NBC ACQUISITION CORP

CIK:0001056756|SEC Filings

Condensed Consolidated Statements Of Operations (USD $)	3 Months Ended		9 Months Ended
Condensed Consolidated Statements Of Operations (USD $)	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2011	Dec. 31, 2010
Condensed Consolidated Statements of Operations (unaudited)
REVENUES, net of returns	$ 76,443,129	$ 69,229,390	$ 382,239,549	$ 414,420,701
COST OF SALES (exclusive of depreciation shown below)	47,108,682	41,674,309	234,074,742	253,903,858
Gross profit	29,334,447	27,555,081	148,164,807	160,516,843
OPERATING EXPENSES
Selling, general and administrative	33,659,880	36,497,904	126,062,291	124,508,189
Depreciation	1,839,182	2,192,044	5,889,678	6,444,649
Amortization	2,013,980	2,152,060	6,036,938	6,556,949
Impairment			122,638,927
Total operating expenses	37,513,042	40,842,008	260,627,834	137,509,787
INCOME (LOSS) FROM OPERATIONS	(8,178,595)	(13,286,927)	(112,463,027)	23,007,056
OTHER EXPENSES (INCOME)
Interest expense	8,645,901	12,853,453	30,827,868	38,504,475
Interest income		(55,694)	(14,476)	(139,770)
Total other expenses	8,645,901	12,797,759	30,813,392	38,364,705
LOSS BEFORE REORGANIZATION ITEMS AND INCOME TAXES	(16,824,496)	(26,084,686)	(143,276,419)	(15,357,649)
REORGANIZATION ITEMS, net loss	5,347,322		20,613,810
LOSS BEFORE INCOME TAXES	(22,171,818)	(26,084,686)	(163,890,229)	(15,357,649)
INCOME TAX BENEFIT	(3,480,000)	(9,792,000)	(29,828,000)	(2,841,000)
NET LOSS	$ (18,691,818)	$ (16,292,686)	$ (134,062,229)	$ (12,516,649)

Condensed Consolidated Statements Of Cash Flows (USD $)	9 Months Ended
Condensed Consolidated Statements Of Cash Flows (USD $)	Dec. 31, 2011	Dec. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (134,062,229)	$ (12,516,649)
Adjustments to reconcile net loss to net cash flows from operating activities
Share-based compensation	26,004	438,810
Provision for losses on receivables	661,549	1,317,433
Depreciation	5,889,678	6,444,649
Amortization	6,036,938	6,556,949
Impairment	122,638,927
Reorganization items	20,613,810
Amortization of debt issue costs and bond discount	4,575,233	4,726,563
Loss on disposal of assets	58,983	155,235
Deferred income taxes provision (benefit)	(28,734,000)	(710,000)
Changes in operating assets and liabilities, net of effect of acquisitions
Decrease (increase) in receivables	(13,486,923)	(18,107,676)
Decrease (increase) in inventories	(92,220,127)	(66,299,510)
Decrease (increase) in recoverable income taxes	(797,101)	(802,792)
Decrease (increase) in prepaid expenses and other assets	(34,555,501)	(1,300,227)
Decrease (increase) in other assets	26,711	(1,210,911)
Increase (decrease) in accounts payable	41,885,920	43,780,593
Increase (decrease) in accrued employee compensation and benefits	(1,705,901)	(2,310,019)
Increase (decrease) in accrued interest	725,101	988,782
Increase (decrease) in accrued incentives	(704,833)	(351,761)
Increase (decrease) in accrued expenses	(1,645,606)	(4,430,540)
Increase (decrease) in deferred revenue	2,200,344	1,675,146
Increase (decrease) in other long-term liabilities	(231,066)	(823,674)
Net cash flows from operating activities before reorganization items	(102,804,089)	(42,779,599)
Operating cash flows for reorganization items	(8,289,977)
Net cash flows from operating activities	(111,094,066)	(42,779,599)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(5,214,777)	(4,965,710)
Acquisitions, net of cash acquired	(1,155,974)	(9,317,813)
Proceeds from sale of property and equipment	80,970	21,708
Software development costs	(1,624,047)	(916,314)
Net cash flows from investing activities	(7,913,828)	(15,178,129)
CASH FLOWS FROM FINANCING ACTIVITIES
Payment for repurchase of common stock		(42)
Proceeds from issuance of DIP term loan facility	123,750,000
Payment of financing costs	(7,417,729)	(66,660)
Principal payments on long-term debt	(14,535)	(40,250)
Principal payments on capital lease obligations	(443,464)	(680,723)
Borrowings under revolving credit facility	31,800,000	43,700,000
Payments under revolving credit facility	(31,800,000)	(28,200,000)
Net cash flows from financing activities	115,874,272	14,712,325
NET DECREASE IN CASH	(3,133,622)	(43,245,403)
CASH, Beginning of period	56,447,380	60,972,625
CASH, End of period	53,313,758	17,727,222
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Cash paid (refunded) during the period for	Cash paid (refunded) during the period for:
Interest	25,527,534	32,789,130
Income taxes	(296,899)	(1,328,208)
Reorganization items	15,707,706
Noncash investing and financing activities
Unpaid consideration associated with bookstore acquisitions	$ 743,145

Condensed Consolidated Balance Sheets (USD $)	Dec. 31, 2011	Mar. 31, 2011	Dec. 31, 2010
CURRENT ASSETS
Cash	$ 53,313,758	$ 56,447,380	$ 17,727,222
Receivables, net	67,788,011	54,966,305	74,824,680
Inventories	183,315,556	90,114,197	167,855,569
Recoverable income taxes	8,196,002	7,398,901	3,238,079
Deferred income taxes	7,334,819	5,172,819	7,311,559
Prepaid expenses and other assets	41,755,973	7,200,472	5,382,424
Total current assets	361,704,119	221,300,074	276,339,533
PROPERTY AND EQUIPMENT, net of depreciation & amortization	37,903,306	39,391,650	40,710,170
GOODWILL	7,599,064	129,436,730	218,356,730
CUSTOMER RELATIONSHIPS, net of amortization	69,855,160	74,161,300	75,596,680
TRADENAME	31,320,000	31,320,000	31,320,000
OTHER IDENTIFIABLE INTANGIBLES, net of amortization	6,306,952	5,973,049	5,784,128
DEBT ISSUE COSTS, net of amortization	628,758	4,211,013	5,671,849
OTHER ASSETS	2,486,454	2,513,165	4,011,313
Total assets	517,803,813	508,306,981	657,790,403
CURRENT LIABILITIES
Accounts payable	58,859,798	20,005,468	70,043,168
Accrued employee compensation and benefits	6,903,476	8,609,377	7,091,449
Accrued interest	1,767,271	7,666,970	8,655,779
Accrued incentives	5,146,103	5,850,936	5,962,172
Accrued expenses	4,751,083	6,396,689	4,621,111
Deferred revenue	3,606,146	1,405,802	2,975,106
Current maturities of long-term debt	95,871	451,697,680	199,585,345
Current maturities of capital lease obligations		505,562	661,733
Revolving credit facility			15,500,000
DIP term loan facility	124,380,110
Total current liabilities	205,509,858	502,138,484	315,095,863
LONG-TERM DEBT, net of current maturities	73,147	123,005	252,138,755
CAPITAL LEASE OBLIGATIONS, net of current maturities		1,791,621	1,884,334
OTHER LONG-TERM LIABILITIES	20,000	1,567,913	1,601,801
DEFERRED INCOME TAXES	15,500,157	42,072,157	40,675,490
LIABILITIES SUBJECT TO COMPROMISE (Note 2)	470,126,743
Series A redeemable preferred stock, $.01 par value, 20,000 shares authorized, 10,000 shares issued and outstanding, at redemption value	14,076,596	13,601,368	13,109,753
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, voting, authorized 5,000,000 shares of $0.1 par value; issued and outstanding 554,094 shares at December 31, 2011 and March 31, 2011 and 549,894 shares at December 31, 2010	5,541	5,541	5,499
Additional paid-in capital	111,307,293	111,281,289	111,272,274
Note receivable from stockholder	(96,343)	(92,675)	(96,343)
Accumulated deficit	(298,719,179)	(164,181,722)	(77,897,023)
Total stockholders' equity (deficit)	(187,502,688)	(52,987,567)	33,284,407
Total liabilities, redeemable preferred stock and stockholders' equity (deficit)	$ 517,803,813	$ 508,306,981	$ 657,790,403