 2009 (as compared to $6.161 million as previously reported in the press release dated March 19, 2009). This represents a $235,000 increase in the tax provision originally reported in the March 19, 2009 press release. The net impact of the above adjustment was to reduce diluted earnings per common share by $0.01 for the thirteen and fifty-two weeks ended January 31, 2009.

Books-A-Million is one of the nation’s leading book retailers and sells on the Internet at www.booksamillioninc.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.

 

 

BOOKS-A-MILLION, INC.

Unaudited Consolidated Financial Highlights

(In thousands, except per share data)

 

13 Weeks Ended January 31, 2009

As Previously Reported

        Change

As Adjusted

OPERATING INCOME

$ 18,150

    $ -

$ 18,150

Interest expense, net

299

            -

299

INCOME BEFORE INCOME TAXES

17,851

            -

17,851

Income tax provision

6,407

             235

6,642

NET INCOME

$ 11,444

 $ (235)

$ 11,209

NET INCOME PER COMMON SHARE:

Basic:

Net income

$ 0.75

$(0.01)

$ 0.74

Weighted average shares outstanding

15,171

-

15,171

Diluted:

Net income

$ 0.74

$(0.01)

$ 0.73

Weighted average shares outstanding

15,410

-

15,410

 

-MORE-

 


 

BOOKS-A-MILLION, INC.

Unaudited Consolidated Financial Highlights

(In thousands, except per share data)

 

52 Weeks Ended January 31, 2009

As Previously Reported

        Change

As Adjusted

OPERATING INCOME

$ 18,890

       $ -

$ 18,890

Interest expense, net

1,920

            -

1,920

INCOME BEFORE INCOME TAXES

16,970

            -

16,970

Income tax provision

6,161

              235

6,396

NET INCOME

$ 10,809

$ (235)

$ 10,574

NET INCOME PER COMMON SHARE:

Basic:

Net income

$ 0.71

  $(0.01)

$ 0.70

Weighted average shares outstanding

15,219

-

15,219

Diluted:

Net income

$ 0.69

  $(0.01)

$ 0.68

Weighted average shares outstanding

15,609

-

15,609

 
-END-

 

 

 

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