0001193125-12-263362.txt : 20120607 0001193125-12-263362.hdr.sgml : 20120607 20120607154319 ACCESSION NUMBER: 0001193125-12-263362 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20120428 FILED AS OF DATE: 20120607 DATE AS OF CHANGE: 20120607 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOOKS A MILLION INC CENTRAL INDEX KEY: 0000891919 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-MISCELLANEOUS SHOPPING GOODS STORES [5940] IRS NUMBER: 630798460 STATE OF INCORPORATION: DE FISCAL YEAR END: 0130 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-20664 FILM NUMBER: 12894830 BUSINESS ADDRESS: STREET 1: 402 INDUSTRIAL LN CITY: BIRMINGHAM STATE: AL ZIP: 35211 BUSINESS PHONE: 2059423737 MAIL ADDRESS: STREET 1: 402 INDUSTRIAL LANE CITY: BIRMINGHAM STATE: AL ZIP: 35211 10-Q 1 d359924d10q.htm FORM 10-Q Form 10-Q
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 10-Q

 

 

(Mark One)

 

x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended: April 28, 2012

- OR -

 

¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from             to            

Commission File Number 0-20664

 

 

BOOKS-A-MILLION, INC.

(Exact name of registrant as specified in its charter)

 

 

 

DELAWARE   63-0798460

(State or Other Jurisdiction of

Incorporation or Organization)

 

(IRS Employer

Identification No.)

402 Industrial Lane, Birmingham, Alabama   35211
(Address of principal executive offices)   (Zip Code)

(205) 942-3737

(Registrant’s Telephone number, including area code)

N/A

(Former name, Former Address and Former Fiscal Year, if changed since last report)

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer   ¨    Accelerated filer   ¨
Non-accelerated filer   ¨  (Do not check if a smaller reporting company)    Smaller reporting company   x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: Shares of common stock, par value $0.01 per share, outstanding as of June 5, 2012 were 15,969,214 shares.

 

 

 


Table of Contents

BOOKS-A-MILLION, INC. AND SUBSIDIARIES

INDEX TO FORM 10-Q

 

          Page
No.
 

PART I.

   FINANCIAL INFORMATION   

Item 1.

  

Financial Statements (Unaudited)

  
  

Condensed Consolidated Balance Sheets as of April 28, 2012 and January 28, 2012

     3   
  

Condensed Consolidated Statements of Operations for the thirteen weeks ended April 28, 2012 and April 30, 2011

     4   
  

Condensed Consolidated Statements of Cash Flows for the thirteen weeks ended April 28, 2012 and April 30, 2011

     5   
  

Notes to Condensed Consolidated Financial Statements

     6   

Item 2.

  

Management’s Discussion and Analysis of Financial Condition and Results of Operations

     15   

Item 3.

  

Quantitative and Qualitative Disclosures about Market Risk

     19   

Item 4.

   Controls and Procedures      20   

PART II.

   OTHER INFORMATION   

Item 1.

   Legal Proceedings      20   

Item 1A.

   Risk Factors      20   

Item 2.

   Unregistered Sales of Equity Securities and Use of Proceeds      21   

Item 3.

   Defaults Upon Senior Securities      21   

Item 4.

   Mine Safety Disclosures      21   

Item 5.

   Other Information      21   

Item 6.

   Exhibits      22   

 

2


Table of Contents

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

BOOKS-A-MILLION, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands except per share and share amounts)

(Unaudited)

 

     April 28, 2012     January 28, 2012  

ASSETS

    

Current assets:

    

Cash and cash equivalents

   $ 4,988      $ 10,113   

Accounts receivable, net of allowance for doubtful accounts of $157 and $246, respectively

     3,274        3,284   

Related party receivables (Note 4)

     243        369   

Inventories

     202,499        201,283   

Prepayments and other assets

     10,417        8,848   
  

 

 

   

 

 

 

Total current assets

     221,421        223,897   
  

 

 

   

 

 

 

Property and equipment

    

Gross property and equipment

     239,943        239,976   

Less accumulated depreciation and amortization

     (175,640     (173,443
  

 

 

   

 

 

 

Property and equipment, net

     64,303        66,533   
  

 

 

   

 

 

 

Equity method investment (Note 13)

     2,134        2,240   

Related party notes receivable (Note 4)

     1,000        1,000   

Other assets

     2,436        2,482   
  

 

 

   

 

 

 

Total assets

   $ 291,294      $ 296,152   
  

 

 

   

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

    

Current liabilities:

    

Trade accounts payable

   $ 75,144      $ 105,398   

Related party accounts payable (Note 4)

     3,117        6,574   

Accrued expenses

     33,324        41,356   

Deferred income taxes

     13,330        12,324   

Short-term borrowings (Note 9)

     38,460        —     
  

 

 

   

 

 

 

Total current liabilities

     163,375        165,652   
  

 

 

   

 

 

 

Long-term debt (Note 9)

     5,445        5,445   

Deferred rent

     8,189        8,406   

Deferred income taxes

     401        1,035   

Liability for uncertain tax positions

     1,042        1,026   
  

 

 

   

 

 

 

Total non-current liabilities

     15,077        15,912   
  

 

 

   

 

 

 

Commitments and contingencies (Note 5)

     —          —     

Stockholders’ equity:

    

Preferred stock, $0.01 par value, 1,000,000 shares authorized, no shares outstanding

     —          —     

Common stock, $0.01 par value, 30,000,000 shares authorized, 22,113,415 and 21,887,869 shares issued and 15,959,214 and 15,733,668 shares outstanding at April 28, 2012 and January 28, 2012, respectively

     221        219   

Additional paid-in capital

     94,736        94,542   

Treasury stock, at cost, 6,154,201 shares repurchased at April 28, 2012 and January 28, 2012

     (50,572     (50,572

Retained earnings

     68,457        70,399   
  

 

 

   

 

 

 

Total stockholders’ equity

     112,842        114,588   
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 291,294      $ 296,152   
  

 

 

   

 

 

 

See notes to condensed consolidated financial statements.

 

3


Table of Contents

BOOKS-A-MILLION, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

     Thirteen Weeks Ended  
     April 28, 2012     April 30, 2011  

Net sales

   $ 113,100      $ 102,399   

Cost of products sold, including warehouse distribution and store occupancy costs

     82,260        74,182   
  

 

 

   

 

 

 

Gross profit

     30,840        28,217   

Operating, selling and administrative expenses

     28,932        29,118   

Depreciation and amortization

     4,154        3,912   
  

 

 

   

 

 

 

Operating loss from continuing operations

     (2,246     (4,813

Interest expense, net

     438        219   
  

 

 

   

 

 

 

Loss from continuing operations, before income taxes

     (2,684     (5,032

Income tax benefit

     (844     (1,556
  

 

 

   

 

 

 

Net loss from continuing operations before equity method investment

     (1,840     (3,476

Net (loss) income on equity method investment

     (102     46   
  

 

 

   

 

 

 

Net loss from continuing operations

     (1,942     (3,430

Loss from discontinued operations

     —          (81
  

 

 

   

 

 

 

Net loss

   $ (1,942   $ (3,511
  

 

 

   

 

 

 

Net loss per share:

    

Basic and Diluted

    

Net loss from continuing operations

   $ (0.13   $ (0.22

Net loss from discontinued operations

     —          —     
  

 

 

   

 

 

 

Net loss per common share

   $ (0.13   $ (0.22
  

 

 

   

 

 

 

Weighted average number of shares outstanding – basic and diluted

     15,343        15,646   
  

 

 

   

 

 

 

Dividends paid per share

   $ —        $ 0.05   
  

 

 

   

 

 

 

See notes to condensed consolidated financial statements.

 

4


Table of Contents

BOOKS-A-MILLION, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

     Thirteen Weeks Ended  
     April 28, 2012     April 30, 2011  

Cash Flows from Operating Activities:

    

Net loss

   $ (1,942   $ (3,511

Net loss from discontinued operations

     —          (81
  

 

 

   

 

 

 

Net loss from continuing operations

     (1,942     (3,430

Adjustments to reconcile net loss to net cash used in operating activities:

    

Depreciation and amortization

     4,154        4,010   

Stock-based compensation

     149        347   

Loss on impairment of assets

     75        183   

Loss on disposal of property and equipment

     78        232   

Deferred income taxes

     372        (2,506

Excess tax benefit from stock-based compensation

     41        (3

Bad debt expense

     66        88   

Net loss (income) on equity method investment

     102        (46

(Increase) decrease in assets:

    

Accounts receivable

     (56     1,213   

Related party receivables

     126        215   

Inventories

     (1,216     (4,128

Prepayments and other assets

     (1,569     601   

Noncurrent assets

     32        (920

Increase (decrease) in liabilities:

    

Trade accounts payable

     (30,254     (5,186

Related party accounts payable

     (3,457     (225

Accrued income taxes

     (24     29   

Accrued expenses and deferred rent

     (3,135     (5,847
  

 

 

   

 

 

 

Total adjustments

     (34,516     (11,943
  

 

 

   

 

 

 

Net cash used in operating activities

     (36,458     (15,373
  

 

 

   

 

 

 

Cash Flows from Investing Activities:

    

Capital expenditures

     (7,174     (2,205

Increase in notes receivable

     —          (250
  

 

 

   

 

 

 

Net cash used in investing activities

     (7,174 )      (2,455 ) 
  

 

 

   

 

 

 

Cash Flows from Financing Activities:

    

Borrowings under credit facilities

     76,070        54,150   

Repayments under credit facilities

     (37,610     (39,070

Proceeds from exercise of stock options and issuance of common stock under employee stock purchase plan

     88        104   

Payment of dividends

     —          (786

Excess tax (payment) benefit from stock based compensation

     (41     3   
  

 

 

   

 

 

 

Net cash provided by financing activities

     38,507        14,401   
  

 

 

   

 

 

 

Cash Flows from Discontinued Operations:

    

Operating Cash Flows

     —          (81
  

 

 

   

 

 

 

Net cash used in discontinued operations

     —          (81
  

 

 

   

 

 

 

Net Decrease in Cash and Cash Equivalents

     (5,125     (3,508

Cash and Cash Equivalents at Beginning of Period

     10,113        7,813   
  

 

 

   

 

 

 

Cash and Cash Equivalents at End of Period

   $ 4,988      $ 4,305   
  

 

 

   

 

 

 

Supplemental Disclosures of Cash Flow Information:

    

Cash paid during the period for:

    

Interest

   $ 418      $ 146   
  

 

 

   

 

 

 

Net income taxes

   $ 64      $ 2   
  

 

 

   

 

 

 

Supplemental Disclosures of Non Cash Investing Activities:

    

Capital expenditures in accrued expenses

   $ 911      $ 298   
  

 

 

   

 

 

 

See notes to condensed consolidated financial statements.

 

5


Table of Contents

BOOKS-A-MILLION, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

  1. Basis of Presentation

The unaudited condensed consolidated financial statements include the accounts of Books-A-Million, Inc. and its subsidiaries (collectively, the “Company”). The Company consists of Books-A-Million, Inc. and its five wholly-owned subsidiaries, American Wholesale Book Company, Inc., Booksamillion.com, Inc., BAM Card Services, LLC, AL Florence Realty Holdings 2010, LLC and Preferred Growth Properties, LLC. All inter-company balances and transactions have been eliminated in consolidation. For a discussion of the Company’s business segments, see Note 7.

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and are presented pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain financial information and disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended January 28, 2012. In the opinion of management, the unaudited condensed consolidated financial statements included herein contain all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of our financial position as of April 28, 2012 and January 28, 2012, and the results of its operations and cash flows for the periods presented.

The Company’s business, like that of many retailers, is seasonal, with a large portion of sales and operating profit realized during the fourth fiscal quarter, which includes the holiday selling season. Thus, the quarterly results of operations are not necessarily indicative of annual results.

Certain insignificant reclassifications to amounts included in this report for prior periods were necessary to conform to the presentation of the thirteen weeks ended April 28, 2012 due to discontinued operations.

Stock-Based Compensation

The Company’s pre-tax compensation cost for stock-based employee compensation was approximately $0.1 million and $0.3 million for the thirteen weeks ended April 28, 2012 and April 30, 2011, respectively.

Stock Option Plan

A summary of the status of the Company’s Amended and Restated Stock Option Plan (the “Stock Option Plan”) is as follows (shares in thousands):

 

     Thirteen Weeks Ended
April 28, 2012
 
     Shares     Weighted
Average
Exercise
Price
 

Options outstanding at beginning of period

     33      $ 5.65   

Options granted

     —          N/A   

Options exercised

     —          N/A   

Options forfeited

     (6     3.04   
  

 

 

   

 

 

 

Options outstanding at end of period

     27      $ 6.22   
  

 

 

   

 

 

 

Options exercisable at end of period

     27      $ 6.22   
  

 

 

   

 

 

 

 

6


Table of Contents

BOOKS-A-MILLION, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

The following table summarizes information about stock options outstanding and exercisable under the Stock Option Plan as of April 28, 2012 (shares in thousands):

 

     Options Outstanding      Options Exercisable  

Range of Exercise Price

   Options
Outstanding
at April 28,
2012
     Weighted
Average
Remaining
Contractual
Life (Years)
     Weighted
Average
Exercise
Price
     Options
Exercisable
at April 28,
2012
     Weighted
Average
Exercise
Price
 

$2.16 - $2.37

     6         0.76       $ 2.36         6       $ 2.36   

$6.13 - $9.62

     21         2.00       $ 7.36         21       $ 7.36   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Totals

     27         1.72       $ 6.22         27       $ 6.22   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

The aggregate intrinsic value for outstanding and exercisable options under the Stock Option Plan at April 28, 2012 was approximately $(0.1) million. There were no options exercised during the thirteen week periods ended April 28, 2012 or April 30, 2011.

2005 Incentive Award Plan

During 2005, the Company adopted and the Company’s stockholders approved the Books-A-Million, Inc. 2005 Incentive Award Plan (as amended, the “2005 Plan”). An aggregate of 2,000,000 shares of common stock may be awarded under the 2005 Plan. From June 1, 2005 through April 28, 2012, equity awards under the 2005 Plan have consisted solely of awards of restricted stock. As of April 28, 2012, the number of shares of common stock currently reserved for issuance under the 2005 Plan for outstanding stock-based awards was 544,934 shares.

Restricted Stock Table

A summary of the status of unvested restricted stock grants to employees and directors under the 2005 Plan is as follows (shares in thousands):

 

     Thirteen Weeks Ended
April 28, 2012
 
     Shares     Weighted Average
Grant Date Fair
Value
 

Shares at beginning of period

     417      $ 5.83   

Shares granted

     225        3.15   

Shares vested

     (13     5.24   

Shares forfeited

     (35     5.19   
  

 

 

   

 

 

 

Shares at end of period

     594      $ 4.87   
  

 

 

   

 

 

 

The Company’s unvested restricted stock participates in any dividends declared and retains voting rights for the granted shares.

Other Information

As of April 28, 2012, the Company had approximately $1.7 million of total unrecognized compensation cost related to non-vested awards granted under its various share-based plans, which it expects to recognize over the following fiscal years:

 

Fiscal Year

   Stock-Based
Compensation
Expense
 

2013

   $ 771,000   

2014

     649,000   

2015

     291,000   

2016

     2,000   
  

 

 

 

Total

   $ 1,713,000   
  

 

 

 

 

7


Table of Contents

BOOKS-A-MILLION, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

The Company maintains an employee stock purchase plan (as amended, the “Amended and Restated Employee Stock Purchase Plan”) under which shares of the Company’s common stock are reserved for purchase by employees at 85% of the fair market value of the common stock at the lower of the market value for the Company’s stock as of the beginning of the fiscal year or the end of the fiscal year. An aggregate of 600,000 shares are available for issuance to participants in the Amended and Restated Employee Stock Purchase Plan. The Company received cash proceeds from issuances of stock under the Amended and Restated Employee Stock Purchase Plan during each of the thirteen week periods ended April 28, 2012 and April 30, 2011 of $0.1 million. The impact of these cash receipts is included in financing activities in the accompanying condensed consolidated statements of cash flows.

 

  2. Recent Accounting Pronouncements

In August 2010, the FASB issued an Exposure Draft, Leases (the “Exposure Draft”), which would replace the existing guidance in ASC 840, Leases. Under the Exposure Draft, a lessee’s rights and obligations under leases, including existing and new arrangements, would be recognized as assets and liabilities, respectively, on the balance sheet. The comment period for the Exposure Draft ended on December 15, 2010. In July 2011, the FASB announced that it would extend the comment period. If the proposed guidance becomes effective on the terms currently proposed by the FASB, it will likely have a significant impact on our consolidated financial statements. However, as the final standard has not yet been issued, we are unable to determine at this time the impact that this proposed change in accounting standard may have on our consolidated financial statements.

In May 2011, the FASB issued authoritative guidance, ASU No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRs, relating to fair value measurement and disclosure requirements. The new guidance is intended to provide a consistent definition of fair value and ensure that the fair value measurement and disclosure requirements are similar between U.S. GAAP and International Financial Reporting Standards. This authoritative guidance limits the highest-and-best-use measure to nonfinancial assets, permits certain financial assets and liabilities with offsetting positions in market or counterparty credit risks to be measured at a net basis, and provides guidance on the applicability of premiums and discounts. This authoritative guidance also expands the disclosures on Level 3 inputs by requiring quantitative disclosure of the unobservable inputs and assumptions, as well as a description of the valuation processes and the sensitivity of the fair value to changes in unobservable inputs. The new guidance is effective for interim and annual periods beginning after December 15, 2011. The Company adopted its provisions on January 29, 2012, and the adoption did not have a significant impact on our existing fair value measurements or disclosures.

The FASB issues ASUs to amend the authoritative literature in the Accounting Standards Codification. There have been a number of ASUs to date that amend the original text of the ASC. Except for the ASU listed above, those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, or (iii) are not currently applicable to the Company. Additionally, there were various other accounting standards and interpretations issued during the quarter ended April 28, 2012 that the Company has not yet been required to adopt, none of which is expected to have a material impact on the Company’s consolidated financial statements and the notes thereto going forward.

 

  3. Net Loss Per Common Share

Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted net loss per common share reflects the potential dilution, using the treasury stock method, that could occur if share based payments are exercised. Diluted net loss per common share has been computed based on the weighted average number of shares outstanding, including the effect of outstanding stock options, if dilutive, in the thirteen week periods.

For the thirteen week periods ended April 28, 2012 and April 30, 2011, certain share based payments were outstanding but were excluded from the computation of diluted weighted average shares outstanding because their effect would have been anti-dilutive due to the net loss in both periods presented.

 

8


Table of Contents

BOOKS-A-MILLION, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

  4. Related Party Transactions

Charles C. Anderson, Chairman Emeritus and a former director of the Company, Terry C. Anderson, a director of the Company, and Clyde B. Anderson, the Executive Chairman of the Company, have controlling ownership interests in other entities with which the Company conducts business. Significant transactions between the Company and these various other entities (“related parties”) are summarized in the following paragraphs.

The Company purchases a substantial portion of its magazines, as well as certain of its seasonal music, from a subsidiary of Anderson Media Corporation (“Anderson Media”), an affiliate of the Company through common ownership. During the thirteen weeks ended April 28, 2012 and April 30, 2011, purchases of these items from Anderson Media totaled $3.5 million and $4.4 million, respectively. Amounts receivable from Anderson Media as of April 28, 2012 and January 28, 2012 were $0.1 million and $0.2 million, respectively. Amounts payable to Anderson Media at April 28, 2012 and January 28, 2012 were $2.0 million and $5.7 million, respectively. The Company purchases certain of its collectibles, gifts and books from Anderson Press, Inc. (“Anderson Press”), an affiliate of the Company through common ownership. During the thirteen weeks ended April 28, 2012 and April 30, 2011, such purchases from Anderson Press totaled $0.2 and $0.4 million, respectively. The Company utilizes import sourcing and consolidation services from Anco Far East Importers, LTD (“Anco Far East”), an affiliate of the Company through common ownership. The total amount paid to Anco Far East was $0.1 million and $0.3 million during the thirteen weeks ended April 28, 2012 and April 30, 2011, respectively. These amounts paid to Anco Far East included the actual cost of the product, as well as fees for sourcing and consolidation services. All costs other than the sourcing and consolidation service fees were passed through from other vendors. Anco Far East fees, net of the passed-through costs, were $10,000 and $20,000 during the thirteen weeks ended April 28, 2012 and April 30, 2011, respectively.

The Company leases its principal executive offices from a trust, which was established for the benefit of the grandchildren of Charles C. Anderson. The Company’s lease on the building expires in February 2013. During each of the thirteen week periods ended April 28, 2012 and April 30, 2011, the Company paid rent of $39,000 to the trust under this lease. Anderson & Anderson LLC (“A&A”), an affiliate of the Company through common ownership, also leases two buildings to the Company. During each of the thirteen week periods ended April 28, 2012 and April 30, 2011, the Company paid A&A a total of $0.1 million in connection with such leases. A total of minimum future rental payments under all of these related party leases is $1.6 million at April 28, 2012.

The Company subleases certain property to Hibbett Sports, Inc. (“Hibbett”), a sporting goods retailer in the United States. The Company’s sublease on the property with Hibbett expires in October 2016. One of the Company’s directors, Albert C. Johnson, and Terrance G. Finley, Chief Executive Officer and President of the Company, are members of Hibbett’s Board of Directors. During the thirteen week periods ended April 28, 2012 and April 30, 2011, the Company received zero and $40,000, respectively, in rent payments from Hibbett. A total of minimum future rental payments under this related party lease is $0.5 million at April 28, 2012.

The Company, A&A, American Promotional Events, Inc. and Anderson Press (collectively the “Co-ownership Group”) co-own two airplanes that are used by the Company in its business. The Company owns a 26.0% interest in each of these airplanes. During the thirteen week periods ended April 28, 2012 and April 30, 2011, the Company was billed $0.1 million and $0.2 million, respectively, by the Co-Ownership Group under a cost sharing arrangement for the Company’s use of the two airplanes. The expenses that the Company pays for airplane use cover all of the variable costs attributable to the Company’s use of the planes and a portion of the fixed costs.

The Company and Anderson Private Capital Partners I, L.P. (“APCP”), an affiliate of the Company through common ownership, each have an equity interest in Yogurt Mountain Holding, LLC (“Yogurt Mountain”). The Company also participates with APCP in a line of credit agreement with Yogurt Mountain in connection with its investment. See Note 13, Equity Method Investment, for additional information regarding the Company’s investment in Yogurt Mountain. As of April 28, 2012 and January 28, 2012, Yogurt Mountain had $1.0 million in borrowings outstanding and due to the Company. For each of the thirteen week periods ended April 28, 2012 and April 30, 2011, the Company paid $0.1 million in franchise fees, royalty fees and other costs associated with the Company’s franchise of Yogurt Mountain stores within the Company’s stores. For the thirteen week periods ended April 28, 2012 and April 30, 2011, the Company received $0.1 million and $40,000, respectively, from Yogurt Mountain for interest, monitoring fees, professional fees and rent.

 

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BOOKS-A-MILLION, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

  5. Commitments and Contingencies

The Company is a party to various legal proceedings incidental to its business. In the opinion of management, after consultation with legal counsel, the ultimate liability, if any, with respect to those proceedings is not presently expected to materially affect the financial position, results of operations or cash flows of the Company.

From time to time, the Company enters into certain types of agreements that require the Company to indemnify parties against third party claims. Generally, these agreements relate to: (a) agreements with vendors and suppliers, under which the Company may provide customary indemnification to its vendors and suppliers in respect of actions that they take at the Company’s request or otherwise on its behalf, (b) agreements with vendors who publish books or manufacture merchandise specifically for the Company to indemnify the vendors against trademark and copyright infringement claims concerning the books published or merchandise manufactured on behalf of the Company, (c) real estate leases, under which the Company may agree to indemnify the lessors for claims arising from the Company’s use of the property, and (d) agreements with the Company’s directors, officers and employees, under which the Company may agree to indemnify such persons for liabilities arising out of their relationship with the Company. The Company maintains a Directors and Officers Liability Insurance Policy, which, subject to the policy’s conditions, provides coverage for indemnification amounts payable by the Company with respect to its directors and officers up to specified limits and subject to certain deductibles.

The nature and terms of these types of indemnities vary. The events or circumstances that would require the Company to perform under these indemnities are transaction and circumstance specific. The overall maximum amount of obligations cannot be reasonably estimated. Historically, the Company has not incurred significant costs related to performance under these types of indemnities. No liabilities have been recorded for these obligations on the Company’s balance sheet at April 28, 2012 or January 28, 2012, as such potential liabilities are considered de minimis.

 

  6. Inventories

The Company currently utilizes the last-in, first-out (“LIFO”) method of accounting for inventories. An actual valuation under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation. The cumulative difference between replacement and current cost of inventory over stated LIFO value is $4.1 million and $4.0 million as of April 28, 2012 and January 28, 2012, respectively. The estimated replacement cost of inventory is the current first-in, first-out (“FIFO”) value.

Inventory balances at April 28, 2012 and January 28, 2012 were as follows (in thousands):

 

     April 28, 2012     January 28, 2012  

Inventories (at FIFO)

   $ 206,641      $ 205,300   

LIFO reserve

     (4,142     (4,017
  

 

 

   

 

 

 

Net inventories

   $ 202,499      $ 201,283   
  

 

 

   

 

 

 

 

  7. Business Segments

The Company has two reportable operating segments: retail trade and electronic commerce trade. These reportable operating segments reflect the manner in which the business is managed and how the Company allocates resources and assesses performance internally.

Our chief operating decision makers are our Executive Chairman and our Chief Executive Officer and President. The Company is primarily a retailer of book merchandise. The Company’s two reportable segments are two distinct business units, one a traditional retailer of book merchandise and the other a seller of book merchandise primarily over the Internet. The electronic commerce trade segment is managed separately due to divergent technology and marketing requirements. The retail trade reportable segment also includes the Company’s distribution center operations, which predominantly supply merchandise to our retail stores. Through the distribution center operations, the Company sells books to outside parties on a wholesale basis. These sales are not material.

 

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BOOKS-A-MILLION, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

The Company evaluates the performance of the retail trade and electronic commerce trade segments based on profit and loss from operations before interest and income taxes. Certain intersegment cost allocations have been made based upon consolidated and segment revenues. Shipping income related to Internet sales is included in net sales, and shipping expense is included in cost of sales.

Both the retail trade and electronic commerce trade reportable operating segments derive revenues primarily from the sale of book merchandise through sales in our retail stores and over the Internet, respectively.

 

     Thirteen Weeks Ended  

Segment Information (in thousands)

   April 28, 2012     April 30, 2011  

Net Sales

    

Retail Trade

   $ 111,025      $ 99,872   

Electronic Commerce Trade

     6,279        6,108   

Intersegment Sales Elimination

     (4,204     (3,581
  

 

 

   

 

 

 

Net Sales

   $ 113,100      $ 102,399   
  

 

 

   

 

 

 

Operating (Loss) Income

    

Retail Trade

   $ (2,169   $ (4,843

Electronic Commerce Trade

     (320     (169

Intersegment Elimination of Certain Costs

     243        199   
  

 

 

   

 

 

 

Total Operating (Loss) Income

   $ (2,246   $ (4,813
  

 

 

   

 

 

 
     April 28, 2012     January 28, 2012  

Assets

    

Retail Trade

   $ 288,235      $ 292,552   

Electronic Commerce Trade

     3,059        3,600   
  

 

 

   

 

 

 

Total Assets

   $ 291,294      $ 296,152   
  

 

 

   

 

 

 

For the thirteen week periods ended April 28, 2012 and April 30, 2011, respectively, sales by merchandise category, as a percentage of total net sales, were as follows:

 

     Thirteen Weeks Ended  
     April 28, 2012     April 30, 2011  

Books and Magazines

     75.3     76.9

General Merchandise

     10.7     9.4

Café

     4.9     4.7

Electronics, eBooks and accessories

     2.0     2.4

Other

     7.1     6.6
  

 

 

   

 

 

 

Total

     100.0     100.0
  

 

 

   

 

 

 

General merchandise consists of gifts, cards, games, toys, collectibles and similar types of products. Café consists of coffee, tea, yogurt and other edible products, as well as gift items related to our Joe Muggs cafés. Other products include music, DVDs and other products.

 

  8. Discontinued Operations

The Company did not close any stores in a market where the Company does not expect another of its existing stores to absorb the closed store’s customers during the thirteen weeks ended April 28, 2012. The Company closed five stores in fiscal year 2012 in markets where the Company does not expect another of its existing stores to absorb the closed store’s customers. The operating results of these stores are presented as discontinued in all periods presented. For the thirteen weeks ended April 28, 2012, there was no impact to operating results due to these closed stores. For the thirteen weeks ended April 30, 2011, the closed stores had sales of $1.6 million and pretax operating loss of $0.1 million. The Company continues to report in discontinued operations stores closed in prior periods where the Company does not expect to retain the closed stores’ customers at another store.

 

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BOOKS-A-MILLION, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

  9. Debt and Lines of Credit

The Company’s primary sources of liquidity are cash flows from operations, including credit terms from vendors, and borrowings under its credit facility, described below. On March 21, 2011, the Company entered into a credit agreement (the “Credit Agreement”) for a revolving credit facility (the “Credit Facility”) with Bank of America, N.A. (“Bank of America”), as Administrative Agent, Swing Line Lender and Issuing Bank, and a group of participating financial institutions under which the Company may borrow up to the maximum principal amount of $150.0 million, which may be increased to $200.0 million under certain circumstances, and which matures on March 21, 2016. As of April 28, 2012, the maximum principal amount available under the Credit Facility was $125.4 million, based on the calculated borrowing base availability at that time. Interest on borrowings under the Credit Facility is determined based upon the LIBOR rate plus an applicable margin (as specified in the Credit Agreement). Pursuant to the Credit Agreement, the participating financial institutions have agreed to make revolving loans to the Company and to issue, up to a $35.0 million sublimit, letters of credit for the Company. Under the Credit Agreement, Bank of America, in its capacity as Swing Line Lender, has also agreed to make same day advances to the Company in the form of swing line loans up to a $15.0 million sublimit. The obligations of the Company under the Credit Agreement are secured by the inventories, accounts receivable and certain other personal property of the Company, pursuant to the terms of a security agreement with Bank of America and the other lenders. Additionally, the Credit Agreement contains certain non-financial covenants. The Company was in compliance with these covenants at April 28, 2012.

As of April 28, 2012, there were outstanding borrowings under the Credit Facility (excluding the face amount of letters of credit issued thereunder) of $38.5 million, which bear interest at variable rates (2.19% as of April 28, 2012 based on the 7-day LIBOR rate plus the applicable spread as of such date). The Company had no borrowings outstanding under the Credit Facility (excluding the face amount of letters of credit issued thereunder) as of January 28, 2012. The face amount of letters of credit issued under the Credit Facility as of April 28, 2012 was $7.5 million. The face amount of letters of credit issued under the Credit Facility as of January 28, 2012 was $7.9 million. The maximum and average outstanding borrowings under the Credit Facility (excluding the face amount of letters of credit issued thereunder) during the thirteen weeks ended April 28, 2012 were $48.2 million and $38.8 million, respectively.

During fiscal 1996 and fiscal 1995, the Company acquired and constructed certain warehouse and distribution facilities with the proceeds of loans made pursuant to an industrial development revenue bond (the “Bond”). As of April 28, 2012 and January 28, 2012, there was $5.4 million outstanding under the Bond, which bears interest at a variable rate. The interest rate on the Bond was 1.3% and 1.4% at April 28, 2012 and January 28, 2012, respectively. The Bond has a maturity date of December 1, 2019, with a purchase provision obligating the Company to repurchase the Bond, unless extended by the bondholder. The bond is held by Wells Fargo Bank, National Association (“Wells Fargo”). Pursuant to an Amended and Restated Bond Agreement dated June 30, 2011, the Company’s subsidiary, American Wholesale Book Company, Inc. (“American Wholesale”), and Wells Fargo agreed, among other things, (i) to extend the period during which Wells Fargo will hold the Bond until March 13, 2016, (ii) to replace the original guaranty with a new Continuing Guaranty executed by the Company and certain of its subsidiaries, including Booksamillion.com, Inc. and BAM Card Services, LLC, which obligation provides a maximum liability of $5,880,000 for the Company and its affiliates, jointly and severally, and (iii) that American Wholesale will maintain a standby letter of credit equal at all times to at least the outstanding principal amount of the Bond, which was $5,445,000 as of April 28, 2012, for the benefit of Wells Fargo.

Interest expense on all Company indebtedness for the thirteen weeks ended April 28, 2012 and April 30, 2011 was $0.5 million and $0.2 million, respectively.

 

  10. Income Taxes

The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. The Company is no longer subject to U.S. federal income tax examinations by tax authorities for fiscal years prior to fiscal 2011. With respect to state and local jurisdictions, with limited exceptions, the Company and its subsidiaries are no longer subject to income tax audits for fiscal years prior to fiscal 2009.

 

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BOOKS-A-MILLION, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

As of April 28, 2012, the gross amount of unrecognized tax benefits was $0.5 million, all of which would affect the effective tax rate if recognized. The amount of unrecognized tax benefits, including interest and penalties, that would no longer need to be accrued due to the passage of various statutes of limitations in the next 12 months is $0.3 million. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. The Company had approximately $0.5 million in interest and penalties related to unrecognized tax benefits accrued as of April 28, 2012 and January 28, 2012. The Company’s total liability for unrecognized tax benefits, including interest and penalties, as of April 28, 2012 and January 28, 2012, was $1.0 million.

The Company’s effective tax rate, including the impact of its equity method investment, for the thirteen weeks ended April 28, 2012 was 30.3%, versus an effective tax rate of 31.2% for the thirteen weeks ended April 30, 2011. The decrease in our effective tax rate over last year was driven by the establishment of a valuation allowance related to certain net operating losses combined with a decrease in realizable tax credits in the current year resulting from the expiration of certain federal employment tax credits.

The methodology for calculation of income tax rates in interim periods is described in ASC 740-270. In general, ASC 740-270 requires an entity to compute the interim income tax rate based on an estimate of the annual effective tax rate. In computing the annual effective tax rate, an entity must rely on management forecasts and other estimates. The rate is revised, if necessary, as of the end of each successive interim period during the fiscal year to the entity’s best current estimate of its annual effective tax rate. In interim periods where the entity is experiencing losses, an entity must make assumptions concerning its future taxable income and determine whether the realization of future tax benefits is more likely than not.

The Company’s condensed consolidated balance sheet as of April 28, 2012 includes a gross deferred tax asset of $1.1 million related to a carryforward for state net operating losses. The deferred tax asset is presented net of the deferred tax liability on the condensed consolidated balance sheet. The majority of the net operating loss carryforward is a result of the net operating losses incurred during the fiscal year ended January 28, 2012 due principally to difficult market and macroeconomic conditions. The Company has concluded, based on the weight of all available positive and negative evidence, that all but $0.2 million of these tax benefits relating to certain state losses are more likely than not to be realized in the future. Therefore, a valuation allowance for the $0.2 million has been established. The Company evaluates the realizability of its deferred tax assets on a quarterly basis. While one of the companies in the consolidated group has incurred a cumulative loss in recent years, after evaluating all available evidence, including its past operating results, the macroeconomic factors contributing to the 2012 fiscal year loss, the length of the carryforward periods available and the availability of prudent and feasible tax planning strategies, the Company concluded that it is more likely than not that the net deferred tax asset, net of the $0.2 million valuation allowance related to state net operating losses, will be realized. The Company will continue to assess the amount of the valuation allowance in the future.

As of the current reporting period, the Company computed the annual effective tax rate based on guidance within ASC 740-270-55, which describes the proper calculation of an interim tax rate for a seasonal business with a year to date loss.

 

  11. Fair Value Measurements

The carrying amounts of other financial instruments reported on the balance sheet for current assets and current liabilities approximate their fair values because of the short maturity of these instruments.

At April 28, 2012, there was $38.5 million outstanding under our revolving line of credit agreement (excluding the face amount of letters of credit issued under the credit agreement) and $5.4 million outstanding under the Bond. The borrowings under our revolving line of credit agreement and the Bond approximate fair value at April 28, 2012.

 

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BOOKS-A-MILLION, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

  12. Gift Card Revenue Recognition

The Company sells gift cards to its customers in its retail stores. The gift cards do not have an expiration date. Income is recognized from gift cards when: (1) the gift card is redeemed by the customer; or (2) the likelihood of the gift card being redeemed by the customer is remote based on historical trends (gift card breakage) and there is no legal obligation to remit the value of the unredeemed gift cards to the relevant jurisdictions. The gift card breakage rate is determined based upon historical redemption patterns. Based on this historical information, the likelihood of a gift card remaining unredeemed can be determined after 24 months of card inactivity. At that time, breakage income is recognized for those cards for which the likelihood of redemption is deemed to be remote and for which there is no legal obligation to remit the value of such unredeemed gift cards to the relevant jurisdictions. Breakage income for each of the thirteen week periods ended April 28, 2012 and April 30, 2011 was $0.2 million.

 

  13. Equity Method Investment

The Company holds an equity method investment, which consists of a 40.0% equity interest in Yogurt Mountain Holding, LLC (“Yogurt Mountain”). Yogurt Mountain was formed for the purpose of developing and operating retail yogurt stores and franchising retail yogurt stores to third party franchisees. In March 2010, the Company acquired the equity interest in Yogurt Mountain for $3.0 million. Yogurt Mountain is a separate and distinct legal entity from the Company and its subsidiaries, and has separate assets, liabilities and operations. The other shareholder interests in Yogurt Mountain of 40.0% and 20.0% are owned by APCP, a related party, and Kahn Family Holdings, LLC, respectively.

In connection with the equity method investment, the Company entered into a line of credit agreement (the “Line of Credit”) with Yogurt Mountain pursuant to which the Company committed to provide up to $1.5 million to Yogurt Mountain under a non-revolving line of credit through March 2015, bearing interest at 9.0%. Yogurt Mountain must pay an annual commitment fee of 0.25% on the unused portion of the commitment. The proceeds from the Line of Credit must be used by Yogurt Mountain for the purpose of new store growth capital requirements. Effective November 14, 2011, the Company entered into a Forbearance Agreement with Yogurt Mountain, raising the interest rate to 11.0% and limiting the borrowings under the line of credit to $1.0 million. There was $1.0 million in outstanding borrowings by Yogurt Mountain under the Line of Credit as of April 28, 2012 and January 28, 2012.

 

  14. Subsequent Events

On April 28, 2012, the Company received a non-binding proposal from Clyde B. Anderson, its Executive Chairman, proposing a potential transaction in which the Anderson family would acquire all of the outstanding publicly-held shares of the common stock of the Company through a merger of the Company with an acquisition vehicle to be formed by the Anderson family. Additional details regarding the proposal were included in the Company’s press release dated April 30, 2012 and Current Report on Form 8-K filed with the SEC on April 30, 2012. The Company’s Board of Directors has established a Special Committee of independent directors, comprised of Albert C. Johnson and J. Barry Mason, to review and consider the proposal. No decision has been made with respect to the Company’s response to the proposal. Since the announcement of the proposal, Company stockholders have filed seven separate lawsuits in Delaware state court against the Company, members of the Anderson family and the Company’s Board of Directors alleging that Mr. Anderson and the members of the Board of Directors breached their fiduciary duties to Company stockholders. It is too early to assess the likelihood of a resolution of these matters or the possibility of an unfavorable outcome.

The Company is not otherwise aware of any subsequent events that would require recognition or disclosure in the financial statements.

 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

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 the actual results, performance or achievements of Books-A-Million, Inc. (the “Company”) or the results of its industry 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 areas; inflation or deflation; economic conditions in general and in the Company’s specific market areas, including the length of time that the United States economy remains in the current economic downturn; 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; the impact of electronic books and e-content; uncertainties related to the Internet and the Company’s Internet operations; the factors described in PART I, ITEM 1A, RISK FACTORS in our Annual Report on Form 10-K for the year ended January 28, 2012; and other factors referenced herein. 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, stockholders and prospective investors are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation 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.

General

We were founded in 1917 and, as of April 28, 2012, operated 255 retail bookstores, including 202 superstores, concentrated primarily in the eastern United States.

Our growth strategy consists of expanding product offerings and opening stores in new and existing market areas. In addition to opening new stores, management intends to continue its practice of reviewing the profitability trends and prospects of existing stores and closing or relocating under-performing stores or converting stores to different formats.

Comparable store sales are determined each fiscal quarter during the year based on all stores that have been open at least 12 full months as of the first day of the fiscal quarter. Any stores closed during a fiscal quarter are included in comparable store sales until they close. Remodeled and relocated stores are also included as comparable stores. The factors affecting the future trend of comparable store sales include, among others, overall demand for products that the Company sells, the Company’s marketing programs, pricing strategies, store operations and competition.

The Company’s business, like that of many retailers, is seasonal, with a large portion of sales and operating profit realized during the fourth fiscal quarter, which includes the holiday selling season.

Recent Developments

On April 28, 2012, the Company received a non-binding proposal from Clyde B. Anderson, its Executive Chairman, proposing a potential transaction in which the Anderson family would acquire all of the outstanding publicly-held shares of the common stock of the Company through a merger of the Company with an acquisition vehicle to be formed by the Anderson family. Additional details regarding the proposal were included in the Company’s press release dated April 30, 2012 and Current Report on Form 8-K filed with the SEC on April 30, 2012. The Company’s Board of Directors has established a Special Committee of independent directors, comprised of Albert C. Johnson and J. Barry Mason, to review and consider the proposal. No decision has been made with respect to the Company’s response to the proposal.

 

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Results of Operations

The following table sets forth statement of operations data expressed as a percentage of net sales for the periods presented.

 

     Thirteen Weeks Ended  
     April 28, 2012     April 30, 2011  

Net sales

     100.0     100.0

Gross profit

     27.3     27.6

Operating, selling and administrative expenses

     25.6     28.4

Depreciation and amortization

     3.7     3.8

Operating loss from continuing operations

     (2.0 )%      (4.7 )% 

Interest expense, net

     0.4     0.2

Loss from continuing operations, before income taxes

     (2.4 )%      (4.9 )% 

Income tax benefit

     (0.7 )%      (1.5 )% 

Net (loss) income on equity method investment

     (0.1 )%      —     

Net loss from continuing operations

     (1.7 )%      (3.3 )% 

Loss from discontinued operations

     —          (0.1 )% 

Net loss

     (1.7 )%      (3.4 )% 

The following table sets forth net sales data by segment for the periods presented:

Segment Information (dollars in thousands)

 

Net Sales    Thirteen Weeks Ended  
     April 28, 2012     April 30, 2011     $ Change     % Change  

Retail Trade

   $ 111,025      $ 99,872      $ 11,153        11.2

Electronic Commerce Trade

     6,279        6,108        171        2.8

Intersegment Sales Elimination

     (4,204     (3,581     (623     (17.4 )% 
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Sales

   $ 113,100      $ 102,399      $ 10,701        10.5
  

 

 

   

 

 

   

 

 

   

 

 

 

The increase in net sales for the retail trade segment for the thirteen weeks ended April 28, 2012, compared to the thirteen weeks ended April 30, 2011, resulted from sales from the 52 stores opened during fiscal 2012, offset by reduced sales from 28 closed stores (including two that were closed in the thirteen weeks ended April 28, 2012) and lower comparable store sales. Comparable store sales for the thirteen weeks ended April 28, 2012 decreased $3.6 million, or 4.2%, to $83.6 million when compared with the same thirteen week period for the prior year. The decrease in comparable store sales for the thirteen week period ended April 28, 2012 was due to the continuing transition of certain book categories to an electronic format.

The 2.8% increase in net sales for the electronic commerce trade segment for the thirteen weeks ended April 28, 2012 was due to sales of Nook E-Readers and traditional Internet sales.

Gross profit increased $2.6 million, or 9.3%, to $30.8 million for the thirteen weeks ended April 28, 2012, when compared with $28.2 million in the same thirteen week period for the prior year. Gross profit as a percentage of net sales for the thirteen weeks ended April 28, 2012 and April 30, 2011 was 27.3% and 27.6%, respectively. The decrease in gross profit percentage of net sales for the thirteen week period ended April 28, 2012 was due to the de-leveraging of occupancy costs due to lower comparable store sales offset by lower warehouse and distribution costs.

Operating, selling and administrative expenses were $28.9 million for the thirteen weeks ended April 28, 2012, compared to $29.1 million during the same period last year. The slight decrease in operating, selling and administrative expenses compared to the same thirteen week period last year was due to cost containment measures in our stores, lower advertising costs and lower health insurance costs. Operating, selling and administrative expenses as a percentage of net sales for the thirteen weeks ended April 28, 2012 decreased to 25.6% from 28.4% from the same period last year due to the cost control measures described above and the leverage of these lower costs over higher sales volume.

Depreciation and amortization expenses increased 6.2% to $4.2 million in the thirteen week period ended April 28, 2012 compared to the thirteen week period ended April 30, 2011. The increase was the result of capital investments made for new stores in fiscal 2012. Depreciation and amortization expenses as a percentage of net sales for the thirteen weeks ended April 28, 2012 totaled 3.7%, which is 0.1% lower than the same period last year.

 

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The following table sets forth operating loss data by segment for the periods presented:

Segment Information (dollars in thousands)

 

Operating Loss before discontinued operations    Thirteen Weeks Ended  
     April 28, 2012     April 30, 2011     $ Change     % Change  

Retail Trade

   $ (2,169   $ (4,843   $ 2,674        55.2

Electronic Commerce Trade

     (320     (169     (151     (89.4 )% 

Intersegment Elimination of Certain Costs

     243        199        44        22.1
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating loss

   $ (2,246   $ (4,813   $ 2,567        53.3
  

 

 

   

 

 

   

 

 

   

 

 

 

The $2.7 million decrease in operating loss for the retail trade segment for the thirteen week period ended April 28, 2012 compared to the same period in the prior year was due to the impact of higher sales and controlled store and corporate costs. The operating loss of the electronic commerce trade segment increased for the thirteen week period ended April 28, 2012 due to increased net shipping costs associated with consumer direct sales offset by reduced bad debt expense.

Net interest expense was $0.4 million, or 0.4% of net sales, for the thirteen weeks ended April 28, 2012, compared to $0.2 million, or 0.2% of net sales, in the same period last year. The increase in net interest expense was due to higher average outstanding borrowings. Average borrowing was higher during the thirteen weeks ended April 28, 2012 due to increased capital expenditures in the second half of fiscal 2012 related to the stores opened during that period.

Liquidity and Capital Resources

Our primary sources of liquidity are cash flows from operations, including credit terms from vendors, and borrowings under our credit facility, described below. On March 21, 2011, the Company entered into a credit agreement (the “Credit Agreement”) for a revolving credit facility (the “Credit Facility”) with Bank of America, N.A. (“Bank of America”), as Administrative Agent, Swing Line Lender and Issuing Bank, and a group of participating financial institutions under which the Company may borrow up to the maximum principal amount of $150.0 million, which may be increased to $200.0 million under certain circumstances, and which matures on March 21, 2016. As of April 28, 2012, the maximum principal amount available under the Credit Facility was $125.4 million, based on the calculated borrowing base availability at that time. Interest on borrowings under the Credit Facility is determined based upon the LIBOR rate plus an applicable margin (as specified in the Credit Agreement). As of April 28, 2012, there were outstanding borrowings under the Credit Facility (excluding the face amount of letters of credit issued thereunder) of $38.5 million, which bears interest at variable rates (2.19% as of April 28, 2012 based on the 7-day LIBOR rate plus the applicable margin as of such date). As of January 28, 2012, the Company had no borrowings outstanding under the Credit Facility. The face amount of letters of credit issued under the Credit Facility as of April 28, 2012 was $7.5 million. The face amount of letters of credit issued under the Credit Facility as of January 28, 2012 was $7.9 million. The maximum and average outstanding borrowings under the Credit Facility (including the face amount of letters of credit issued thereunder) during the thirteen week period ended April 28, 2012 were $56.1 million and $46.5 million, respectively.

During fiscal 1996 and fiscal 1995, the Company acquired and constructed certain warehouse and distribution facilities with the proceeds of loans made pursuant to an industrial development revenue bond (the “Bond”). As of April 28, 2012 and January 28, 2012, there was $5.4 million outstanding under the Bond, which bears interest at a variable rate. The interest rate on the Bond was 1.3% and 1.4% at April 28, 2012 and January 28, 2012, respectively. The Bond has a maturity date of December 1, 2019, with a purchase provision obligating the Company to repurchase the Bond, unless extended by the bondholder. The Bond is held by Wells Fargo Bank, National Association (“Wells Fargo”). Pursuant to an Amended and Restated Bond Agreement dated June 30, 2011, the Company’s subsidiary, American Wholesale Book Company, Inc. (“American Wholesale”), and Wells Fargo agreed, among other things, (i) to extend the period during which Wells Fargo will hold the Bond until March 13, 2016, (ii) to replace the original guaranty with a new Continuing Guaranty executed by the Company and certain of its subsidiaries, including Booksamillion.com, Inc. and BAM Card Services, LLC, which obligation provides a maximum liability of $5,880,000 for the Company and its affiliates, jointly and severally, and (iii) that American Wholesale will maintain a standby letter of credit equal at all times to at least the outstanding principal amount of the Bond, which was $5,445,000 as of April 28, 2012, for the benefit of Wells Fargo.

 

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Financial Position

Inventory balances were $202.5 million as of April 28, 2012, compared to $201.3 million as of January 28, 2012. This small inventory increase of 0.6% was due to effective management of inventory across the Company’s stores, offset by additional inventory purchased to support the net increase in the number of stores that opened in the second half of fiscal 2012. Trade and related party accounts payable balances were $78.2 million as of April 28, 2012, compared to $112.0 million as of January 28, 2012. The decrease in trade and related party accounts payable was due to timing of payments for inventory, particularly relating to the inventory purchased for the significant number of stores opened in late fiscal 2012. Accrued expenses were $33.3 million as of April 28, 2012, compared to $41.4 million as of January 28, 2012. The decrease in accrued expenses was due to a reduction in accrued capital expenditures, a reduction in gift card liability and lower employee salary and benefits accruals. The decrease in accrued capital expenditures is the result of payments of amounts previously accrued for capital expenditures related to new store openings in the prior year. The reduction in gift card liability and employee salary and benefits accruals traditionally occurs in the first quarter of the year due to usage of gift cards and payment of bonuses.

Future Commitments

The following table lists the aggregate maturities of various classes of obligations and expiration amounts of various classes of commitments of the Company at April 28, 2012 (in thousands):

 

     Payments Due Under Contractual Obligations(1)  
(in thousands)    Total      FY 2013      FY 2014      FY 2015      FY 2016      FY 2017      Thereafter  

Short-term borrowings(2)

   $ 38,460       $ 38,460       $ —         $ —         $ —         $ —         $ —     

Long-term debt – industrial revenue bond

     5,445         —           —           —           —           5,445         —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Subtotal of debt

     43,905         38,460         —           —           —           5,445         —     

Interest

     278         62         69         69         69         9         —     

Operating leases(3)

     182,836         31,262         37,335         33,824         24,841         20,254         35,320   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total of obligations

   $ 227,019       $ 69,784       $ 37,404       $ 33,893       $ 24,910       $ 25,708       $ 35,320   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) This table excludes any amounts related to the payment of the $1.0 million of income tax uncertainties, as the Company cannot make a reasonable estimate of the periods of cash settlements with the respective taxing authorities.
(2) Short-term borrowings represent borrowings under the $150.0 million credit facility that are due in 12 months or less.
(3) Excludes obligations under store leases for insurance, taxes and other maintenance costs.

Guarantees

From time to time, we enter into certain types of agreements that require us to indemnify parties against third-party claims. Generally, these agreements relate to: (a) agreements with vendors and suppliers, under which we may provide customary indemnification to our vendors and suppliers in respect of actions that they take at our request or otherwise on our behalf, (b) agreements with vendors who publish books or manufacture merchandise specifically for us to indemnify the vendors against trademark and copyright infringement claims concerning the books published or merchandise manufactured on our behalf, (c) real estate leases, under which we may agree to indemnify the lessors for claims arising from our use of the property, and (d) agreements with our directors, officers and employees, under which we may agree to indemnify such persons for liabilities arising out of their relationship with us. We maintain a Directors and Officers Liability Insurance Policy, which, subject to the policy’s conditions, provides coverage for indemnification amounts payable by us with respect to our directors and officers up to specified limits and subject to certain deductibles.

The nature and terms of these types of indemnities vary. The events or circumstances that would require the Company to perform under these indemnities are transaction and circumstance specific. The overall maximum amount of obligations cannot be reasonably estimated. Historically, the Company has not incurred significant costs related to performance under these types of indemnities. No liabilities have been recorded for these obligations on the Company’s balance sheet at April 28, 2012 or January 28, 2012, as such potential liabilities are considered de minimis.

 

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Table of Contents

Cash Flows

Operating activities used cash of $36.5 million and $15.4 million in the thirteen week periods ended April 28, 2012 and April 30, 2011, respectively, and included the following effects:

 

   

Cash used in trade and related party accounts payable in the thirteen week period ended April 28, 2012 and April 30, 2011 was $33.7 million and $5.4 million, respectively. The change from the prior year was primarily the result of the timing of payment of the inventory added in late fiscal 2012 related to the opening of new stores.

 

   

Cash used for accrued expenses, deferred rent and accrued income taxes was $3.1 million and $5.8 million in the thirteen week periods ended April 28, 2012 and April 30, 2011, respectively. The change from last year resulted from payments on amounts that were accrued at the beginning of the period for capital expenditures related to new stores.

 

   

Cash used by inventories was $1.2 million in the thirteen week period ended April 28, 2012, compared to $4.1 million in the prior year. The change was primarily due to the increase in sales, partially offset by a smaller increase in purchases of inventory.

 

   

Cash provided by deferred income taxes was $0.4 million in the thirteen week period ended April 28, 2012, and cash used for deferred income taxes was $2.5 million in the thirteen week period ended April 30, 2011. The change was primarily the result of the impact of a reduction in state net operating losses.

Cash used in investing activities reflected a $7.2 million and $2.5 million net use of cash for the thirteen week periods ended April 28, 2012 and April 30, 2011, respectively. Cash was used in the thirteen week period ended April 28, 2012 to fund capital expenditures related to the opening of new stores that had been accrued at year end.

Financing activities provided cash of $38.5 million and $14.4 million in the thirteen week periods ended April 28, 2012 and April 30, 2011, respectively. Financing activities provided cash in the thirteen week period ended April 28, 2012 from $38.5 million of net borrowings under our Credit Facility to finance operations.

Related Party Activities

See Note 4, Related Party Transactions, to the condensed consolidated financial statements for information regarding related party activities.

Critical Accounting Policies

A summary of our critical accounting policies is included in the Management’s Discussion and Analysis of Financial Condition and Results of Operations section of our Form 10-K for the year ended January 28, 2012 filed with the Securities and Exchange Commission. No changes to these policies have occurred during the thirteen weeks ended April 28, 2012.

New Accounting Pronouncements

See Note 2, Recent Accounting Pronouncements, to the condensed consolidated financial statements for information regarding new accounting pronouncements.

 

Item 3. Quantitative and Qualitative Disclosure About Market Risk

No disclosure is required hereunder, as the Company is a “smaller reporting company,” as defined by Item 10(f) of Regulation S-K.

 

19


Table of Contents
Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We are committed to maintaining disclosure controls and procedures designed to ensure that information required to be disclosed in our reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Executive Chairman, Chief Executive Officer and President, Executive Vice President and Chief Administrative Officer, Chief Financial Officer and the Board of Directors, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures and implementing controls and procedures based on the application of management’s judgment.

As required by Rule 13a-15 under the Exchange Act, management, with the participation of our Executive Chairman, Chief Executive Officer and President (Principal Executive Officer), Executive Vice President and Chief Administrative Officer and Chief Financial Officer (Principal Financial and Accounting Officer), has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Exchange Act Rule 13a-15(e)) as of the end of the period covered by this report. Based upon their evaluation and subject to the foregoing, the Company’s management concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective.

Changes in Internal Control over Financial Reporting

We regularly review our system of internal control over financial reporting and make changes to our processes and systems to improve controls and increase efficiency, while ensuring that we maintain an effective internal control environment. Changes may include such activities as implementing new, more efficient systems, consolidating activities and migrating processes.

There were no changes in our internal control over financial reporting that occurred during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings

The Company is a party to various legal proceedings incidental to its business. In the opinion of management, after consultation with legal counsel, the ultimate liability, if any, with respect to those proceedings is not presently expected to materially affect the financial position, results of operations or cash flows of the Company.

 

Item 1A. Risk Factors

There are risks and uncertainties as a result of the Anderson family’s non-binding proposal to acquire all of the outstanding publicly-held shares of the common stock of the Company.

On April 28, 2012, the Company received a non-binding proposal from Clyde B. Anderson, its Executive Chairman, proposing a potential transaction in which the Anderson family would acquire all of the outstanding publicly-held shares of the common stock of the Company through a merger of the Company with an acquisition vehicle to be formed by the Anderson family. The Company’s Board of Directors has established a Special Committee of independent directors, comprised of Albert C. Johnson and J. Barry Mason, to review and consider the proposal. The Special Committee cautions the Company’s stockholders and others considering trading in the Company’s securities that no decision has been made with respect to the Company’s response to the proposal. There can be no assurance that any definitive agreement will be reached or that the transaction contemplated in the proposal or any other transaction will be approved or consummated. Until such time as the Company enters into or declares that it will not enter into a definitive agreement with the Anderson family, or any alternative transaction, the price of the Company’s common stock may change to reflect market assumptions as to whether or not any transaction is likely to occur. In addition, the Company has incurred, and will continue to incur, significant costs, expenses and fees for professional services and other costs in connection with the proposal, and many of these fees and costs are payable by the Company regardless of whether or not any potential transaction is consummated.

 

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Table of Contents

There have been no other material changes to the risk factors disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended January 28, 2012.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

 

Item 3. Defaults Upon Senior Securities

None.

 

Item 4. Mine Safety Disclosures

Not applicable.

 

Item 5. Other Information

None.

 

21


Table of Contents

Item 6. Exhibits

 

Exhibit Number

  

Description

  3.1    Certificate of Incorporation of Books-A-Million, Inc. (incorporated herein by reference to Exhibit 3.1 to the Registrant’s Registration Statement on Form S-1 (Capital Registration No. 33-52256)).
  3.2    Amended and Restated By-Laws of Books-A-Million, Inc. (incorporated herein by reference to Exhibit 3(ii) to the Company’s Form 8-K dated August 20, 2009).
31.1    Certification of Clyde B. Anderson, Executive Chairman of Books-A-Million, Inc., pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.
31.2    Certification of Terrance G. Finley, Chief Executive Officer and President of Books-A-Million, Inc., pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.
31.3    Certification of Douglas G. Markham, Executive Vice President and Chief Administrative Officer of Books-A-Million, Inc., pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.
31.4    Certification of R. Todd Noden, Chief Financial Officer of Books-A-Million, Inc., pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.
32.1    Certification of Clyde B. Anderson, Executive Chairman of Books-A-Million, Inc., pursuant to 18 U.S.C. Section 1350.
32.2    Certification of Terrance G. Finley, Chief Executive Officer and President of Books-A-Million, Inc., pursuant to 18 U.S.C. Section 1350.
32.3    Certification of Douglas G. Markham, Executive Vice President and Chief Administrative Officer of Books-A-Million, Inc., pursuant to 18 U.S.C. Section 1350.
32.4    Certification of R. Todd Noden, Chief Financial Officer of Books-A-Million, Inc., pursuant to 18 U.S.C. Section 1350.
101    Interactive Data Files for Books-A-Million, Inc’s Form 10-Q for the quarterly period ended April 28, 2012

 

22


Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

BOOKS-A-MILLION, INC.

 

Date: June 7, 2012   By:  

/s/ Terrance G. Finley

  Terrance G. Finley
 

Chief Executive Officer and President

(Principal Executive Officer)

 

Date: June 7, 2012   By:  

/s/ Clyde B. Anderson

  Clyde B. Anderson
  Executive Chairman of the Board of Directors

 

Date: June 7, 2012   By:  

/s/ Douglas G. Markham

  Douglas G. Markham
  Executive Vice President and Chief Administrative Officer

 

Date: June 7, 2012   By:  

/s/ R. Todd Noden

  R. Todd Noden
  Chief Financial Officer (Principal Financial and Accounting Officer)

 

23

EX-31.1 2 d359924dex311.htm CERTIFICATION OF CLYDE B. ANDERSON, EXECUTIVE CHAIRMAN OF BOOKS-A-MILLION, INC Certification of Clyde B. Anderson, Executive Chairman of Books-A-Million, Inc

Exhibit 31.1

CERTIFICATIONS

I, Clyde B. Anderson, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of Books-A-Million, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 7, 2012

 

/s/ Clyde B. Anderson

Clyde B. Anderson
Executive Chairman of the Board of Directors
EX-31.2 3 d359924dex312.htm CERTIFICATION OF TERRANCE G. FINLEY, CHIEF EXECUTIVE OFFICER AND PRESIDENT OF BO Certification of Terrance G. Finley, Chief Executive Officer and President of Bo

Exhibit 31.2

CERTIFICATIONS

I, Terrance G. Finley, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of Books-A-Million, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 7, 2012

 

/s/ Terrance G. Finley

Terrance G. Finley

Chief Executive Officer and President

(Principal Executive Officer)

EX-31.3 4 d359924dex313.htm CERTIFICATION OF DOUGLAS G. MARKHAM, EXECUTIVE VICE PRESIDENT AND CHIEF ADMINIST Certification of Douglas G. Markham, Executive Vice President and Chief Administ

Exhibit 31.3

CERTIFICATIONS

I, Douglas G. Markham, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of Books-A-Million, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 7, 2012

 

/s/ Douglas G. Markham

Douglas G. Markham
Executive Vice President and Chief Administrative Officer
EX-31.4 5 d359924dex314.htm CERTIFICATION OF R. TODD NODEN, CHIEF FINANCIAL OFFICER OF BOOKS-A-MILLION, INC Certification of R. Todd Noden, Chief Financial Officer of Books-A-Million, Inc

Exhibit 31.4

CERTIFICATIONS

I, R. Todd Noden, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of Books-A-Million, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 7, 2012

 

/s/ R. Todd Noden

R. Todd Noden

Chief Financial Officer

(Principal Financial and Accounting Officer)

EX-32.1 6 d359924dex321.htm CERTIFICATION OF CLYDE B. ANDERSON, EXECUTIVE CHAIRMAN OF BOOKS-A-MILLION, INC Certification of Clyde B. Anderson, Executive Chairman of Books-A-Million, Inc

Exhibit 32.1

Certification of Executive Chairman of the Board of Directors

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Books-A-Million, Inc. (the “Company”) hereby certifies, to the best of such officer’s knowledge, that:

(i) the accompanying Quarterly Report on Form 10-Q of the Company for the quarterly period ended April 28, 2012 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: June 7, 2012

 

/s/ Clyde B. Anderson

Clyde B. Anderson
Executive Chairman of the Board of Directors
EX-32.2 7 d359924dex322.htm CERTIFICATION OF TERRANCE G. FINLEY, CHIEF EXECUTIVE OFFICER AND PRESIDENT OF BO Certification of Terrance G. Finley, Chief Executive Officer and President of Bo

Exhibit 32.2

Certification of Chief Executive Officer and President

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Books-A-Million, Inc. (the “Company”) hereby certifies, to the best of such officer’s knowledge, that:

(i) the accompanying Quarterly Report on Form 10-Q of the Company for the quarterly period ended April 28, 2012 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: June 7, 2012

 

/s/ Terrance G. Finley

Terrance G. Finley

Chief Executive Officer and President

(Principal Executive Officer)

EX-32.3 8 d359924dex323.htm CERTIFICATION OF DOUGLAS G. MARKHAM, EXECUTIVE VICE PRESIDENT AND CHIEF ADMINIST Certification of Douglas G. Markham, Executive Vice President and Chief Administ

Exhibit 32.3

Certification of Executive Vice President and Chief Administrative Officer

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Books-A-Million, Inc. (the “Company”) hereby certifies, to the best of such officer’s knowledge, that:

(i) the accompanying Quarterly Report on Form 10-Q of the Company for the quarterly period ended April 28, 2012 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: June 7, 2012

 

/s/ Douglas G. Markham

Douglas G. Markham
Executive Vice President and Chief Administrative Officer
EX-32.4 9 d359924dex324.htm CERTIFICATION OF R. TODD NODEN, CHIEF FINANCIAL OFFICER OF BOOKS-A-MILLION, INC Certification of R. Todd Noden, Chief Financial Officer of Books-A-Million, Inc

Exhibit 32.4

Certification of Chief Financial Officer

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Books-A-Million, Inc. (the “Company”) hereby certifies, to the best of such officer’s knowledge, that:

(i) the accompanying Quarterly Report on Form 10-Q of the Company for the quarterly period ended April 28, 2012 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: June 7, 2012

 

/s/ R. Todd Noden

R. Todd Noden

Chief Financial Officer

(Principal Financial and Accounting Officer)

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Anderson, its Executive Chairman, proposing a potential transaction in which the Anderson family would acquire all of the outstanding publicly-held shares of the common stock of the Company through a merger of the Company with an acquisition vehicle to be formed by the Anderson family. Additional details regarding the proposal were included in the Company&#8217;s press release dated April&#160;30, 2012 and Current Report on Form 8-K filed with the SEC on April&#160;30, 2012. The Company&#8217;s Board of Directors has established a Special Committee of independent directors, comprised of Albert C. Johnson and J. Barry Mason, to review and consider the proposal. No decision has been made with respect to the Company&#8217;s response to the proposal. Since the announcement of the proposal, Company stockholders have filed seven separate lawsuits in Delaware state court against the Company, members of the Anderson family and the Company&#8217;s Board of Directors alleging that Mr.&#160;Anderson and the members of the Board of Directors breached their fiduciary duties to Company stockholders. It is too early to assess the likelihood of a resolution of these matters or the possibility of an unfavorable outcome. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The Company is not otherwise aware of any subsequent events that would require recognition or disclosure in the financial statements. </font></p> EX-101.SCH 11 bamm-20120428.xsd XBRL TAXONOMY EXTENSION SCHEMA 00 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 01 - Statement - Condensed Consolidated Balance Sheets (Unaudited) link:presentationLink link:definitionLink link:calculationLink 011 - Statement - Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 02 - Statement - Condensed Consolidated Statements of Operations (Unaudited) link:presentationLink link:definitionLink link:calculationLink 03 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) link:presentationLink link:definitionLink link:calculationLink 06001 - Disclosure - Basis of Presentation link:presentationLink link:definitionLink link:calculationLink 06002 - Disclosure - Recent Accounting Pronouncements link:presentationLink link:definitionLink link:calculationLink 06003 - Disclosure - Net Loss Per Common Share link:presentationLink link:definitionLink link:calculationLink 06004 - Disclosure - Related Party Transactions link:presentationLink link:definitionLink link:calculationLink 06005 - Disclosure - Commitments and Contingencies link:presentationLink link:definitionLink link:calculationLink 06006 - Disclosure - Inventories link:presentationLink link:definitionLink link:calculationLink 06007 - Disclosure - Business Segments link:presentationLink link:definitionLink link:calculationLink 06008 - Disclosure - Discontinued Operations link:presentationLink link:definitionLink link:calculationLink 06009 - Disclosure - Debt and Lines of Credit link:presentationLink link:definitionLink link:calculationLink 06010 - Disclosure - Income Taxes link:presentationLink link:definitionLink link:calculationLink 06011 - Disclosure - Fair Value Measurements link:presentationLink link:definitionLink link:calculationLink 06012 - Disclosure - Gift Card Revenue Recognition link:presentationLink link:definitionLink link:calculationLink 06013 - Disclosure - Equity Method Investment link:presentationLink link:definitionLink link:calculationLink 06014 - Disclosure - Subsequent Events link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 12 bamm-20120428_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.LAB 13 bamm-20120428_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 14 bamm-20120428_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 15 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; 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Related Party Transactions
3 Months Ended
Apr. 28, 2012
Related Party Transactions [Abstract]  
Related Party Transactions
  4. Related Party Transactions

Charles C. Anderson, Chairman Emeritus and a former director of the Company, Terry C. Anderson, a director of the Company, and Clyde B. Anderson, the Executive Chairman of the Company, have controlling ownership interests in other entities with which the Company conducts business. Significant transactions between the Company and these various other entities (“related parties”) are summarized in the following paragraphs.

The Company purchases a substantial portion of its magazines, as well as certain of its seasonal music, from a subsidiary of Anderson Media Corporation (“Anderson Media”), an affiliate of the Company through common ownership. During the thirteen weeks ended April 28, 2012 and April 30, 2011, purchases of these items from Anderson Media totaled $3.5 million and $4.4 million, respectively. Amounts receivable from Anderson Media as of April 28, 2012 and January 28, 2012 were $0.1 million and $0.2 million, respectively. Amounts payable to Anderson Media at April 28, 2012 and January 28, 2012 were $2.0 million and $5.7 million, respectively. The Company purchases certain of its collectibles, gifts and books from Anderson Press, Inc. (“Anderson Press”), an affiliate of the Company through common ownership. During the thirteen weeks ended April 28, 2012 and April 30, 2011, such purchases from Anderson Press totaled $0.2 and $0.4 million, respectively. The Company utilizes import sourcing and consolidation services from Anco Far East Importers, LTD (“Anco Far East”), an affiliate of the Company through common ownership. The total amount paid to Anco Far East was $0.1 million and $0.3 million during the thirteen weeks ended April 28, 2012 and April 30, 2011, respectively. These amounts paid to Anco Far East included the actual cost of the product, as well as fees for sourcing and consolidation services. All costs other than the sourcing and consolidation service fees were passed through from other vendors. Anco Far East fees, net of the passed-through costs, were $10,000 and $20,000 during the thirteen weeks ended April 28, 2012 and April 30, 2011, respectively.

The Company leases its principal executive offices from a trust, which was established for the benefit of the grandchildren of Charles C. Anderson. The Company’s lease on the building expires in February 2013. During each of the thirteen week periods ended April 28, 2012 and April 30, 2011, the Company paid rent of $39,000 to the trust under this lease. Anderson & Anderson LLC (“A&A”), an affiliate of the Company through common ownership, also leases two buildings to the Company. During each of the thirteen week periods ended April 28, 2012 and April 30, 2011, the Company paid A&A a total of $0.1 million in connection with such leases. A total of minimum future rental payments under all of these related party leases is $1.6 million at April 28, 2012.

The Company subleases certain property to Hibbett Sports, Inc. (“Hibbett”), a sporting goods retailer in the United States. The Company’s sublease on the property with Hibbett expires in October 2016. One of the Company’s directors, Albert C. Johnson, and Terrance G. Finley, Chief Executive Officer and President of the Company, are members of Hibbett’s Board of Directors. During the thirteen week periods ended April 28, 2012 and April 30, 2011, the Company received zero and $40,000, respectively, in rent payments from Hibbett. A total of minimum future rental payments under this related party lease is $0.5 million at April 28, 2012.

The Company, A&A, American Promotional Events, Inc. and Anderson Press (collectively the “Co-ownership Group”) co-own two airplanes that are used by the Company in its business. The Company owns a 26.0% interest in each of these airplanes. During the thirteen week periods ended April 28, 2012 and April 30, 2011, the Company was billed $0.1 million and $0.2 million, respectively, by the Co-Ownership Group under a cost sharing arrangement for the Company’s use of the two airplanes. The expenses that the Company pays for airplane use cover all of the variable costs attributable to the Company’s use of the planes and a portion of the fixed costs.

The Company and Anderson Private Capital Partners I, L.P. (“APCP”), an affiliate of the Company through common ownership, each have an equity interest in Yogurt Mountain Holding, LLC (“Yogurt Mountain”). The Company also participates with APCP in a line of credit agreement with Yogurt Mountain in connection with its investment. See Note 13, Equity Method Investment, for additional information regarding the Company’s investment in Yogurt Mountain. As of April 28, 2012 and January 28, 2012, Yogurt Mountain had $1.0 million in borrowings outstanding and due to the Company. For each of the thirteen week periods ended April 28, 2012 and April 30, 2011, the Company paid $0.1 million in franchise fees, royalty fees and other costs associated with the Company’s franchise of Yogurt Mountain stores within the Company’s stores. For the thirteen week periods ended April 28, 2012 and April 30, 2011, the Company received $0.1 million and $40,000, respectively, from Yogurt Mountain for interest, monitoring fees, professional fees and rent.

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Net Loss Per Common Share
3 Months Ended
Apr. 28, 2012
Earnings Per Share [Abstract]  
Net Loss Per Common Share
  3. Net Loss Per Common Share

Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted net loss per common share reflects the potential dilution, using the treasury stock method, that could occur if share based payments are exercised. Diluted net loss per common share has been computed based on the weighted average number of shares outstanding, including the effect of outstanding stock options, if dilutive, in the thirteen week periods.

For the thirteen week periods ended April 28, 2012 and April 30, 2011, certain share based payments were outstanding but were excluded from the computation of diluted weighted average shares outstanding because their effect would have been anti-dilutive due to the net loss in both periods presented.

XML 20 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Balance Sheets (Unaudited) (USD $)
In Thousands, unless otherwise specified
Apr. 28, 2012
Jan. 28, 2012
Current assets:    
Cash and cash equivalents $ 4,988 $ 10,113
Accounts receivable, net of allowance for doubtful accounts of $157 and $246, respectively 3,274 3,284
Related party receivables (Note 4) 243 369
Inventories 202,499 201,283
Prepayments and other assets 10,417 8,848
Total current assets 221,421 223,897
Property and equipment    
Gross property and equipment 239,943 239,976
Less accumulated depreciation and amortization (175,640) (173,443)
Property and equipment, net 64,303 66,533
Equity method investment (Note 13) 2,134 2,240
Related party notes receivable (Note 4) 1,000 1,000
Other assets 2,436 2,482
Total assets 291,294 296,152
Current liabilities:    
Trade accounts payable 75,144 105,398
Related party accounts payable (Note 4) 3,117 6,574
Accrued expenses 33,324 41,356
Deferred income taxes 13,330 12,324
Short-term borrowings (Note 9) 38,460 0
Total current liabilities 163,375 165,652
Long-term debt (Note 9) 5,445 5,445
Deferred rent 8,189 8,406
Deferred income taxes 401 1,035
Liability for uncertain tax positions 1,042 1,026
Total non-current liabilities 15,077 15,912
Commitments and contingencies (Note 5)      
Stockholders' equity:    
Preferred stock, $0.01 par value, 1,000,000 shares authorized, no shares outstanding      
Common stock, $0.01 par value, 30,000,000 shares authorized, 22,113,415 and 21,887,869 shares issued and 15,959,214 and 15,733,668 shares outstanding at April 28, 2012 and January 28, 2012, respectively 221 219
Additional paid-in capital 94,736 94,542
Treasury stock, at cost, 6,154,201 shares repurchased at April 28, 2012 and January 28, 2012 (50,572) (50,572)
Retained earnings 68,457 70,399
Total stockholders' equity 112,842 114,588
Total liabilities and stockholders' equity $ 291,294 $ 296,152
XML 21 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Basis of Presentation
3 Months Ended
Apr. 28, 2012
Basis of Presentation [Abstract]  
Basis of Presentation
  1. Basis of Presentation

The unaudited condensed consolidated financial statements include the accounts of Books-A-Million, Inc. and its subsidiaries (collectively, the “Company”). The Company consists of Books-A-Million, Inc. and its five wholly-owned subsidiaries, American Wholesale Book Company, Inc., Booksamillion.com, Inc., BAM Card Services, LLC, AL Florence Realty Holdings 2010, LLC and Preferred Growth Properties, LLC. All inter-company balances and transactions have been eliminated in consolidation. For a discussion of the Company’s business segments, see Note 7.

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and are presented pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain financial information and disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended January 28, 2012. In the opinion of management, the unaudited condensed consolidated financial statements included herein contain all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of our financial position as of April 28, 2012 and January 28, 2012, and the results of its operations and cash flows for the periods presented.

The Company’s business, like that of many retailers, is seasonal, with a large portion of sales and operating profit realized during the fourth fiscal quarter, which includes the holiday selling season. Thus, the quarterly results of operations are not necessarily indicative of annual results.

Certain insignificant reclassifications to amounts included in this report for prior periods were necessary to conform to the presentation of the thirteen weeks ended April 28, 2012 due to discontinued operations.

Stock-Based Compensation

The Company’s pre-tax compensation cost for stock-based employee compensation was approximately $0.1 million and $0.3 million for the thirteen weeks ended April 28, 2012 and April 30, 2011, respectively.

Stock Option Plan

A summary of the status of the Company’s Amended and Restated Stock Option Plan (the “Stock Option Plan”) is as follows (shares in thousands):

 

                 
    Thirteen Weeks Ended
April 28, 2012
 
    Shares     Weighted
Average
Exercise
Price
 

Options outstanding at beginning of period

    33     $ 5.65  

Options granted

    —         N/A  

Options exercised

    —         N/A  

Options forfeited

    (6     3.04  
   

 

 

   

 

 

 

Options outstanding at end of period

    27     $ 6.22  
   

 

 

   

 

 

 

Options exercisable at end of period

    27     $ 6.22  
   

 

 

   

 

 

 

 

The following table summarizes information about stock options outstanding and exercisable under the Stock Option Plan as of April 28, 2012 (shares in thousands):

 

                                         
    Options Outstanding     Options Exercisable  

Range of Exercise Price

  Options
Outstanding
at April 28,
2012
    Weighted
Average
Remaining
Contractual
Life (Years)
    Weighted
Average
Exercise
Price
    Options
Exercisable
at April 28,
2012
    Weighted
Average
Exercise
Price
 

$2.16 - $2.37

    6       0.76     $ 2.36       6     $ 2.36  

$6.13 - $9.62

    21       2.00     $ 7.36       21     $ 7.36  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Totals

    27       1.72     $ 6.22       27     $ 6.22  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The aggregate intrinsic value for outstanding and exercisable options under the Stock Option Plan at April 28, 2012 was approximately $(0.1) million. There were no options exercised during the thirteen week periods ended April 28, 2012 or April 30, 2011.

2005 Incentive Award Plan

During 2005, the Company adopted and the Company’s stockholders approved the Books-A-Million, Inc. 2005 Incentive Award Plan (as amended, the “2005 Plan”). An aggregate of 2,000,000 shares of common stock may be awarded under the 2005 Plan. From June 1, 2005 through April 28, 2012, equity awards under the 2005 Plan have consisted solely of awards of restricted stock. As of April 28, 2012, the number of shares of common stock currently reserved for issuance under the 2005 Plan for outstanding stock-based awards was 544,934 shares.

Restricted Stock Table

A summary of the status of unvested restricted stock grants to employees and directors under the 2005 Plan is as follows (shares in thousands):

 

                 
    Thirteen Weeks Ended
April 28, 2012
 
    Shares     Weighted Average
Grant Date Fair
Value
 

Shares at beginning of period

    417     $ 5.83  

Shares granted

    225       3.15  

Shares vested

    (13     5.24  

Shares forfeited

    (35     5.19  
   

 

 

   

 

 

 

Shares at end of period

    594     $ 4.87  
   

 

 

   

 

 

 

The Company’s unvested restricted stock participates in any dividends declared and retains voting rights for the granted shares.

Other Information

As of April 28, 2012, the Company had approximately $1.7 million of total unrecognized compensation cost related to non-vested awards granted under its various share-based plans, which it expects to recognize over the following fiscal years:

 

         

Fiscal Year

  Stock-Based
Compensation
Expense
 

2013

  $ 771,000  

2014

    649,000  

2015

    291,000  

2016

    2,000  
   

 

 

 

Total

  $ 1,713,000  
   

 

 

 

 

The Company maintains an employee stock purchase plan (as amended, the “Amended and Restated Employee Stock Purchase Plan”) under which shares of the Company’s common stock are reserved for purchase by employees at 85% of the fair market value of the common stock at the lower of the market value for the Company’s stock as of the beginning of the fiscal year or the end of the fiscal year. An aggregate of 600,000 shares are available for issuance to participants in the Amended and Restated Employee Stock Purchase Plan. The Company received cash proceeds from issuances of stock under the Amended and Restated Employee Stock Purchase Plan during each of the thirteen week periods ended April 28, 2012 and April 30, 2011 of $0.1 million. The impact of these cash receipts is included in financing activities in the accompanying condensed consolidated statements of cash flows.

 

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XML 23 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Recent Accounting Pronouncements
3 Months Ended
Apr. 28, 2012
Recent Accounting Pronouncements [Abstract]  
Recent Accounting Pronouncements
  2. Recent Accounting Pronouncements

In August 2010, the FASB issued an Exposure Draft, Leases (the “Exposure Draft”), which would replace the existing guidance in ASC 840, Leases. Under the Exposure Draft, a lessee’s rights and obligations under leases, including existing and new arrangements, would be recognized as assets and liabilities, respectively, on the balance sheet. The comment period for the Exposure Draft ended on December 15, 2010. In July 2011, the FASB announced that it would extend the comment period. If the proposed guidance becomes effective on the terms currently proposed by the FASB, it will likely have a significant impact on our consolidated financial statements. However, as the final standard has not yet been issued, we are unable to determine at this time the impact that this proposed change in accounting standard may have on our consolidated financial statements.

In May 2011, the FASB issued authoritative guidance, ASU No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRs, relating to fair value measurement and disclosure requirements. The new guidance is intended to provide a consistent definition of fair value and ensure that the fair value measurement and disclosure requirements are similar between U.S. GAAP and International Financial Reporting Standards. This authoritative guidance limits the highest-and-best-use measure to nonfinancial assets, permits certain financial assets and liabilities with offsetting positions in market or counterparty credit risks to be measured at a net basis, and provides guidance on the applicability of premiums and discounts. This authoritative guidance also expands the disclosures on Level 3 inputs by requiring quantitative disclosure of the unobservable inputs and assumptions, as well as a description of the valuation processes and the sensitivity of the fair value to changes in unobservable inputs. The new guidance is effective for interim and annual periods beginning after December 15, 2011. The Company adopted its provisions on January 29, 2012, and the adoption did not have a significant impact on our existing fair value measurements or disclosures.

The FASB issues ASUs to amend the authoritative literature in the Accounting Standards Codification. There have been a number of ASUs to date that amend the original text of the ASC. Except for the ASU listed above, those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, or (iii) are not currently applicable to the Company. Additionally, there were various other accounting standards and interpretations issued during the quarter ended April 28, 2012 that the Company has not yet been required to adopt, none of which is expected to have a material impact on the Company’s consolidated financial statements and the notes thereto going forward.

 

XML 24 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified
Apr. 28, 2012
Jan. 28, 2012
Condensed Consolidated Balance Sheets [Abstract]    
Allowance for doubtful accounts $ 157 $ 246
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 1,000,000 1,000,000
Preferred stock, shares outstanding      
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 30,000,000 30,000,000
Common stock, shares issued 22,113,415 21,887,869
Common stock, shares outstanding 15,959,214 15,733,668
Treasury stock, shares 6,154,201 6,154,201
XML 25 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Gift Card Revenue Recognition
3 Months Ended
Apr. 28, 2012
Gift Card Revenue Recognition [Abstract]  
Gift Card Revenue Recognition
  12. Gift Card Revenue Recognition

The Company sells gift cards to its customers in its retail stores. The gift cards do not have an expiration date. Income is recognized from gift cards when: (1) the gift card is redeemed by the customer; or (2) the likelihood of the gift card being redeemed by the customer is remote based on historical trends (gift card breakage) and there is no legal obligation to remit the value of the unredeemed gift cards to the relevant jurisdictions. The gift card breakage rate is determined based upon historical redemption patterns. Based on this historical information, the likelihood of a gift card remaining unredeemed can be determined after 24 months of card inactivity. At that time, breakage income is recognized for those cards for which the likelihood of redemption is deemed to be remote and for which there is no legal obligation to remit the value of such unredeemed gift cards to the relevant jurisdictions. Breakage income for each of the thirteen week periods ended April 28, 2012 and April 30, 2011 was $0.2 million.

 

XML 26 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
3 Months Ended
Apr. 28, 2012
Jun. 05, 2012
Document and Entity Information [Abstract]    
Entity Registrant Name BOOKS A MILLION INC  
Entity Central Index Key 0000891919  
Document Type 10-Q  
Document Period End Date Apr. 28, 2012  
Amendment Flag false  
Document Fiscal Year Focus 2013  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --02-02  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   15,969,214
XML 27 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Equity Method Investment
3 Months Ended
Apr. 28, 2012
Equity Method Investment [Abstract]  
Equity Method Investment
  13. Equity Method Investment

The Company holds an equity method investment, which consists of a 40.0% equity interest in Yogurt Mountain Holding, LLC (“Yogurt Mountain”). Yogurt Mountain was formed for the purpose of developing and operating retail yogurt stores and franchising retail yogurt stores to third party franchisees. In March 2010, the Company acquired the equity interest in Yogurt Mountain for $3.0 million. Yogurt Mountain is a separate and distinct legal entity from the Company and its subsidiaries, and has separate assets, liabilities and operations. The other shareholder interests in Yogurt Mountain of 40.0% and 20.0% are owned by APCP, a related party, and Kahn Family Holdings, LLC, respectively.

In connection with the equity method investment, the Company entered into a line of credit agreement (the “Line of Credit”) with Yogurt Mountain pursuant to which the Company committed to provide up to $1.5 million to Yogurt Mountain under a non-revolving line of credit through March 2015, bearing interest at 9.0%. Yogurt Mountain must pay an annual commitment fee of 0.25% on the unused portion of the commitment. The proceeds from the Line of Credit must be used by Yogurt Mountain for the purpose of new store growth capital requirements. Effective November 14, 2011, the Company entered into a Forbearance Agreement with Yogurt Mountain, raising the interest rate to 11.0% and limiting the borrowings under the line of credit to $1.0 million. There was $1.0 million in outstanding borrowings by Yogurt Mountain under the Line of Credit as of April 28, 2012 and January 28, 2012.

 

XML 28 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Apr. 28, 2012
Apr. 30, 2011
Condensed Consolidated Statements of Operations [Abstract]    
Net sales $ 113,100 $ 102,399
Cost of products sold, including warehouse distribution and store occupancy costs 82,260 74,182
Gross profit 30,840 28,217
Operating, selling and administrative expenses 28,932 29,118
Depreciation and amortization 4,154 3,912
Operating loss from continuing operations (2,246) (4,813)
Interest expense, net 438 219
Loss from continuing operations, before income taxes (2,684) (5,032)
Income tax benefit (844) (1,556)
Net loss from continuing operations before equity method investment (1,840) (3,476)
Net (loss) income on equity method investment (102) 46
Net loss from continuing operations (1,942) (3,430)
Loss from discontinued operations   (81)
Net loss $ (1,942) $ (3,511)
Basic and Diluted    
Net loss from continuing operations $ (0.13) $ (0.22)
Net loss from discontinued operations     
Net loss per common share $ (0.13) $ (0.22)
Weighted average number of shares outstanding - basic and diluted 15,343 15,646
Dividends paid per share   $ 0.05
XML 29 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Business Segments
3 Months Ended
Apr. 28, 2012
Business Segments [Abstract]  
Business Segments
  7. Business Segments

The Company has two reportable operating segments: retail trade and electronic commerce trade. These reportable operating segments reflect the manner in which the business is managed and how the Company allocates resources and assesses performance internally.

Our chief operating decision makers are our Executive Chairman and our Chief Executive Officer and President. The Company is primarily a retailer of book merchandise. The Company’s two reportable segments are two distinct business units, one a traditional retailer of book merchandise and the other a seller of book merchandise primarily over the Internet. The electronic commerce trade segment is managed separately due to divergent technology and marketing requirements. The retail trade reportable segment also includes the Company’s distribution center operations, which predominantly supply merchandise to our retail stores. Through the distribution center operations, the Company sells books to outside parties on a wholesale basis. These sales are not material.

 

The Company evaluates the performance of the retail trade and electronic commerce trade segments based on profit and loss from operations before interest and income taxes. Certain intersegment cost allocations have been made based upon consolidated and segment revenues. Shipping income related to Internet sales is included in net sales, and shipping expense is included in cost of sales.

Both the retail trade and electronic commerce trade reportable operating segments derive revenues primarily from the sale of book merchandise through sales in our retail stores and over the Internet, respectively.

 

                 
    Thirteen Weeks Ended  

Segment Information (in thousands)

  April 28, 2012     April 30, 2011  

Net Sales

               

Retail Trade

  $ 111,025     $ 99,872  

Electronic Commerce Trade

    6,279       6,108  

Intersegment Sales Elimination

    (4,204     (3,581
   

 

 

   

 

 

 

Net Sales

  $ 113,100     $ 102,399  
   

 

 

   

 

 

 

Operating (Loss) Income

               

Retail Trade

  $ (2,169   $ (4,843

Electronic Commerce Trade

    (320     (169

Intersegment Elimination of Certain Costs

    243       199  
   

 

 

   

 

 

 

Total Operating (Loss) Income

  $ (2,246   $ (4,813
   

 

 

   

 

 

 
     
    April 28, 2012     January 28, 2012  

Assets

               

Retail Trade

  $ 288,235     $ 292,552  

Electronic Commerce Trade

    3,059       3,600  
   

 

 

   

 

 

 

Total Assets

  $ 291,294     $ 296,152  
   

 

 

   

 

 

 

For the thirteen week periods ended April 28, 2012 and April 30, 2011, respectively, sales by merchandise category, as a percentage of total net sales, were as follows:

 

                 
    Thirteen Weeks Ended  
    April 28, 2012     April 30, 2011  

Books and Magazines

    75.3     76.9

General Merchandise

    10.7     9.4

Café

    4.9     4.7

Electronics, eBooks and accessories

    2.0     2.4

Other

    7.1     6.6
   

 

 

   

 

 

 

Total

    100.0     100.0
   

 

 

   

 

 

 

General merchandise consists of gifts, cards, games, toys, collectibles and similar types of products. Café consists of coffee, tea, yogurt and other edible products, as well as gift items related to our Joe Muggs cafés. Other products include music, DVDs and other products.

 

XML 30 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventories
3 Months Ended
Apr. 28, 2012
Inventories [Abstract]  
Inventories
  6. Inventories

The Company currently utilizes the last-in, first-out (“LIFO”) method of accounting for inventories. An actual valuation under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation. The cumulative difference between replacement and current cost of inventory over stated LIFO value is $4.1 million and $4.0 million as of April 28, 2012 and January 28, 2012, respectively. The estimated replacement cost of inventory is the current first-in, first-out (“FIFO”) value.

Inventory balances at April 28, 2012 and January 28, 2012 were as follows (in thousands):

 

                 
    April 28, 2012     January 28, 2012  

Inventories (at FIFO)

  $ 206,641     $ 205,300  

LIFO reserve

    (4,142     (4,017
   

 

 

   

 

 

 

Net inventories

  $ 202,499     $ 201,283  
   

 

 

   

 

 

 

 

XML 31 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events
3 Months Ended
Apr. 28, 2012
Subsequent Events [Abstract]  
Subsequent Events
  14. Subsequent Events

On April 28, 2012, the Company received a non-binding proposal from Clyde B. Anderson, its Executive Chairman, proposing a potential transaction in which the Anderson family would acquire all of the outstanding publicly-held shares of the common stock of the Company through a merger of the Company with an acquisition vehicle to be formed by the Anderson family. Additional details regarding the proposal were included in the Company’s press release dated April 30, 2012 and Current Report on Form 8-K filed with the SEC on April 30, 2012. The Company’s Board of Directors has established a Special Committee of independent directors, comprised of Albert C. Johnson and J. Barry Mason, to review and consider the proposal. No decision has been made with respect to the Company’s response to the proposal. Since the announcement of the proposal, Company stockholders have filed seven separate lawsuits in Delaware state court against the Company, members of the Anderson family and the Company’s Board of Directors alleging that Mr. Anderson and the members of the Board of Directors breached their fiduciary duties to Company stockholders. It is too early to assess the likelihood of a resolution of these matters or the possibility of an unfavorable outcome.

The Company is not otherwise aware of any subsequent events that would require recognition or disclosure in the financial statements.

XML 32 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes
3 Months Ended
Apr. 28, 2012
Income Taxes [Abstract]  
Income Taxes
  10. Income Taxes

The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. The Company is no longer subject to U.S. federal income tax examinations by tax authorities for fiscal years prior to fiscal 2011. With respect to state and local jurisdictions, with limited exceptions, the Company and its subsidiaries are no longer subject to income tax audits for fiscal years prior to fiscal 2009.

 

As of April 28, 2012, the gross amount of unrecognized tax benefits was $0.5 million, all of which would affect the effective tax rate if recognized. The amount of unrecognized tax benefits, including interest and penalties, that would no longer need to be accrued due to the passage of various statutes of limitations in the next 12 months is $0.3 million. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. The Company had approximately $0.5 million in interest and penalties related to unrecognized tax benefits accrued as of April 28, 2012 and January 28, 2012. The Company’s total liability for unrecognized tax benefits, including interest and penalties, as of April 28, 2012 and January 28, 2012, was $1.0 million.

The Company’s effective tax rate, including the impact of its equity method investment, for the thirteen weeks ended April 28, 2012 was 30.3%, versus an effective tax rate of 31.2% for the thirteen weeks ended April 30, 2011. The decrease in our effective tax rate over last year was driven by the establishment of a valuation allowance related to certain net operating losses combined with a decrease in realizable tax credits in the current year resulting from the expiration of certain federal employment tax credits.

The methodology for calculation of income tax rates in interim periods is described in ASC 740-270. In general, ASC 740-270 requires an entity to compute the interim income tax rate based on an estimate of the annual effective tax rate. In computing the annual effective tax rate, an entity must rely on management forecasts and other estimates. The rate is revised, if necessary, as of the end of each successive interim period during the fiscal year to the entity’s best current estimate of its annual effective tax rate. In interim periods where the entity is experiencing losses, an entity must make assumptions concerning its future taxable income and determine whether the realization of future tax benefits is more likely than not.

The Company’s condensed consolidated balance sheet as of April 28, 2012 includes a gross deferred tax asset of $1.1 million related to a carryforward for state net operating losses. The deferred tax asset is presented net of the deferred tax liability on the condensed consolidated balance sheet. The majority of the net operating loss carryforward is a result of the net operating losses incurred during the fiscal year ended January 28, 2012 due principally to difficult market and macroeconomic conditions. The Company has concluded, based on the weight of all available positive and negative evidence, that all but $0.2 million of these tax benefits relating to certain state losses are more likely than not to be realized in the future. Therefore, a valuation allowance for the $0.2 million has been established. The Company evaluates the realizability of its deferred tax assets on a quarterly basis. While one of the companies in the consolidated group has incurred a cumulative loss in recent years, after evaluating all available evidence, including its past operating results, the macroeconomic factors contributing to the 2012 fiscal year loss, the length of the carryforward periods available and the availability of prudent and feasible tax planning strategies, the Company concluded that it is more likely than not that the net deferred tax asset, net of the $0.2 million valuation allowance related to state net operating losses, will be realized. The Company will continue to assess the amount of the valuation allowance in the future.

As of the current reporting period, the Company computed the annual effective tax rate based on guidance within ASC 740-270-55, which describes the proper calculation of an interim tax rate for a seasonal business with a year to date loss.

 

XML 33 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Discontinued Operations
3 Months Ended
Apr. 28, 2012
Discontinued Operations [Abstract]  
Discontinued Operations
  8. Discontinued Operations

The Company did not close any stores in a market where the Company does not expect another of its existing stores to absorb the closed store’s customers during the thirteen weeks ended April 28, 2012. The Company closed five stores in fiscal year 2012 in markets where the Company does not expect another of its existing stores to absorb the closed store’s customers. The operating results of these stores are presented as discontinued in all periods presented. For the thirteen weeks ended April 28, 2012, there was no impact to operating results due to these closed stores. For the thirteen weeks ended April 30, 2011, the closed stores had sales of $1.6 million and pretax operating loss of $0.1 million. The Company continues to report in discontinued operations stores closed in prior periods where the Company does not expect to retain the closed stores’ customers at another store.

 

XML 34 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Debt and Lines of Credit
3 Months Ended
Apr. 28, 2012
Debt and Lines of Credit [Abstract]  
Debt and Lines of Credit
  9. Debt and Lines of Credit

The Company’s primary sources of liquidity are cash flows from operations, including credit terms from vendors, and borrowings under its credit facility, described below. On March 21, 2011, the Company entered into a credit agreement (the “Credit Agreement”) for a revolving credit facility (the “Credit Facility”) with Bank of America, N.A. (“Bank of America”), as Administrative Agent, Swing Line Lender and Issuing Bank, and a group of participating financial institutions under which the Company may borrow up to the maximum principal amount of $150.0 million, which may be increased to $200.0 million under certain circumstances, and which matures on March 21, 2016. As of April 28, 2012, the maximum principal amount available under the Credit Facility was $125.4 million, based on the calculated borrowing base availability at that time. Interest on borrowings under the Credit Facility is determined based upon the LIBOR rate plus an applicable margin (as specified in the Credit Agreement). Pursuant to the Credit Agreement, the participating financial institutions have agreed to make revolving loans to the Company and to issue, up to a $35.0 million sublimit, letters of credit for the Company. Under the Credit Agreement, Bank of America, in its capacity as Swing Line Lender, has also agreed to make same day advances to the Company in the form of swing line loans up to a $15.0 million sublimit. The obligations of the Company under the Credit Agreement are secured by the inventories, accounts receivable and certain other personal property of the Company, pursuant to the terms of a security agreement with Bank of America and the other lenders. Additionally, the Credit Agreement contains certain non-financial covenants. The Company was in compliance with these covenants at April 28, 2012.

As of April 28, 2012, there were outstanding borrowings under the Credit Facility (excluding the face amount of letters of credit issued thereunder) of $38.5 million, which bear interest at variable rates (2.19% as of April 28, 2012 based on the 7-day LIBOR rate plus the applicable spread as of such date). The Company had no borrowings outstanding under the Credit Facility (excluding the face amount of letters of credit issued thereunder) as of January 28, 2012. The face amount of letters of credit issued under the Credit Facility as of April 28, 2012 was $7.5 million. The face amount of letters of credit issued under the Credit Facility as of January 28, 2012 was $7.9 million. The maximum and average outstanding borrowings under the Credit Facility (excluding the face amount of letters of credit issued thereunder) during the thirteen weeks ended April 28, 2012 were $48.2 million and $38.8 million, respectively.

During fiscal 1996 and fiscal 1995, the Company acquired and constructed certain warehouse and distribution facilities with the proceeds of loans made pursuant to an industrial development revenue bond (the “Bond”). As of April 28, 2012 and January 28, 2012, there was $5.4 million outstanding under the Bond, which bears interest at a variable rate. The interest rate on the Bond was 1.3% and 1.4% at April 28, 2012 and January 28, 2012, respectively. The Bond has a maturity date of December 1, 2019, with a purchase provision obligating the Company to repurchase the Bond, unless extended by the bondholder. The bond is held by Wells Fargo Bank, National Association (“Wells Fargo”). Pursuant to an Amended and Restated Bond Agreement dated June 30, 2011, the Company’s subsidiary, American Wholesale Book Company, Inc. (“American Wholesale”), and Wells Fargo agreed, among other things, (i) to extend the period during which Wells Fargo will hold the Bond until March 13, 2016, (ii) to replace the original guaranty with a new Continuing Guaranty executed by the Company and certain of its subsidiaries, including Booksamillion.com, Inc. and BAM Card Services, LLC, which obligation provides a maximum liability of $5,880,000 for the Company and its affiliates, jointly and severally, and (iii) that American Wholesale will maintain a standby letter of credit equal at all times to at least the outstanding principal amount of the Bond, which was $5,445,000 as of April 28, 2012, for the benefit of Wells Fargo.

Interest expense on all Company indebtedness for the thirteen weeks ended April 28, 2012 and April 30, 2011 was $0.5 million and $0.2 million, respectively.

 

XML 35 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Measurements
3 Months Ended
Apr. 28, 2012
Fair Value Measurements [Abstract]  
Fair Value Measurements
  11. Fair Value Measurements

The carrying amounts of other financial instruments reported on the balance sheet for current assets and current liabilities approximate their fair values because of the short maturity of these instruments.

At April 28, 2012, there was $38.5 million outstanding under our revolving line of credit agreement (excluding the face amount of letters of credit issued under the credit agreement) and $5.4 million outstanding under the Bond. The borrowings under our revolving line of credit agreement and the Bond approximate fair value at April 28, 2012.

 

XML 36 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Apr. 28, 2012
Apr. 30, 2011
Cash Flows from Operating Activities:    
Net loss $ (1,942) $ (3,511)
Net loss from discontinued operations   (81)
Net loss from continuing operations (1,942) (3,430)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 4,154 4,010
Stock-based compensation 149 347
Loss on impairment of assets 75 183
Loss on disposal of property and equipment 78 232
Deferred income taxes 372 (2,506)
Excess tax benefit from stock-based compensation 41 (3)
Bad debt expense 66 88
Net loss (income) on equity method investment 102 (46)
(Increase) decrease in assets:    
Accounts receivable (56) 1,213
Related party receivables 126 215
Inventories (1,216) (4,128)
Prepayments and other assets (1,569) 601
Noncurrent assets 32 (920)
Increase (decrease) in liabilities:    
Trade accounts payable (30,254) (5,186)
Related party accounts payable (3,457) (225)
Accrued income taxes (24) 29
Accrued expenses and deferred rent (3,135) (5,847)
Total adjustments (34,516) (11,943)
Net cash used in operating activities (36,458) (15,373)
Cash Flows from Investing Activities:    
Capital expenditures (7,174) (2,205)
Increase in notes receivable   (250)
Net cash used in investing activities (7,174) (2,455)
Cash Flows from Financing Activities:    
Borrowings under credit facilities 76,070 54,150
Repayments under credit facilities (37,610) (39,070)
Proceeds from exercise of stock options and issuance of common stock under employee stock purchase plan 88 104
Payment of dividends   (786)
Excess tax (payment) benefit from stock based compensation (41) 3
Net cash provided by financing activities 38,507 14,401
Cash Flows from Discontinued Operations:    
Operating Cash Flows   (81)
Net cash used in discontinued operations   (81)
Net Decrease in Cash and Cash Equivalents (5,125) (3,508)
Cash and Cash Equivalents at Beginning of Period 10,113 7,813
Cash and Cash Equivalents at End of Period 4,988 4,305
Cash paid during the period for:    
Interest 418 146
Net income taxes 64 2
Supplemental Disclosures of Non Cash Investing Activities:    
Capital expenditures in accrued expenses $ 911 $ 298
XML 37 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments and Contingencies
3 Months Ended
Apr. 28, 2012
Commitments and Contingencies [Abstract]  
Commitments and Contingencies
  5. Commitments and Contingencies

The Company is a party to various legal proceedings incidental to its business. In the opinion of management, after consultation with legal counsel, the ultimate liability, if any, with respect to those proceedings is not presently expected to materially affect the financial position, results of operations or cash flows of the Company.

From time to time, the Company enters into certain types of agreements that require the Company to indemnify parties against third party claims. Generally, these agreements relate to: (a) agreements with vendors and suppliers, under which the Company may provide customary indemnification to its vendors and suppliers in respect of actions that they take at the Company’s request or otherwise on its behalf, (b) agreements with vendors who publish books or manufacture merchandise specifically for the Company to indemnify the vendors against trademark and copyright infringement claims concerning the books published or merchandise manufactured on behalf of the Company, (c) real estate leases, under which the Company may agree to indemnify the lessors for claims arising from the Company’s use of the property, and (d) agreements with the Company’s directors, officers and employees, under which the Company may agree to indemnify such persons for liabilities arising out of their relationship with the Company. The Company maintains a Directors and Officers Liability Insurance Policy, which, subject to the policy’s conditions, provides coverage for indemnification amounts payable by the Company with respect to its directors and officers up to specified limits and subject to certain deductibles.

The nature and terms of these types of indemnities vary. The events or circumstances that would require the Company to perform under these indemnities are transaction and circumstance specific. The overall maximum amount of obligations cannot be reasonably estimated. Historically, the Company has not incurred significant costs related to performance under these types of indemnities. No liabilities have been recorded for these obligations on the Company’s balance sheet at April 28, 2012 or January 28, 2012, as such potential liabilities are considered de minimis.

 

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