BOOKS A MILLION INC

CIK:0000891919|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Revenues
Net sales	$ 100,491	$ 100,374	$ 307,956	$ 311,104
Other revenue	1,090	782	3,356	2,113
Total revenues	101,581	101,156	311,312	313,217
Cost of products sold, including warehouse distribution and store occupancy costs	73,750	74,568	225,059	227,435
Gross profit	27,831	26,588	86,253	85,782
Operating, selling and administrative expenses	30,623	29,348	91,381	87,702
Depreciation and amortization	3,778	4,303	11,419	13,120
Operating loss	(6,570)	(7,063)	(16,547)	(15,040)
Interest expense, net	680	478	1,853	1,603
Loss before income taxes	(7,250)	(7,541)	(18,400)	(16,643)
Income tax benefit	(17)	(476)	(265)	(442)
Net loss before equity method investments	(7,233)	(7,065)	(18,135)	(16,201)
Net income (loss) on equity method investments	58	10	(14)	177
Net loss	(7,175)	(7,055)	(18,149)	(16,024)
Less: net income (loss) attributable to noncontrolling interest	(58)	(164)	59	(537)
Net loss attributable to Books-A-Million	$ (7,117)	$ (6,891)	$ (18,208)	$ (15,487)
Basic and Diluted
Net loss per common share (usd per share)	$ (0.50)	$ (0.50)	$ (1.28)	$ (1.08)
Weighted average number of shares outstanding (in shares)	14,213	13,912	14,205	14,315

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2015	Nov. 01, 2014
Cash Flows from Operating Activities:
Net loss	$ (18,149)	$ (16,024)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	11,419	13,155
Amortization of debt issuance costs	237	227
Amortization of lease rights	96	100
Stock-based compensation	860	606
Loss on impairment of assets	258	436
Loss on disposal of property and equipment	148	723
Deferred income taxes	(200)	998
Bad debt expense (recovery)	(23)	33
Net loss (income) on equity method investment	14	(177)
(Increase) decrease in assets:
Accounts receivable	1,068	(175)
Related party receivables	(48)	(104)
Inventories	(39,286)	(19,446)
Prepayments and other assets	(897)	(1,289)
Noncurrent assets	38	2
Increase (decrease) in liabilities:
Trade accounts payable	28,352	11,016
Related party accounts payable	(499)	0
Accrued income taxes	(623)	(3)
Accrued expenses and deferred rent	(3,320)	(4,068)
Total adjustments	(2,406)	2,034
Net cash used in operating activities	(20,555)	(13,990)
Cash Flows from Investing Activities:
Capital expenditures	(9,305)	(20,480)
Proceeds from disposal of property and equipment	1,031	592
Acquisition of equity method investment	(88)	0
Net cash used in investing activities	(8,362)	(19,888)
Cash Flows from Financing Activities:
Short-term borrowings	157,927	149,880
Repayments of short-term borrowings	(135,930)	(123,952)
Proceeds from the issuance of long-term debt	10,011	8,215
Debt issuance costs	(63)	(563)
Principal payments on debt	(641)	(419)
Principal payments on capital lease obligations	(347)	(393)
Proceeds from the issuance of common stock under employee stock purchase plan	53	55
Purchase of treasury stock	0	(2,130)
Dividends paid	(246)	(45)
Net cash provided by financing activities	30,764	30,648
Net increase (decrease) in Cash and Cash Equivalents	1,847	(3,230)
Cash and Cash Equivalents at Beginning of Period	5,757	9,926
Cash and Cash Equivalents at End of Period	7,604	6,696
Cash paid (received) during the period for:
Interest	1,601	1,380
Net income taxes (refunds)	648	(390)
Supplemental Disclosures of Non Cash Investing Activities:
Capital expenditures in accrued expenses	$ 3	$ 1,014

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Oct. 31, 2015	Jan. 31, 2015
Current assets:
Cash and cash equivalents	$ 7,604	$ 5,757
Accounts receivable	2,419	3,464
Related party receivables	79	31
Inventories	227,246	187,960
Prepayments and other assets	7,287	6,390
Total current assets	244,635	203,602
Property and equipment:
Gross property and equipment	283,199	281,835
Less accumulated depreciation and amortization	(203,435)	(197,078)
Property and equipment, net	79,764	84,757
Deferred income taxes	1,229	0
Equity method investments	2,317	2,194
Other assets	3,365	3,698
Total assets	331,310	294,251
Current liabilities:
Trade accounts payable	102,503	74,151
Related party accounts payable	6,140	6,639
Accrued expenses	34,276	38,858
Deferred income taxes	20,944	18,692
Short-term borrowings and current portion of long-term debt	32,859	10,483
Total current liabilities	196,722	148,823
Long-term debt	32,133	23,143
Related party note payable	507	533
Deferred rent	5,352	6,039
Deferred income taxes	0	1,223
Liability for uncertain tax positions	17	106
Long-term capital lease obligation	762	1,120
Total non-current liabilities	38,771	32,164
Stockholders’ equity:
Preferred stock, $0.01 par value, 1,000,000 shares authorized, no shares outstanding	0	0
Common stock, $0.01 par value, 30,000,000 shares authorized, 23,451,076 and 23,006,826 shares issued and 15,403,106 and 14,958,856 shares outstanding at October 31, 2015 and January 31, 2015, respectively	235	230
Additional paid-in capital	98,084	96,976
Treasury stock, at cost, 8,047,970 shares repurchased at October 31, 2015 and January 31, 2015	(55,089)	(55,089)
Retained earnings	50,157	68,825
Accumulated other comprehensive income	(32)	(82)
Total Books-A-Million stockholders’ equity	93,355	110,860
Noncontrolling interest	2,462	2,404
Total equity	95,817	113,264
Total liabilities and stockholders’ equity	$ 331,310	$ 294,251