[June 22, 2017] |
|
Barnes & Noble Reports Fiscal 2017 Year-End Financial Results
Barnes & Noble, Inc. (NYSE:BKS) today reported sales and
earnings for its fiscal 2017 fourth quarter and full-year ended April
29, 2017.
Total sales were $821 million for the quarter and $3.9 billion for the
full year, decreasing 6.3% and 6.5% over the prior year periods,
respectively. Comparable store sales declined 6.3% for both the fourth
quarter and full year. Online sales increased 2.9% for the quarter and
3.7% for the full year.
The consolidated fourth quarter net loss improved to $13.4 million, or
$0.19 per share, compared to a loss of $30.6 million, or $0.42 per
share, in the prior year. For the quarter, Retail generated an operating
loss of $15.9 million, while NOOK incurred an operating loss of $7.9
million, for a total operating loss of $23.8 million.
Fiscal 2017 consolidated net earnings from continuing operations were
$22.0 million, or $0.30 per share, compared to net earnings from
continuing operations of $14.7 million, or $0.05 per share, in the prior
year. For the full year, Retail generated operating income of $90.7
million, while NOOK incurred an operating loss of $36.4 million, for a
total operating income of $54.3 million.
In addition to exceeding prior year operating results, excluding
non-recurring charges in both years, consolidated EBITDA was $187.2
million in fiscal 2017, in-line with guidance of $180 million to $190
million, versus $185.7 million last year.
For the full year, consolidated EBITDA was $172.2 million, as compared
to $150.5 million a year ago. NOOK EBITDA losses decreased $47.3 million
to $17.3 million, as the Company continued to rationalize NOOK expenses.
Retail EBITDA of $189.5 million declined $25.6 million, primarily due to
the sales decline.
"While fiscal 2017 proved to be a challenging year for the company, we
reduced costs by $137 million, enabling us to sustain our profitability
level," said Demos Parneros, Chief Executive Officer of Barnes & Noble,
Inc. "In fiscal 2018, we are focusing on ways to improve the business
and reignite sales through an aggressive test and learn process and
companywide simplification process that will take out costs."
The company ended the fiscal year with $64.9 million of debt under its
$750 million credit facility. During fiscal 2017, the Company returned
$67 million in cash to its shareholders through dividends and share
repurchases.
Outlook
For fiscal year 2018, the Company expects comparable bookstore sales to
decline in the low single digits and full year consolidated EBITDA to be
approximately $180 million.
Conference Call
A conference call with Barnes & Noble, Inc.'s senior management will be
webcast beginning at 10:00 A.M. ET on Thursday, June 22, 2017, and is
accessible at investors.barnesandnobleinc.com.
Barnes & Noble, Inc. will report fiscal 2018 first quarter results on or
about September 7, 2017.
About Barnes & Noble, Inc.
Barnes & Noble, Inc. (NYSE:BKS) is the nation's largest retail
bookseller, and a leading retailer of content, digital media and
educational products. The Company operates 633 Barnes & Noble bookstores
in 50 states, and one of the Web's premier e-commerce sites, BN.com (www.bn.com).
The Nook Digital business offers a lineup of popular NOOK® tablets and
eReaders and an expansive collection of digital reading and
entertainment content through the NOOK Store®. The NOOK Store features
more than 4.5 million digital books in the US (www.nook.com),
plus periodicals and comics, and offers the ability to enjoy content
across a wide array of popular devices through Free NOOK Reading Apps™
available for Android™, iOS® and Windows®.
General information on Barnes & Noble, Inc. can be obtained by visiting
the Company's corporate website at www.barnesandnobleinc.com.
BKS - Financial
Forward-Looking Statements
This press release contains certain forward-looking statements (within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended) and
information relating to Barnes & Noble that are based on the beliefs of
the management of Barnes & Noble as well as assumptions made by and
information currently available to the management of Barnes & Noble.
When used in this communication, the words "anticipate," "believe,"
"estimate," "expect," "intend," "plan," "will," "forecasts,"
"projections," and similar expressions, as they relate to Barnes & Noble
or the management of Barnes & Noble, identify forward-looking statements.
Such statements reflect the current views of Barnes & Noble with respect
to future events, the outcome of which is subject to certain risks,
including, among others, the general economic environment and consumer
spending patterns, decreased consumer demand for Barnes & Noble's
products, low growth or declining sales and net income due to various
factors, including store closings, higher-than-anticipated or increasing
costs, including with respect to store closings, relocation, occupancy
(including in connection with lease renewals) and labor costs, the
effects of competition, the risk of insufficient access to financing to
implement future business initiatives, risks associated with data
privacy and information security, risks associated with Barnes & Noble's
supply chain, including possible delays and disruptions and increases in
shipping rates, various risks associated with the digital business,
including the possible loss of customers, declines in digital content
sales, risks and costs associated with ongoing efforts to rationalize
the digital business and the digital business not being able to perform
its obligations under the Samsung commercial agreement and the
consequences thereof, the risk that financial and operational forecasts
and projections are not achieved, the performance of Barnes & Noble's
initiatives including but not limited to new store concepts and
e-commerce initiatives, unanticipated adverse litigation results or
effects, potential infringement of Barnes & Noble's intellectual
property by third parties or by Barnes & Noble of the intellectual
property of third parties, and other factors, including those factors
discussed in detail in Item 1A, "Risk Factors," in Barnes & Noble's
Annual Report on Form 10-K for the fiscal year ended April 29, 2017, and
in Barnes & Noble's other filings made hereafter from time to time with
the SEC.
Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results or
outcomes may vary materially from those described as anticipated,
believed, estimated, expected, intended or planned. Subsequent written
and oral forward-looking statements attributable to Barnes & Noble or
persons acting on its behalf are expressly qualified in their entirety
by the cautionary statements in this paragraph. Barnes & Noble
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise after the date of this communication.
BARNES & NOBLE, INC. AND SUBSIDIARIES
|
Consolidated Statements of Operations
|
(In thousands, except per share data)
|
(Unaudited)
|
|
|
|
13 weeks ended
|
|
13 weeks ended
|
|
52 weeks ended
|
|
52 weeks ended
|
|
|
April 29, 2017
|
|
April 30, 2016
|
|
April 29, 2017
|
|
April 30, 2016
|
|
|
|
|
|
|
|
|
|
Sales
|
|
$
|
821,220
|
|
|
$
|
876,684
|
|
|
$
|
3,894,558
|
|
|
$
|
4,163,844
|
|
Cost of sales and occupancy
|
|
|
578,733
|
|
|
|
610,926
|
|
|
|
2,682,356
|
|
|
|
2,836,547
|
|
Gross profit
|
|
|
242,487
|
|
|
|
265,758
|
|
|
|
1,212,202
|
|
|
|
1,327,297
|
|
Selling and administrative expenses
|
|
|
238,508
|
|
|
|
291,715
|
|
|
|
1,040,007
|
|
|
|
1,176,778
|
|
Depreciation and amortization
|
|
|
27,804
|
|
|
|
31,999
|
|
|
|
117,887
|
|
|
|
135,863
|
|
Operating income (loss)
|
|
|
(23,825
|
)
|
|
|
(57,956
|
)
|
|
|
54,308
|
|
|
|
14,656
|
|
Interest expense, net
|
|
|
1,843
|
|
|
|
1,537
|
|
|
|
7,509
|
|
|
|
8,770
|
|
Income (loss) before taxes
|
|
|
(25,668
|
)
|
|
|
(59,493
|
)
|
|
|
46,799
|
|
|
|
5,886
|
|
Income taxes
|
|
|
(12,240
|
)
|
|
|
(28,885
|
)
|
|
|
24,776
|
|
|
|
(8,814
|
)
|
Net income (loss) from continuing operations
|
|
|
(13,428
|
)
|
|
|
(30,608
|
)
|
|
|
22,023
|
|
|
|
14,700
|
|
Loss from discontinued operations
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(39,146
|
)
|
Net income (loss)
|
|
$
|
(13,428
|
)
|
|
$
|
(30,608
|
)
|
|
$
|
22,023
|
|
|
$
|
(24,446
|
)
|
|
|
|
|
|
|
|
|
|
Basic income (loss) per common share:
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
(0.19
|
)
|
|
$
|
(0.42
|
)
|
|
$
|
0.30
|
|
|
$
|
0.05
|
|
Loss from discontinued operations
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.54
|
)
|
Basic income (loss) per common share
|
|
$
|
(0.19
|
)
|
|
$
|
(0.42
|
)
|
|
$
|
0.30
|
|
|
$
|
(0.49
|
)
|
|
|
|
|
|
|
|
|
|
Diluted income (loss) per common share:
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
(0.19
|
)
|
|
$
|
(0.42
|
)
|
|
$
|
0.30
|
|
|
$
|
0.05
|
|
Loss from discontinued operations
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.54
|
)
|
Diluted income (loss) per common share
|
|
$
|
(0.19
|
)
|
|
$
|
(0.42
|
)
|
|
$
|
0.30
|
|
|
$
|
(0.49
|
)
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
72,054
|
|
|
|
73,680
|
|
|
|
72,188
|
|
|
|
72,410
|
|
Diluted
|
|
|
72,054
|
|
|
|
73,680
|
|
|
|
72,328
|
|
|
|
72,542
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.60
|
|
|
$
|
0.60
|
|
|
|
|
|
|
|
|
|
|
Percentage of sales:
|
|
|
|
|
|
|
|
|
Sales
|
|
|
100.0
|
%
|
|
|
100.0
|
%
|
|
|
100.0
|
%
|
|
|
100.0
|
%
|
Cost of sales and occupancy
|
|
|
70.5
|
%
|
|
|
69.7
|
%
|
|
|
68.9
|
%
|
|
|
68.1
|
%
|
Gross profit
|
|
|
29.5
|
%
|
|
|
30.3
|
%
|
|
|
31.1
|
%
|
|
|
31.9
|
%
|
Selling and administrative expenses
|
|
|
29.0
|
%
|
|
|
33.3
|
%
|
|
|
26.7
|
%
|
|
|
28.3
|
%
|
Depreciation and amortization
|
|
|
3.4
|
%
|
|
|
3.7
|
%
|
|
|
3.0
|
%
|
|
|
3.3
|
%
|
Operating income (loss)
|
|
|
-2.9
|
%
|
|
|
-6.6
|
%
|
|
|
1.4
|
%
|
|
|
0.4
|
%
|
Interest expense, net
|
|
|
0.2
|
%
|
|
|
0.2
|
%
|
|
|
0.2
|
%
|
|
|
0.2
|
%
|
Income (loss) before taxes
|
|
|
-3.1
|
%
|
|
|
-6.8
|
%
|
|
|
1.2
|
%
|
|
|
0.1
|
%
|
Income taxes
|
|
|
-1.5
|
%
|
|
|
-3.3
|
%
|
|
|
0.6
|
%
|
|
|
-0.2
|
%
|
Net income (loss) from continuing operations
|
|
|
-1.6
|
%
|
|
|
-3.5
|
%
|
|
|
0.6
|
%
|
|
|
0.4
|
%
|
Loss from discontinued operations
|
|
|
0.0
|
%
|
|
|
0.0
|
%
|
|
|
0.0
|
%
|
|
|
-0.9
|
%
|
Net income (loss)
|
|
|
-1.6
|
%
|
|
|
-3.5
|
%
|
|
|
0.6
|
%
|
|
|
-0.6
|
%
|
|
BARNES & NOBLE, INC. AND SUBSIDIARIES
|
Segment Information
|
(In thousands)
|
(Unaudited)
|
|
|
|
13 weeks ended
|
|
13 weeks ended
|
|
52 weeks ended
|
|
52 weeks ended
|
|
|
April 29, 2017
|
|
April 30, 2016
|
|
April 29, 2017
|
|
April 30, 2016
|
|
|
|
|
|
|
|
|
|
Sales
|
|
|
|
|
|
|
|
|
Retail
|
|
$
|
796,184
|
|
|
$
|
850,024
|
|
|
$
|
3,784,655
|
|
|
$
|
4,028,614
|
|
NOOK
|
|
|
31,990
|
|
|
|
41,952
|
|
|
|
146,514
|
|
|
|
191,520
|
|
Elimination
|
|
|
(6,954
|
)
|
|
|
(15,292
|
)
|
|
|
(36,611
|
)
|
|
|
(56,290
|
)
|
Total
|
|
$
|
821,220
|
|
|
$
|
876,684
|
|
|
$
|
3,894,558
|
|
|
$
|
4,163,844
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
|
|
|
|
|
|
Retail
|
|
$
|
229,069
|
|
|
$
|
248,807
|
|
|
$
|
1,148,542
|
|
|
$
|
1,258,405
|
|
NOOK
|
|
|
13,418
|
|
|
|
16,951
|
|
|
|
63,660
|
|
|
|
68,892
|
|
Total
|
|
$
|
242,487
|
|
|
$
|
265,758
|
|
|
$
|
1,212,202
|
|
|
$
|
1,327,297
|
|
|
|
|
|
|
|
|
|
|
Selling and Administrative Expenses
|
|
|
|
|
|
|
|
|
Retail
|
|
$
|
220,826
|
|
|
$
|
259,868
|
|
|
$
|
959,002
|
|
|
$
|
1,043,221
|
|
NOOK
|
|
|
17,682
|
|
|
|
31,847
|
|
|
|
81,005
|
|
|
|
133,557
|
|
Total
|
|
$
|
238,508
|
|
|
$
|
291,715
|
|
|
$
|
1,040,007
|
|
|
$
|
1,176,778
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
|
|
|
|
|
|
Retail
|
|
$
|
8,243
|
|
|
$
|
(11,061
|
)
|
|
$
|
189,540
|
|
|
$
|
215,184
|
|
NOOK
|
|
|
(4,264
|
)
|
|
|
(14,896
|
)
|
|
|
(17,345
|
)
|
|
|
(64,665
|
)
|
Total
|
|
$
|
3,979
|
|
|
$
|
(25,957
|
)
|
|
$
|
172,195
|
|
|
$
|
150,519
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization
|
|
|
|
|
|
|
|
|
Retail
|
|
$
|
(24,121
|
)
|
|
$
|
(23,809
|
)
|
|
$
|
(98,877
|
)
|
|
$
|
(101,888
|
)
|
NOOK
|
|
|
(3,683
|
)
|
|
|
(8,190
|
)
|
|
|
(19,010
|
)
|
|
|
(33,975
|
)
|
Total
|
|
$
|
(27,804
|
)
|
|
$
|
(31,999
|
)
|
|
$
|
(117,887
|
)
|
|
$
|
(135,863
|
)
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss)
|
|
|
|
|
|
|
|
|
Retail
|
|
$
|
(15,878
|
)
|
|
$
|
(34,870
|
)
|
|
$
|
90,663
|
|
|
$
|
113,296
|
|
NOOK
|
|
|
(7,947
|
)
|
|
|
(23,086
|
)
|
|
|
(36,355
|
)
|
|
|
(98,640
|
)
|
Total
|
|
$
|
(23,825
|
)
|
|
$
|
(57,956
|
)
|
|
$
|
54,308
|
|
|
$
|
14,656
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
$
|
(23,825
|
)
|
|
$
|
(57,956
|
)
|
|
$
|
54,308
|
|
|
$
|
14,656
|
|
Interest expense, net
|
|
|
(1,843
|
)
|
|
|
(1,537
|
)
|
|
|
(7,509
|
)
|
|
|
(8,770
|
)
|
Income taxes
|
|
|
12,240
|
|
|
|
28,885
|
|
|
|
(24,776
|
)
|
|
|
8,814
|
|
Loss from discontinued operations
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(39,146
|
)
|
Total
|
|
$
|
(13,428
|
)
|
|
$
|
(30,608
|
)
|
|
$
|
22,023
|
|
|
$
|
(24,446
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin
|
|
|
|
|
|
|
|
|
Retail
|
|
|
28.8
|
%
|
|
|
29.3
|
%
|
|
|
30.3
|
%
|
|
|
31.2
|
%
|
NOOK
|
|
|
53.6
|
%
|
|
|
63.6
|
%
|
|
|
57.9
|
%
|
|
|
50.9
|
%
|
Total
|
|
|
29.5
|
%
|
|
|
30.3
|
%
|
|
|
31.1
|
%
|
|
|
31.9
|
%
|
|
|
|
|
|
|
|
|
|
Selling and Administrative Expenses
|
|
|
|
|
|
|
|
|
Retail
|
|
|
27.7
|
%
|
|
|
30.6
|
%
|
|
|
25.3
|
%
|
|
|
25.9
|
%
|
NOOK
|
|
|
70.6
|
%
|
|
|
119.5
|
%
|
|
|
73.7
|
%
|
|
|
98.8
|
%
|
Total
|
|
|
29.0
|
%
|
|
|
33.3
|
%
|
|
|
26.7
|
%
|
|
|
28.3
|
%
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
|
|
|
|
|
|
Retail
|
|
|
1.0
|
%
|
|
|
-1.3
|
%
|
|
|
5.0
|
%
|
|
|
5.3
|
%
|
NOOK
|
|
|
-17.0
|
%
|
|
|
-55.9
|
%
|
|
|
-15.8
|
%
|
|
|
-47.8
|
%
|
Total
|
|
|
0.5
|
%
|
|
|
-3.0
|
%
|
|
|
4.4
|
%
|
|
|
3.6
|
%
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization
|
|
|
|
|
|
|
|
|
Retail
|
|
|
-3.0
|
%
|
|
|
-2.8
|
%
|
|
|
-2.6
|
%
|
|
|
-2.5
|
%
|
NOOK
|
|
|
-14.7
|
%
|
|
|
-30.7
|
%
|
|
|
-17.3
|
%
|
|
|
-25.1
|
%
|
Total
|
|
|
-3.4
|
%
|
|
|
-3.7
|
%
|
|
|
-3.0
|
%
|
|
|
-3.3
|
%
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss)
|
|
|
|
|
|
|
|
|
Retail
|
|
|
-2.0
|
%
|
|
|
-4.1
|
%
|
|
|
2.4
|
%
|
|
|
2.8
|
%
|
NOOK
|
|
|
-31.7
|
%
|
|
|
-86.6
|
%
|
|
|
-33.1
|
%
|
|
|
-72.9
|
%
|
Total
|
|
|
-2.9
|
%
|
|
|
-6.6
|
%
|
|
|
1.4
|
%
|
|
|
0.4
|
%
|
|
BARNES & NOBLE, INC. AND SUBSIDIARIES
|
Consolidated Balance Sheets
|
(In thousands)
|
(Unaudited)
|
|
|
|
April 29, 2017
|
|
April 30, 2016
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
11,993
|
|
|
$
|
13,838
|
|
Receivables, net
|
|
|
67,294
|
|
|
|
124,917
|
|
Merchandise inventories, net
|
|
|
946,909
|
|
|
|
933,723
|
|
Prepaid expenses and other current assets
|
|
|
101,816
|
|
|
|
105,912
|
|
Total current assets
|
|
|
1,128,012
|
|
|
|
1,178,390
|
|
|
|
|
|
|
Property and equipment:
|
|
|
|
|
Land and land improvements
|
|
|
2,541
|
|
|
|
2,541
|
|
Buildings and leasehold improvements
|
|
|
1,072,007
|
|
|
|
1,058,452
|
|
Fixtures and equipment
|
|
|
1,608,433
|
|
|
|
1,560,005
|
|
|
|
|
2,682,981
|
|
|
|
2,620,998
|
|
Less accumulated depreciation and amortization
|
|
|
2,406,859
|
|
|
|
2,322,418
|
|
Net property and equipment
|
|
|
276,122
|
|
|
|
298,580
|
|
|
|
|
|
|
Goodwill
|
|
|
207,381
|
|
|
|
211,276
|
|
Intangible assets, net
|
|
|
310,205
|
|
|
|
310,904
|
|
Other non-current assets
|
|
|
11,201
|
|
|
|
13,632
|
|
Total assets
|
|
$
|
1,932,921
|
|
|
$
|
2,012,782
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
473,686
|
|
|
$
|
480,574
|
|
Accrued liabilities
|
|
|
283,157
|
|
|
|
360,194
|
|
Gift card liabilities
|
|
|
351,424
|
|
|
|
353,103
|
|
Total current liabilities
|
|
|
1,108,267
|
|
|
|
1,193,871
|
|
|
|
|
|
|
Long-term debt
|
|
|
64,900
|
|
|
|
47,200
|
|
Deferred taxes
|
|
|
86,132
|
|
|
|
54,017
|
|
Other long-term liabilities
|
|
|
99,311
|
|
|
|
114,184
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
Common stock; $0.001 par value; 300,000 shares authorized;
|
|
|
|
|
111,933 and 111,228 shares issued, respectively
|
|
|
112
|
|
|
|
112
|
|
Additional paid-in capital
|
|
|
1,741,380
|
|
|
|
1,738,034
|
|
Accumulated other comprehensive income
|
|
|
315
|
|
|
|
151
|
|
Retained earnings
|
|
|
(46,425
|
)
|
|
|
(24,349
|
)
|
Treasury stock, at cost, 39,497 and 37,941 shares, respectively
|
|
|
(1,121,071
|
)
|
|
|
(1,110,438
|
)
|
Total Barnes & Noble, Inc. shareholders' equity
|
|
|
574,311
|
|
|
|
603,510
|
|
Commitments and contingencies
|
|
|
-
|
|
|
|
-
|
|
Total liabilities and shareholders' equity
|
|
$
|
1,932,921
|
|
|
$
|
2,012,782
|
|
|
BARNES & NOBLE, INC. AND SUBSIDIARIES
|
Earnings (Loss) Per Share
|
(In thousands, except per share data)
|
(Unaudited)
|
|
|
|
13 weeks ended
|
|
13 weeks ended
|
|
52 weeks ended
|
|
52 weeks ended
|
|
|
April 29, 2017
|
|
April 30, 2016
|
|
April 29, 2017
|
|
April 30, 2016
|
Numerator for basic income (loss) per share:
|
|
|
|
|
|
|
|
|
Net income (loss) from continuing operations
|
|
$
|
(13,428
|
)
|
|
$
|
(30,608
|
)
|
|
$
|
22,023
|
|
|
$
|
14,700
|
|
Inducement fee paid upon conversion of Series J preferred stock
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3,657
|
)
|
Preferred stock dividends paid in shares
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,783
|
)
|
Accretion of dividends on preferred stock
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(4,204
|
)
|
Less allocation of dividends to participating securities
|
|
|
(17
|
)
|
|
|
(220
|
)
|
|
|
(576
|
)
|
|
|
(1,219
|
)
|
Less allocation of undistributed earnings to participating securities
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Net income (loss) from continuing operations available to common
shareholders
|
|
$
|
(13,445
|
)
|
|
$
|
(30,828
|
)
|
|
$
|
21,447
|
|
|
$
|
3,837
|
|
Net loss from discontinued operations available to common
shareholders
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(39,146
|
)
|
Net income (loss) available to common shareholders
|
|
$
|
(13,445
|
)
|
|
$
|
(30,828
|
)
|
|
$
|
21,447
|
|
|
$
|
(35,309
|
)
|
|
|
|
|
|
|
|
|
|
Numerator for diluted income (loss) per share:
|
|
|
|
|
|
|
|
|
Net income from continuing operations available to common
shareholders
|
|
$
|
(13,445
|
)
|
|
$
|
(30,828
|
)
|
|
$
|
21,447
|
|
|
$
|
3,837
|
|
Accretion of dividends on preferred stock (a)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Allocation of undistributed earnings to participating securities
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Less diluted allocation of undistributed earnings to participating
securities
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Net income (loss) from continuing operations available to common
shareholders
|
|
|
(13,445
|
)
|
|
|
(30,828
|
)
|
|
|
21,447
|
|
|
|
3,837
|
|
Net loss from discontinued operations available to common
shareholders
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(39,146
|
)
|
Net income (loss) available to common shareholders
|
|
$
|
(13,445
|
)
|
|
$
|
(30,828
|
)
|
|
$
|
21,447
|
|
|
$
|
(35,309
|
)
|
|
|
|
|
|
|
|
|
|
Denominator for basic income (loss) per share:
|
|
|
|
|
|
|
|
|
Basic weighted average common shares
|
|
|
72,054
|
|
|
|
73,680
|
|
|
|
72,188
|
|
|
|
72,410
|
|
|
|
|
|
|
|
|
|
|
Denominator for diluted income (loss) per share:
|
|
|
|
|
|
|
|
|
Basic weighted average common shares
|
|
|
72,054
|
|
|
|
73,680
|
|
|
|
72,188
|
|
|
|
72,410
|
|
Average dilutive options
|
|
|
-
|
|
|
|
-
|
|
|
|
63
|
|
|
|
118
|
|
Average dilutive non-participating securities
|
|
|
-
|
|
|
|
-
|
|
|
|
77
|
|
|
|
14
|
|
Diluted weighted average common shares
|
|
|
72,054
|
|
|
|
73,680
|
|
|
|
72,328
|
|
|
|
72,542
|
|
|
|
|
|
|
|
|
|
|
Basic income (loss) per common share:
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
(0.19
|
)
|
|
$
|
(0.42
|
)
|
|
$
|
0.30
|
|
|
$
|
0.05
|
|
Loss from discontinued operations
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.54
|
)
|
Basic income (loss) per common share
|
|
$
|
(0.19
|
)
|
|
$
|
(0.42
|
)
|
|
$
|
0.30
|
|
|
$
|
(0.49
|
)
|
|
|
|
|
|
|
|
|
|
Diluted income (loss) per common share:
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
(0.19
|
)
|
|
$
|
(0.42
|
)
|
|
$
|
0.30
|
|
|
$
|
0.05
|
|
Loss from discontinued operations
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.54
|
)
|
Diluted income (loss) per common share
|
|
$
|
(0.19
|
)
|
|
$
|
(0.42
|
)
|
|
$
|
0.30
|
|
|
$
|
(0.49
|
)
|
(a) Although the Company was in a net income position during
the 52 weeks ended April 30, 2016, the dilutive effect of the Company's
convertible preferred shares was excluded from the calculation of income
per share using the two-class method because the effect would be
antidilutive.
|
BARNES & NOBLE, INC. AND SUBSIDIARIES Non-GAAP
Reconciliation & Forward-Looking Statement (In
millions) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal 2016
|
|
|
Fiscal 2017
|
|
|
Forward-Looking Fiscal 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
$
|
186
|
|
|
|
$
|
187
|
|
|
|
|
Charges
|
|
|
|
(35
|
)
|
(a)
|
|
|
(15
|
)
|
(b)
|
|
|
EBITDA
|
|
|
$
|
151
|
|
|
|
$
|
172
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
$
|
151
|
|
|
|
$
|
172
|
|
|
|
$
|
180
|
|
Depreciation and amortization
|
|
|
|
(136
|
)
|
|
|
|
(118
|
)
|
|
|
|
(100
|
)
|
Operating income
|
|
|
$
|
15
|
|
|
|
$
|
54
|
|
|
|
$
|
80
|
|
|
|
|
|
|
|
|
|
|
|
(a) Including pension settlement charge, executive severance related to
the B&N College spin-off and a publishing contract impairment.
(b) Including charges related to cost reduction initiatives and costs
associated with the CEO departure.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170622005594/en/
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