Sales Increase 0.6% for the 2nd Quarter and
1.8% Year to Date
New School Contracts Top $64 Million in Estimated Annual Sales
Comparable Sales Decline Due to Falling Enrollment in Two Year
Community Colleges
BASKING RIDGE, N.J.--(BUSINESS WIRE)--
Barnes & Noble Education, Inc. (NYSE:BNED) today reported
sales and earnings for its fiscal 2016 second quarter ended onOctober
31, 2015. Second quarter sales of $755.9 million increased $4.2 million,
or 0.6%, as compared to the prior year. The Company reported net income
of $33.4 million which is $3.6 million lower than the prior year period.
As previously disclosed, the Company became a separate public company on
August 2nd, 2015, after Barnes & Noble, Inc. (NYSE:BKS)
completed the legal and structural separation of its Retail and College
businesses. "This second quarter of fiscal 2016 was the Company's first
stand-alone period as an independent public company, and we are proud of
our booksellers' performance," said Max J. Roberts, Chief Executive
Officer, Barnes & Noble Education, Inc. The Company continues to win new
contracts, opening 7 new stores in the second quarter of 2016 with
estimated annual sales of $6.6 million. In addition, the Company has
been awarded contracts to open an additional 10 stores with estimated
annual sales of $13.0 million. This brings the total year to date actual
and planned store openings to 38, with estimated annual sales of $64.5
million. As of October 31, the Company operated 743 stores nationwide.
Comparable sales decreased 3.0% during the quarter and 1.9% year to
date. "This fall rush period was negatively impacted by student
enrollments, specifically in two year community colleges. Enrollments in
our two year community colleges are down mid-single digits year over
year which resulted in comparable sales in these schools decreasing by
approximately 7%," Mr. Roberts continued. "Comparable store sales
excluding two year community colleges decreased by 1.3% for the quarter
and 0.2% year to date." The Company has a very balanced portfolio of
schools with approximately 24% of its revenue generated by two year
community colleges, and the rest coming from state schools, private
schools and collegiate superstores. While the current enrollment trend
is negative, the Company believes the long term enrollment trends are
positive. According to the National Center for Education Statistics of
the U.S. Department of Education (NCES), enrollment in post-secondary
degree-granting institutions is expected to increase 13.9% from 21.0
million in 2012 to 23.9 million in 2022.
"Emblematic apparel continues to lead the growth in general merchandise
sales increasing 1.3% for the quarter and 3.5% year to date on a
comparable basis. During the fall rush season, school and computer
supplies make up a higher percentage of our general merchandise sales
and have been impacted by the decrease in enrollment and have not
experienced the consistent growth of emblematic apparel," explained
Mr.Roberts.
The Company's EBITDA was $72.7 million for the quarter, as compared to
$77.9 million in the prior year, due primarily to reduced earnings from
lower comparable store sales, increased expenses in technology and store
support programs, separation expenses, and continued investments in
digital education. These items were partially offset by earnings from
our new stores.
Second Quarter 2016 Results from Operations
Results for the fiscal 2016 and fiscal 2015 second quarters are as
follows:
|
|
|
|
|
|
|
Revenues (unaudited)
|
|
$ in millions
|
|
|
|
|
|
Increase/(Decrease)
|
|
|
|
Q2 2016
|
|
Q2 2015
|
|
$
|
|
%
|
|
Product sales and other
|
|
$684.0 |
|
$678.9 |
|
$5.1 |
|
0.8%
|
|
Rental Income
|
|
$71.9 |
|
$72.8 |
|
$(0.9) |
|
(1.3)%
|
|
Total
|
|
$755.9 |
|
$751.7 |
|
$4.2 |
|
0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA(1) (unaudited)
|
|
$ in millions
|
|
|
|
|
|
Increase/(Decrease)
|
|
|
|
Q2 2016
|
|
Q2 2015
|
|
$
|
|
%
|
|
EBITDA
|
|
$72.7
|
|
$77.9
|
|
($5.2)
|
|
(6.7)%
|
|
|
(1) This non-GAAP financial measure has been reconciled in the attached
schedules to the most directly comparable GAAP measure as required under
SEC rules regarding the use of non-GAAP financial measures. Financials
for fiscal 2015 have been presented on a carve-out basis.
Net Results
Second quarter net income was $33.4 million, or $0.69 per diluted share,
compared to net income of $37.0 million, or $0.95 per diluted share, in
the prior year. The current year's fiscal quarter has 48.6 million
diluted shares outstanding, while the prior year period had 37.5 million
shares outstanding. The current period reflects the dilution resulting
from the issuance of additional shares of Barnes & Noble, Inc. common
stock in connection with the previously disclosed Series J preferred
shares by Barnes & Noble, Inc. in July 2015.
Outlook
For fiscal year 2016, the Company is revising its comparable store sales
expectations from increasing approximately 1% to be flat to down 2.0%.
Also, the Company expects capital expenditures to be approximately $50
million, a decrease from the $55 million previously disclosed.
Conference Call
A conference call with Barnes & Noble Education, Inc.'s senior
management will be webcast at 10:00 a.m. Eastern Time on Tuesday,
December 8, and can be accessed at Barnes & Noble Education, Inc.'s
corporate website at www.bned.com.
Barnes & Noble Education, Inc. expects to report fiscal 2016 third
quarter results on or about March 8, 2016.
About Barnes & Noble Education, Inc.
Barnes & Noble Education, Inc. (NYSE:BNED) enhances the academic and
social purpose of educational institutions. Through its Barnes & Noble
College subsidiary, Barnes & Noble Education serves more than 5 million
college students and their faculty through its 743 stores on campuses
nationwide, delivering essential educational content and tools within a
dynamic retail environment. The company is at the forefront of digital
education with its digital education platform, Yuzu®, weaving
together digital learning materials to enhance the teaching and learning
experience. Barnes & Noble Education acts as a strategic partner to
drive student success; provide value and support to students and
faculty; and create loyalty and retention, all while supporting the
financial goals of college and university partners.
General information on Barnes & Noble Education, Inc. can be obtained by
visiting the Company's corporate website: www.bned.com.
Forward-Looking Statements
This press release contains certain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995 and
information relating to Barnes & Noble Education and its business that
are based on the beliefs of the management of Barnes & Noble Education
as well as assumptions made by and information currently available to
the management of Barnes & Noble Education. 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 Education or the
management of Barnes & Noble Education, identify forward-looking
statements. Moreover, Barnes & Noble Education operates in a very
competitive and rapidly changing environment. New risks emerge from time
to time. It is not possible for the management of Barnes & Noble
Education to predict all risks, nor can Barnes & Noble Education assess
the impact of all factors on its business or the extent to which any
factor, or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements Barnes
& Noble Education may make. In light of these risks, uncertainties and
assumptions, the future events and trends discussed in this press
release may not occur and actual results could differ materially and
adversely from those anticipated or implied in the forward-looking
statements.
Such statements reflect the current views of Barnes & Noble Education
with respect to future events, the outcome of which is subject to
certain risks, including, among others: challenges to running Barnes &
Noble Education independently from Barnes & Noble, Inc. ("Barnes &
Noble") now that the complete legal and structural separation of Barnes
& Noble Education from Barnes & Noble (the "Spin-Off") has been
completed; general competitive conditions, including actions Barnes &
Noble Education's competitors may take to grow their businesses; trends
and challenges to Barnes & Noble Education's business and in the
locations in which it has stores; decisions by colleges and universities
to outsource their bookstore operations or change the operation of their
bookstores; non-renewal of contracts; the general economic environment
and consumer spending patterns, a decline in college enrollment or
decreased funding available for students; decreased consumer demand for
Barnes & Noble Education's products, low growth or declining sales;
disruptions to Barnes & Noble Education's computer systems, data lines,
telephone systems or supply chain, including the loss of suppliers;
changes to payment terms, return policies, the discount or margin on
products or other terms with Barnes & Noble Education's suppliers; risks
associated with data privacy, information security and intellectual
property; work stoppages or increases in labor costs; Barnes & Noble
Education's ability to attract and retain employees; possible increases
in shipping rates or interruptions in shipping service, effects of
competition; obsolete or excessive inventory; product shortages; Barnes
& Noble Education's ability to successfully implement its strategic
initiatives; the performance of Barnes & Noble Education's online,
digital and other initiatives, including possible delays in the
deployment of, and further enhancements to, Yuzu® and any future higher
education digital products; technological changes; risk that digital
sales growth is less than expectations and the risk that it does not
exceed the rate of investment spend; higher-than-anticipated store
closings; changes in law or regulation; the amount of Barnes & Noble
Education's indebtedness and ability to comply with covenants applicable
to any future debt financing; Barnes & Noble Education's ability to
satisfy future capital and liquidity requirements; Barnes & Noble
Education's ability to access the credit and capital markets at the
times and in the amounts needed and on acceptable terms; adverse results
from litigation, governmental investigations or tax-related proceedings
or audits; changes in accounting standards; the potential adverse impact
on Barnes & Noble Education's business resulting from the Spin-Off; and
the other risks and uncertainties detailed in the section titled "Risk
Factors" in Barnes & Noble Education's Prospectus filed with the
Securities and Exchange Commission ("SEC") on July 15, 2015 and in
Barnes & Noble Education'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
Education or persons acting on its behalf are expressly qualified in
their entirety by the cautionary statements in this paragraph. Barnes &
Noble Education 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 press release.
|
|
|
EXPLANATORY NOTE
|
|
|
|
|
|
On February 26, 2015, Barnes & Noble, Inc. ("Barnes & Noble")
announced plans for the complete legal and structural separation of
Barnes & Noble Education, Inc. (the "Company") from Barnes & Noble
(the "Spin-Off"). Under the Separation and Distribution Agreement
between Barnes & Noble and the Company, Barnes & Noble planned to
distribute all of its equity interest in us, consisting of all of
the outstanding shares of our Common Stock, to Barnes & Noble's
stockholders on a pro rata basis. Following the Spin-Off, Barnes &
Noble would not own any equity interest in us, and we would operate
independently from Barnes & Noble.
|
|
|
|
On July 14, 2015, Barnes & Noble approved the final distribution
ratio and declared a pro rata dividend of the outstanding shares of
our Common Stock, par value $0.01 per share ("Common Stock"), to
Barnes & Noble's existing stockholders. The pro rata dividend was
made on August 2, 2015 to the Barnes & Noble stockholders of record
(as of July 27, 2015). Each Barnes & Noble stockholder of record
received a distribution of 0.632 shares of our Common Stock for each
share of Barnes & Noble common stock held on the record date.
|
|
|
|
On August 2, 2015, we completed the legal separation from Barnes &
Noble, at which time we began to operate as an independent
publicly-traded company. Our Common Stock began to trade on a
"when-issued" basis on the NYSE under the symbol "BNED WI" beginning
on July 23, 2015. On August 3, 2015, when-issued trading of our
Common Stock ended, our Common Stock began "regular-way" trading
under the symbol "BNED."
|
|
|
|
The results of operations for the 26 weeks ended November 1, 2014
and the 13 weeks ended August 1, 2015 reflected in our consolidated
financial statements are presented on a stand-alone basis, since we
were still part of Barnes & Noble, Inc. until the Spin-Off on August
2, 2015, and the results of operations for the 13 weeks ended
October 31, 2015 reflected in our consolidated financial statements
are presented on a consolidated basis as we became a separate
consolidated entity.
|
|
|
|
|
|
BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
Consolidated
Statements of Income
(In thousands, except per share
data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 weeks ended
|
|
|
26 weeks ended
|
|
|
|
October 31, 2015
|
|
November 1, 2014
|
|
|
October 31, 2015
|
|
November 1, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales:
|
|
|
|
|
|
|
|
|
|
|
Product sales and other
|
|
$
|
684,006
|
|
$
|
678,905
|
|
|
$
|
902,722
|
|
$
|
885,093
|
|
Rental income
|
|
|
71,858
|
|
|
72,797
|
|
|
|
92,125
|
|
|
92,350
|
|
Total sales
|
|
|
755,864
|
|
|
751,702
|
|
|
|
994,847
|
|
|
977,443
|
|
Cost of sales and occupancy:
|
|
|
|
|
|
|
|
|
|
|
Product and other cost of sales and occupancy
|
|
|
537,380
|
|
|
534,137
|
|
|
|
712,289
|
|
|
700,190
|
|
Rental cost of sales and occupancy
|
|
|
43,363
|
|
|
44,054
|
|
|
|
55,893
|
|
|
56,432
|
|
Total cost of sales and occupancy
|
|
|
580,743
|
|
|
578,191
|
|
|
|
768,182
|
|
|
756,622
|
|
Gross profit
|
|
|
175,121
|
|
|
173,511
|
|
|
|
226,665
|
|
|
220,821
|
|
Selling and administrative expenses
|
|
|
102,439
|
|
|
95,587
|
|
|
|
189,123
|
|
|
176,859
|
|
Depreciation and amortization
|
|
|
13,169
|
|
|
12,508
|
|
|
|
26,269
|
|
|
25,052
|
|
Operating income
|
|
|
59,513
|
|
|
65,416
|
|
|
|
11,273
|
|
|
18,910
|
|
Interest expense, net
|
|
|
554
|
|
|
14
|
|
|
|
557
|
|
|
19
|
|
Income before income taxes
|
|
|
58,959
|
|
|
65,402
|
|
|
|
10,716
|
|
|
18,891
|
|
Income tax expense
|
|
|
25,558
|
|
|
28,451
|
|
|
|
4,233
|
|
|
8,153
|
|
Net income
|
|
$
|
33,401
|
|
$
|
36,951
|
|
|
$
|
6,483
|
|
$
|
10,738
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.69
|
|
$
|
0.95
|
|
|
$
|
0.14
|
|
$
|
0.26
|
|
Diluted
|
|
$
|
0.69
|
|
$
|
0.95
|
|
|
$
|
0.14
|
|
$
|
0.26
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
48,207
|
|
|
37,505
|
|
|
|
44,816
|
|
|
37,471
|
|
Diluted
|
|
|
48,562
|
|
|
37,544
|
|
|
|
45,023
|
|
|
37,504
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of sales:
|
|
|
|
|
|
|
|
|
|
|
Sales:
|
|
|
|
|
|
|
|
|
|
|
Product sales and other
|
|
|
90.5%
|
|
|
90.3%
|
|
|
|
90.7%
|
|
|
90.6%
|
|
Rental income
|
|
|
9.5%
|
|
|
9.7%
|
|
|
|
9.3%
|
|
|
9.4%
|
|
Total sales
|
|
|
100.0%
|
|
|
100.0%
|
|
|
|
100.0%
|
|
|
100.0%
|
|
Cost of sales and occupancy:
|
|
|
|
|
|
|
|
|
|
|
Product and other cost of sales and occupancy (a) |
|
|
78.6%
|
|
|
78.7%
|
|
|
|
78.9%
|
|
|
79.1%
|
|
Rental cost of sales and occupancy (a) |
|
|
60.3%
|
|
|
60.5%
|
|
|
|
60.7%
|
|
|
61.1%
|
|
Total cost of sales and occupancy
|
|
|
76.8%
|
|
|
76.9%
|
|
|
|
77.2%
|
|
|
77.4%
|
|
Gross profit
|
|
|
23.2%
|
|
|
23.1%
|
|
|
|
22.8%
|
|
|
22.6%
|
|
Selling and administrative expenses
|
|
|
13.6%
|
|
|
12.7%
|
|
|
|
19.0%
|
|
|
18.1%
|
|
Depreciation and amortization
|
|
|
1.7%
|
|
|
1.7%
|
|
|
|
2.6%
|
|
|
2.6%
|
|
Operating income
|
|
|
7.9%
|
|
|
8.7%
|
|
|
|
1.2%
|
|
|
1.9%
|
|
Interest expense, net
|
|
|
0.1%
|
|
|
0.0%
|
|
|
|
0.1%
|
|
|
0.0%
|
|
Income before income taxes
|
|
|
7.8%
|
|
|
8.7%
|
|
|
|
1.1%
|
|
|
1.9%
|
|
Income tax expense
|
|
|
3.4%
|
|
|
3.8%
|
|
|
|
0.4%
|
|
|
0.8%
|
|
Net income
|
|
|
4.4%
|
|
|
4.9%
|
|
|
|
0.7%
|
|
|
1.1%
|
|
|
|
|
|
|
|
(a) Represents the percentage these costs bear to the related sales,
instead of total sales.
|
|
|
BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
Consolidated
Balance Sheets
(In thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 31, 2015
|
|
November 1, 2014
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
214,281
|
|
$
|
252,916
|
|
Receivables, net
|
|
|
91,383
|
|
|
81,977
|
|
Merchandise inventories, net
|
|
|
431,023
|
|
|
340,513
|
|
Textbook rental inventories
|
|
|
83,846
|
|
|
83,245
|
|
Prepaid expenses and other current assets
|
|
|
6,304
|
|
|
4,051
|
|
Short-term deferred tax assets, net
|
|
|
24,182
|
|
|
24,345
|
|
Total current assets
|
|
|
851,019
|
|
|
787,047
|
|
|
|
|
|
|
|
Property and equipment:
|
|
|
|
|
|
Buildings and leasehold improvements
|
|
|
159,234
|
|
|
145,844
|
|
Fixtures and equipment
|
|
|
349,770
|
|
|
325,329
|
|
|
|
|
509,004
|
|
|
471,173
|
|
Less accumulated depreciation and amortization
|
|
|
398,055
|
|
|
366,914
|
|
Net property and equipment
|
|
|
110,949
|
|
|
104,259
|
|
|
|
|
|
|
|
Goodwill |
|
|
274,070
|
|
|
274,070
|
|
Intangible assets, net
|
|
|
193,113
|
|
|
203,315
|
|
Other noncurrent assets
|
|
|
46,335
|
|
|
36,093
|
|
Total assets
|
|
$
|
1,475,486
|
|
$
|
1,404,784
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
475,072
|
|
$
|
431,189
|
|
Accrued liabilities
|
|
|
137,412
|
|
|
121,973
|
|
Total current liabilities
|
|
|
612,484
|
|
|
553,162
|
|
Long-term deferred taxes, net
|
|
|
63,739
|
|
|
75,003
|
|
Other long-term liabilities
|
|
|
69,585
|
|
|
61,726
|
|
Total liabilities
|
|
|
745,808
|
|
|
689,891
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
Stockholders' Equity:
|
|
|
|
|
|
Preferred membership interests
|
|
|
-
|
|
|
384,282
|
|
Parent company investment
|
|
|
-
|
|
|
330,611
|
|
Preferred stock, $0.01 par value; authorized, 5,000 shares;
|
|
|
|
|
|
issued and outstanding, none
|
|
|
-
|
|
|
-
|
|
Common stock, $0.01 par value; authorized, 200,000 shares;
|
|
|
|
|
|
issued, 48,219 and 0 shares, respectively;
|
|
|
|
|
|
outstanding, 48,217 and 0 shares, respectively
|
|
|
482
|
|
|
-
|
|
Additional paid-in capital
|
|
|
695,816
|
|
|
-
|
|
Retained earnings
|
|
|
33,401
|
|
|
-
|
|
Treasury stock, at cost
|
|
|
(21)
|
|
|
-
|
|
Total stockholders' equity
|
|
|
729,678
|
|
|
714,893
|
|
Total liabilities and stockholders' equity
|
|
$
|
1,475,486
|
|
$
|
1,404,784
|
|
|
|
|
|
|
|
|
|
BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
EBITDA
(Non-GAAP) Information
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
13 weeks ended
|
|
26 weeks ended
|
|
|
|
October 31, 2015
|
|
November 1, 2014
|
|
October 31, 2015
|
|
November 1, 2014
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
|
72,682
|
|
$
|
77,924
|
|
$
|
37,542
|
|
$
|
43,962
|
|
Subtract:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
13,169
|
|
|
12,508
|
|
|
26,269
|
|
|
25,052
|
|
Interest expense, net
|
|
|
554
|
|
|
14
|
|
|
557
|
|
|
19
|
|
Income taxes
|
|
|
25,558
|
|
|
28,451
|
|
|
4,233
|
|
|
8,153
|
|
Net income
|
|
$
|
33,401
|
|
$
|
36,951
|
|
$
|
6,483
|
|
$
|
10,738
|
|
|
|
|
|
|
|
|
|
|
Use of Non-GAAP Financial Information
To supplement the Company's consolidated financial statements presented
in accordance with generally accepted accounting principles ("GAAP"), in
the Press Release attached hereto as Exhibit 99.1, the Company uses the
non-GAAP financial measure of EBITDA (defined by the Company as earnings
before interest, taxes, depreciation and amortization).
The Company's management reviews this non-GAAP measure internally to
evaluate the Company's performance and manage its operations. The
Company believes that the inclusion of EBITDA results provides investors
useful and important information regarding the Company's operating
results. The non-GAAP measure included in the Press Release attached
hereto as Exhibit 99.1 has been reconciled to the comparable GAAP
measure as required under Securities and Exchange Commission (the "SEC")
rules regarding the use of non-GAAP financial measures. The Company
urges investors to carefully review the GAAP financial information
included as part of the Company's Prospectus dated July 15, 2015 and
filed with the SEC on that date, which includes consolidated financial
statements for each of the three years for the period ended May 2, 2015
(fiscal 2015, fiscal 2014 and fiscal 2013), the quarterly earnings
release for the period ended August 1, 2015 included as part of the
Company's Form 8-K dated September 9, 2015 and filed with the SEC on
that date, and the Company's Quarterly Report on Form 10-Q for the
period ended August 1, 2015 filed with the SEC on September 10, 2015.
|
|
|
BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
Earnings
Per Share
(In thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 weeks ended
|
|
|
26 weeks ended
|
|
|
|
October 31, 2015
|
|
November 1, 2014
|
|
|
October 31, 2015
|
|
November 1, 2014
|
|
Numerator for basic earnings per share:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
33,401
|
|
$
|
36,951
|
|
|
$
|
6,483
|
|
$
|
10,738
|
|
Accretion of dividends on preferred stock
|
|
|
-
|
|
|
(443)
|
|
|
|
-
|
|
|
(885)
|
|
Less allocation of earnings and dividends to participating securities
|
|
|
(22)
|
|
|
(944)
|
|
|
|
(26)
|
|
|
(255)
|
|
Net income available to common shareholders
|
|
$
|
33,379
|
|
$
|
35,564
|
|
|
$
|
6,457
|
|
$
|
9,598
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator for diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
Net income available to common shareholders
|
|
$
|
33,379
|
|
$
|
35,564
|
|
|
$
|
6,457
|
|
$
|
9,598
|
|
Accretion of dividends on preferred stock (a) |
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
Allocation of earnings and dividends to participating securities
|
|
|
22
|
|
|
944
|
|
|
|
26
|
|
|
255
|
|
Less diluted allocation of earnings and dividends to participating
securities
|
|
|
(22)
|
|
|
(943)
|
|
|
|
(26)
|
|
|
(255)
|
|
Net income available to common shareholders
|
|
$
|
33,379
|
|
$
|
35,565
|
|
|
$
|
6,457
|
|
$
|
9,598
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for basic earnings per share:
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average common shares (b) |
|
|
48,207
|
|
|
37,505
|
|
|
|
44,816
|
|
|
37,471
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for diluted earnings per share: (b) (c) |
|
|
|
|
|
|
|
|
|
|
Basic weighted average common shares
|
|
|
48,207
|
|
|
37,505
|
|
|
|
44,816
|
|
|
37,471
|
|
Average dilutive restricted stock units
|
|
|
355
|
|
|
-
|
|
|
|
178
|
|
|
-
|
|
Average dilutive options
|
|
|
-
|
|
|
39
|
|
|
|
29
|
|
|
33
|
|
Diluted weighted average common shares
|
|
|
48,562
|
|
|
37,544
|
|
|
|
45,023
|
|
|
37,504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.69
|
|
$
|
0.95
|
|
|
$
|
0.14
|
|
$
|
0.26
|
|
Diluted
|
|
$
|
0.69
|
|
$
|
0.95
|
|
|
$
|
0.14
|
|
$
|
0.26
|
|
|
|
|
|
|
|
|
|
|
|
(a) Although the Company was in a net income position for all period
presented, the dilutive effect of the accretion of preferred membership
interests for fiscal year 2015 were excluded from the calculation of
earnings per share using the two-class method because the effect would
be antidilutive.
(b) For periods prior to the Spin-Off from Barnes & Noble on August 2,
2015, Basic earnings per share and weighted-average basic shares
outstanding are based on the number of shares of Barnes & Noble common
stock outstanding as of the end of the period, adjusted for an assumed
distribution ratio of 0.632 shares of our Common Stock for every one
share of Barnes & Noble common stock held on the record date for the
Spin-Off.
(c) For periods prior to the Spin-Off from Barnes & Noble on August 2,
2015, Diluted earnings per share and weighted-average diluted shares
outstanding reflect potential common shares from Barnes & Noble equity
plans in which our employees participated based on the distribution
ratio.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151208005887/en/
Barnes & Noble Education, Inc.
Media:
Carolyn
Brown, 908-991-2967
Vice President
Corporate Communications
cbrown@bned.com
or
Investors:
Thomas
Donohue, 908-991-2966
Vice President
Treasurer and Investor
Relations
tdonohue@bned.com
Source: Barnes & Noble Education, Inc.
News Provided by Acquire Media