EX-99.1 2 dex991.htm BARNES & NOBLE, INC. AND SUBSIDIARIES - CONSOLIDATED STATEMENTS OF OPERATIONS Barnes & Noble, Inc. and Subsidiaries - Consolidated Statements of Operations

Exhibit 99.1

BARNES & NOBLE, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

(In thousands, except per share data)

 

      13 weeks ended     13 weeks ended     13 weeks ended     13 weeks ended     52 weeks ended  
     May 3, 2008     August 2, 2008     November 1, 2008     January 31, 2009     January 31, 2009  

Sales

    $ 1,155,882     1,220,989     1,113,317     1,631,616     5,121,804  

Cost of sales and occupancy

      807,915     846,590     777,194     1,108,899     3,540,596  
                                

Gross profit

      347,967     374,399     336,123     522,717     1,581,208  
                                

Selling and administrative expenses

      303,863     299,792     313,432     334,437     1,251,524  

Depreciation and amortization

      41,314     42,485     44,213     45,546     173,557  

Pre-opening expenses

      4,537     3,166     3,310     1,783     12,796  
                                

Operating profit (loss)

      (1,747 )   28,956     (24,832 )   140,951     143,331  

Interest income (expense), net

      807     (1,087 )   (1,311 )   (751 )   (2,344 )
                                

Income (loss) from continuing operations before taxes

      (940 )   27,869     (26,143 )   140,200     140,987  

Income taxes

      (374 )   11,168     (10,438 )   55,235     55,591  
                                

Income (loss) from continuing operations (net of income tax)

      (566 )   16,701     (15,705 )   84,965     85,396  

Loss from discontinued operations (net of income tax)

      (1,658 )   (1,360 )   (2,468 )   (4,020 )   (9,506 )
                                

Net income (loss)

      (2,224 )   15,341     (18,173 )   80,945     75,890  

Net income (loss) attributable to noncontrolling interests

      —       70     (247 )   207     30  
                                

Net income (loss) attributable to Barnes & Noble, Inc.

    $ (2,224 )   15,411     (18,420 )   81,152     75,920  
                                

Income (loss) attributable to Barnes & Noble, Inc.

           

Income (loss) from continuing operations

    $ (566 )   16,701     (15,705 )   84,965     85,396  

Less income (loss) attributable to noncontrolling interests

      —       70     (247 )   207     30  
                                

Net income (loss) from continuing operations attributable to Barnes & Noble, Inc.

    $ (566 )   16,771     (15,952 )   85,172     85,426  

Basic income (loss) per common share:

           

Income (loss) from continuing operations attributable to Barnes & Noble, Inc.

    $ (0.01 )   0.30     (0.29 )   1.50     1.50  

Loss from discontinued operations attributable to Barnes & Noble, Inc.

      (0.03 )   (0.02 )   (0.05 )   (0.07 )   (0.17 )
                                

Net income (loss) attributable to Barnes & Noble, Inc.

    $ (0.04 )   0.28     (0.34 )   1.43     1.33  

Diluted income (loss) per common share:

           

Income (loss) from continuing operations attributable to Barnes & Noble, Inc.

    $ (0.01 )   0.29     (0.29 )   1.49     1.46  

Loss from discontinued operations attributable to Barnes & Noble, Inc.

      (0.03 )   (0.02 )   (0.05 )   (0.07 )   (0.17 )
                                

Net income (loss) attributable to Barnes & Noble, Inc.

    $ (0.04 )   0.27     (0.34 )   1.42     1.29  

Weighted average common shares outstanding

           

Basic

      57,614     54,201     54,411     54,602     55,207  

Diluted

      57,614     55,819     54,411     54,964     56,529  

Dividends declared per common share

    $ 0.15     0.25     0.25     0.25     0.90  

Percentage of sales:

           

Sales

      100.0 %   100.0 %   100.0 %   100.0 %   100.0 %

Cost of sales and occupancy

      69.9 %   69.3 %   69.8 %   68.0 %   69.1 %
                                

Gross profit

      30.1 %   30.7 %   30.2 %   32.0 %   30.9 %
                                

Selling and administrative expenses

      26.3 %   24.6 %   28.2 %   20.5 %   24.4 %

Depreciation and amortization

      3.6 %   3.5 %   4.0 %   2.8 %   3.4 %

Pre-opening expenses

      0.4 %   0.3 %   0.3 %   0.1 %   0.2 %
                                

Operating profit (loss)

      -0.2 %   2.4 %   -2.2 %   8.6 %   2.8 %

Interest income (expense), net

      0.1 %   -0.1 %   -0.1 %   0.0 %   0.0 %
                                

Income (loss) from continuing operations before taxes

      -0.1 %   2.3 %   -2.3 %   8.6 %   2.8 %

Income taxes

      0.0 %   0.9 %   -0.9 %   3.4 %   1.1 %
                                

Income (loss) from continuing operations (net of income tax)

      0.0 %   1.4 %   -1.4 %   5.2 %   1.7 %

BARNES & NOBLE, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

(In thousands, except per share data)

 

      13 weeks ended     13 weeks ended     13 weeks ended     13 weeks ended     52 weeks ended  
     May 5, 2007     August 4, 2007     November 3, 2007     February 2, 2008     February 2, 2008  

Sales

    $ 1,142,256     1,241,434     1,164,004     1,738,980     5,286,674  

Cost of sales and occupancy

      808,473     879,267     809,774     1,182,331     3,679,845  
                                

Gross profit

      333,783     362,167     354,230     556,649     1,606,829  
                                

Selling and administrative expenses

      291,395     300,912     297,847     335,637     1,225,791  

Depreciation and amortization

      44,599     40,522     40,970     42,509     168,600  

Pre-opening expenses

      1,034     2,602     5,657     1,094     10,387  
                                

Operating profit (loss)

      (3,245 )   18,131     9,756     177,409     202,051  

Interest income, net

      3,033     1,698     1,245     1,506     7,483  
                                

Income (loss) from continuing operations before taxes

      (212 )   19,829     11,001     178,915     209,534  

Income taxes

      (84 )   (68 )   4,400     70,375     74,623  
                                

Income (loss) from continuing operations (net of income tax)

      (128 )   19,897     6,601     108,540     134,911  

Income (loss) from discontinued operations (net of income tax)

      (1,543 )   (1,845 )   (2,224 )   6,501     888  
                                

Net income (loss)

      (1,671 )   18,052     4,377     115,041     135,799  

Net income (loss) attributable to noncontrolling interests

      —       —       —       —       —    
                                

Net income (loss) attributable to Barnes & Noble, Inc.

    $ (1,671 )   18,052     4,377     115,041     135,799  
                                

Income (loss) attributable to Barnes & Noble, Inc.

           

Income (loss) from continuing operations

    $ (128 )   19,897     6,601     108,540     134,911  

Less income (loss) attributable to noncontrolling interests

      —       —       —       —       —    
                                

Net income (loss) from continuing operations attributable to Barnes & Noble, Inc.

    $ (128 )   19,897     6,601     108,540     134,911  

Basic income (loss) per common share:

           

Income (loss) from continuing operations attributable to Barnes & Noble, Inc.

    $ (0.00 )   0.30     0.10     1.73     2.07  

Income (loss) from discontinued operations attributable to Barnes & Noble, Inc.

      (0.02 )   (0.03 )   (0.03 )   0.10     0.01  
                                

Net income (loss) attributable to Barnes & Noble, Inc.

    $ (0.03 )   0.27     0.07     1.83     2.08  

Diluted income (loss) per common share:

           

Income (loss) from continuing operations attributable to Barnes & Noble, Inc.

    $ (0.00 )   0.29     0.10     1.67     1.99  

Income (loss) from discontinued operations attributable to Barnes & Noble, Inc.

      (0.02 )   (0.03 )   (0.03 )   0.10     0.01  
                                

Net income (loss) attributable to Barnes & Noble, Inc.

    $ (0.03 )   0.26     0.06     1.77     2.00  

Weighted average common shares outstanding

           

Basic

      65,209     65,373     63,006     61,060     63,662  

Diluted

      65,209     68,026     65,311     63,206     66,221  

Dividends declared per common share

    $ 0.15     0.15     0.15     0.15     0.60  

Percentage of sales:

           

Sales

      100.0 %   100.0 %   100.0 %   100.0 %   100.0 %

Cost of sales and occupancy

      70.8 %   70.8 %   69.6 %   68.0 %   69.6 %
                                

Gross profit

      29.2 %   29.2 %   30.4 %   32.0 %   30.4 %
                                

Selling and administrative expenses

      25.5 %   24.2 %   25.6 %   19.3 %   23.2 %

Depreciation and amortization

      3.9 %   3.3 %   3.5 %   2.4 %   3.2 %

Pre-opening expenses

      0.1 %   0.2 %   0.5 %   0.1 %   0.2 %
                                

Operating profit (loss)

      -0.3 %   1.5 %   0.8 %   10.2 %   3.8 %

Interest income, net

      0.3 %   0.1 %   0.1 %   0.1 %   0.1 %
                                

Income (loss) from continuing operations before taxes

      0.0 %   1.6 %   0.9 %   10.3 %   4.0 %

Income taxes

      0.0 %   0.0 %   0.4 %   4.0 %   1.4 %
                                

Income (loss) from continuing operations (net of income tax)

      0.0 %   1.6 %   0.6 %   6.2 %   2.6 %