-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MVJpC5HfAJ2hkxpzxixaPAjsvi4v7uiqv0li74L0FH0u9G+749BIwL0LKTJ45cLb Q5CT28/hKp6C017/tBjcTQ== 0000891919-10-000002.txt : 20100311 0000891919-10-000002.hdr.sgml : 20100311 20100311160539 ACCESSION NUMBER: 0000891919-10-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20100311 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100311 DATE AS OF CHANGE: 20100311 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20664 FILM NUMBER: 10674155 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 8-K 1 q4fy108k.htm FOURTH QUARTER FISCAL 2010 PRESS RELEASE q4fy108k.htm
 
 



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) March 11, 2010

 
Books-A-Million, Inc.
___________________________________________________________________________________________________________
(Exact name of registrant as specified in its charter)

DELAWARE
0-20664
63-0798460
___________________________________________________________________________________________________________
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)

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

Registrant’s telephone number, including area code  (205) 942-3737   

N/A
___________________________________________________________________________________________________________
(Former name or former address, if changed since last report.)
 
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 

 



 
Section 2 – Financial Information
 
Item 2.02 Results of Operations and Financial Condition.
 
On March 11, 2010, Books-A-Million, Inc. issued a press release announcing its financial results for the fourth quarter and fiscal year ended January 30, 2010.  A copy of the press release is attached hereto as Exhibit 99.1.

The information in this Report, including the exhibit attached hereto, is furnished solely pursuant to Item 2.02 of this Form 8-K.  Consequently, it is not deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.  It may only be incorporated by reference in another filing under the Exchange Act or the Securities Act of 1933 if such subsequent filing specifically references this Form 8-K.


Section 9 – Financial Statements and Exhibits
 
Item 9.01 Financial Statements and Exhibits.
 
 
(d)           Exhibits.
 
 
The exhibit is furnished pursuant to Item 2.02 and shall not be deemed to be “filed.”
 
Exhibit No.                     
Document Description
99.1
Press Release dated March 11, 2010
   

 

 
 
 
 
 

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 hereunto duly authorized.

 
_____________BOOKS-A-MILLION, INC._______
 
(Registrant)
   
Date  March 11, 2010
 
 
______________/s/ Brian W. White__________
 
(Signature)
 
Name:  Brian W. White
 
Title:    Chief Financial Officer



 
 
 
 

EXHIBIT INDEX


 
 
Exhibit No.                     
Document Description
99.1
Press Release dated March 11, 2010
   
   



 
 
EX-99.1 2 q4fy10pressrelease.htm FOURTH QUARTER FISCAL 2010 PRESS RELEASE q4fy10pressrelease.htm
                                              News Release

402 Industrial Lane
Birmingham, AL  35211
205-942-3737

Contact:                Brian W. White
        Chief Financial Officer
        (205) 942-3737


BOOKS-A-MILLION, INC. ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS
——————————————
Net Income Increases 30.9% from Prior Fiscal Year
Declares Dividend of $0.05 per Share plus One-time Dividend of $0.10 per Share
Announces Share Repurchase Program

BIRMINGHAM, Ala. (March 11, 2010) – Books-A-Million, Inc. (NASDAQ:BAMM) today announced financial results for the fourth quarter and 52-week fiscal year ended January 30, 2010.  Net sales for the 13-week period ended January 30, 2010, decreased 4.6% to $157.2 million from net sales of $164.7 million in the year-earlier period.  Comparable store sales for the fourth quarter decreased 6.0% when compared with the prior-year fourth quarter.  Net income for the quarter increased to $11.9 million, or $0.76 per diluted share, compared with net income of $11.2 million, or $0.71 per diluted share, for the prior fiscal quarter.

For the 52-week fiscal period ended January 30, 2010, net sales decreased 1.3% to $508.7 million, from net sales of $515.4 million in the prior fiscal year. Comparable store sales decreased 3.8% when compared with the same period in the prior year.  For the fiscal year ended January 30, 2010, the Company reported net income of $13.8 million, or $0.88 per diluted share, compared with net income of $10.6 million, or $0.68 per diluted share, for the prior fiscal year.

Commenting on the results, Clyde B. Anderson, Chairman, President and Chief executive Officer, said, “Despite the challenging sales environment throughout the past year, we are pleased with our ability to grow earnings for the quarter and the year. We remain focused on maintaining fiscal discipline as we look forward to an improving economic climate in the year ahead.”

The Company also announced that its Board of Directors has approved a quarterly cash dividend of $0.05 per share and an additional cash dividend of $0.10 per share for a total cash dividend of $0.15 per share.  The dividend will be paid on April 8, 2010, to stockholders of record at the close of business on March 25, 2010.

The Company further announced that its Board of Directors has authorized a program to repurchase up to $5.0 million in shares of its common stock.  This program replaces a previous program to repurchase up to $5.0 million of its common stock that began in March 2009 and was set to expire on April 30, 2010, pursuant to which the Company repurchased $1.7 million of its common stock.  Under the approved repurchase program, stock may be purchased in the open market or through private transactions from time to time through April 30, 2011, dependent upon market conditions. The program does not obligate the Company to repurchase any specific number of shares and may be suspended at any time at management’s discretion.  The Company currently has 15.6 million shares of common stock outstanding.

Books-A-Million is one of the nation’s leading book retailers and sells on the Internet at www.booksamillion.com.  The Company presently operates more than 200 stores in 23 states and the District of Columbia.  The Company operates large superstores under the names Books-A-Million and Books & Co. and traditional bookstores operating under the name Bookland and Books-A-Million.  The common stock of Books-A-Million, Inc. is traded on the NASDAQ Global Select Market under the symbol BAMM. For more information, visit the Company’s website at www.booksamillioninc.com.
-MORE-
 
 

 
BOOKS-A-MILLION, INC.
Unaudited Consolidated Financial Highlights
(In thousands, except per share data)


   
13 Weeks Ended
   
52 Weeks Ended
 
   
Jan. 30,
2010
   
Jan. 31,
2009
   
Jan. 30,
2010
   
Jan. 31,
2009
 
 
NET SALES (a)
  $ 157,169     $ 164,667     $ 508,667     $ 515,357  
Cost of sales (including warehouse, distribution and store occupancy costs)
    105,145       110,787       356,438       361,934  
 
GROSS PROFIT
    52,024       53,880       152,229       153,423  
    Operating, selling and administrative expenses
    30,288       31,963       116,159       120,085  
 
Depreciation and amortization
    3,572       3,767       14,393       14,448  
 
OPERATING INCOME
    18,164       18,150       21,677       18,890  
 
Interest expense , net
    161       299       637       1,920  
 
INCOME BEFORE INCOME TAXES
    18,003       17,851       21,040       16,970  
 
Income tax provision
    6,092       6,642       7,204       6,396  
 
NET INCOME
  $ 11,911     $ 11,209     $ 13,836     $ 10,574  
                                 
NET INCOME PER COMMON SHARE:
                               
Basic:
Net income
  $ 0.76     $ 0.71     $ 0.88     $ 0.68  
Weighted average shares outstanding
    15,663       15,707       15,735       15,670  
 
Diluted:
Net income
  $  0.76     $  0.71     $  0.88     $  0.68  
Weighted average shares outstanding (b)
    15,671       15,707       15,744       15,676  

(a)
The results for 13-week and 52-week periods ended January 31, 2009, contain certain insignificant reclassifications necessary to conform to the presentation of the 13-week and 52-week periods ended January 30, 2010.

(b)
On February 1, 2009, the Company adopted Financial Accounting Standards Board Accounting Standards Codification 260-10-45 “Earnings per Share” for calculating earnings per share when participating securities are present. The Company's unvested restricted stock awards pay dividends and therefore qualify as participating securities. The above information reflects the effect of this change as if the Company had adopted ASC 260-10-45 at the beginning of the earliest period presented, and the amounts for the period ended January 31, 2009, have been adjusted as required by ASC 260-10-45.


Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:

This document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties.  A number of factors could cause actual results, performance, achievements of the Company, or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  These factors include, but are not limited to, the competitive environment in the book retail industry in general and in the Company's specific market area; inflation; economic conditions in general and in the Company's specific market areas; the number of store openings and closings; the profitability of certain product lines, capital expenditures and future liquidity; liability and other claims asserted against the Company; uncertainties related to the Internet and the Company's Internet initiative.  In addition, such forward-looking statements are necessarily dependent upon assumptions, estimates and dates that may be incorrect or imprecise and involve known and unknown risks, uncertainties and other factors.  Accordingly, any forward-looking statements included herein do not purport to be predictions of future events or circumstances and may not be realized.  Given these uncertainties, stockholders and prospective investors are cautioned not to place undue reliance on such forward-looking statements.  Please refer to the Company’s annual, quarterly and periodic reports on file with the SEC for a more detailed discussion of these and other risks that could cause results to differ materially. The Company disclaims any obligations to update any such factors or to publicly announce the results of any revisions to any of the forw ard-looking statements contained herein to reflect future events or developments.
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