Sales Increased 7.6% for the Fourth Quarter and
2.0% for the Full Year
New Store Contracts Estimated to Generate First
Year Sales of Approximately $110 Million
Barnes & Noble Education, Inc. (NYSE: BNED), one of
the largest contract operators of bookstores on college and
university campuses across the United States and a leading provider
of digital education services, today reported sales and earnings
for the fourth quarter and full year for fiscal 2016.
Financial highlights for the fourth quarter and fiscal year
2016:
- Fourth quarter sales of $294.8 million
increased 7.6%, as compared to prior year period; fiscal year sales
of $1,808.0 million increased 2.0%, as compared to prior year
period.
- Fourth quarter comparable store sales
increased 4.5% for the quarter; fiscal full year comparable store
sales decreased 1.9% and excluding community colleges decreased
0.3%.
- Fourth quarter GAAP net loss of $2.8
million included restructuring costs of $8.3 million; full year net
income of $0.1 million included previously reported impairment
charge of $12.0 million and restructuring costs of $8.8
million.
- Fourth quarter non-GAAP Adjusted EBITDA
of $19.0 million, an increase of $5.9 million, as compared to prior
year period; full year non-GAAP Adjusted EBITDA of $80.5 million, a
decrease of $3.5 million, as compared to prior year period.
- Fourth quarter non-GAAP Adjusted
Earnings of $3.3 million, as compared to Adjusted Earnings of
$(0.3) million in the prior year period; full year non-GAAP
Adjusted Earnings of $15.5 million, as compared to $19.1 million in
the prior year.
Operational highlights for fiscal year 2016:
- Opened 39 new stores with estimated
annual sales of $64 million, bringing the total stores operated to
751 locations as of April 30, 2016.
- Completed the acquisition of LoudCloud,
a sophisticated digital platform and analytics provider for the
higher education, for-profit and K-12 markets. This acquisition
positions the Company to be able to provide a suite of digital
content and learning materials to supplement its traditional
products (textbooks and course materials) and help faculty provide
a more robust educational experience for students.
- Formed a long-term relationship and
completed transition to VitalSource to outsource the Yuzu®
eTextbook reading platform, which will allow the Company to reduce
digital expenses, while continuing to provide students with an
excellent digital reading experience and access to a broad digital
catalog.
“Following our separation from Barnes & Noble, Inc. last
year, we have made solid progress executing on our standalone
strategy, as evidenced by our fiscal full year sales of $1.8
billion, an increase of 2.0% year-over-year,” said Max J. Roberts,
Chief Executive Officer of Barnes & Noble Education, Inc. “Our
fourth quarter comparable sales increase was driven by strong
textbook sales and rentals, as well as general merchandise revenue,
which increased 2.6% on a comparable basis driven by strong
graduation products and emblematic apparel. Fiscal 2016 was also an
excellent year for new store signings and we continued our momentum
into Fiscal 2017, with 32 new stores awarded to date and with
estimated first year sales of approximately $110 million. In line
with typical seasonality, we expect new store signings to be more
heavily weighted toward the early part of the year.”
Fourth Quarter and Fiscal 2016 Results
Results for the 13 and 52 weeks of fiscal 2016 and fiscal 2015
are as follows:
$ in millions 13 and 52 Weeks Selected Data
(unaudited)
13 Weeks
13 Weeks
52 Weeks
52 Weeks
2016
2015(1)
2016
2015(1)
Total Sales $294.8 $274.0 $1,808.0 $1,773.0 Net (Loss) Income
$(2.8) $(0.3) $0.1 $19.1
Non-GAAP(2)
Adjusted EBITDA
$19.0 $13.2 $80.5 $84.1 Adjusted Earnings $3.3 $(0.3) $15.5 $19.1
(1)Financials for fiscal 2015 have been
presented on a carve-out basis.
(2)These non-GAAP financial measures have
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. During the 13 and 52 weeks
ended April 30, 2016, the Company recorded restructuring costs of
$8.3 million and $8.8 million respectively, and a non-cash
impairment loss totaling $0 and $12.0 million, respectively,
related to all of the capitalized content costs for the Yuzu
eTextbook platform, and also an impairment of its investment in
Flashnotes.
Fourth quarter sales of $294.8 million increased $20.8 million,
or 7.6%, as compared to the prior year period. The Company reported
a net loss of $(2.8) million, including restructuring costs of $8.3
million. Adjusted Earnings were $3.3 million, an increase of $3.5
million from the prior year period.
Fiscal full year sales were $1,808.0 million, an increase of
$35.0 million, or 2.0%, as compared to the prior year period. The
Company reported a net income of $0.1 million, which includes an
impairment charge of $12.0 million and restructuring costs of $8.8
million. Adjusted Earnings were $15.5 million compared to $19.1 for
the prior year period.
Comparable store sales increased 4.5% for the quarter.
Consistent with the past and as disclosed in the Company’s third
quarter fiscal 2016 earnings release, the Spring Rush period
extended into the fourth quarter due to later school openings and a
continued pattern of students buying course materials later in the
semester.
Comparable store sales decreased 1.9% for fiscal year 2016,
driven by the enrollment declines at two-year community colleges.
The 1.9% decline in comparable store sales was approximately $31
million of revenue, of which $28 million is attributable to
two-year community colleges. Comparable store sales excluding
two-year community colleges decreased by 0.3% year to date.
The Company opened 39 new stores with estimated annual sales of
$64 million, bringing the total stores operated to 751
locations.
During the fourth quarter ended April 30, 2016, the Company
recorded restructuring costs totaling $8.3 million related to the
transition of its Yuzu eTextbook platform to the VitalSource
platform, including the reduction in staff and closing of the
facilities in Mountain View, California, and Redmond, Washington.
For the full fiscal year of 2016, the Company recorded $8.8 million
of restructuring charges and $12.0 million of impairment charges
related to its digital businesses.
The Company’s Adjusted EBITDA was $19.0 million for the quarter,
as compared to $13.2 million in the prior year period, due
primarily to increased sales and expense leveraging. The Company’s
Adjusted EBITDA was $80.5 million for the full year as compared
with $84.1 million in the prior year period.
Fourth quarter net loss was $(2.8) million, or $(0.06) per
diluted share, compared to net loss of $(0.3) million, or $(0.01)
per diluted share, in the prior year period. The current year’s
fiscal quarter has 47.2 million diluted shares outstanding, while
the prior year period had 39.9 million shares outstanding. The
Company reported non-GAAP Adjusted Earnings of $3.3 million during
the quarter, compared with net loss of $(0.3) million in the prior
year period.
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, prior to
the legal separation from Barnes & Noble, Inc., partially
offset by the share repurchase program announced in December 2015
of 865,427 shares in the quarter for $8.5 million. For the full
fiscal year, the Company purchased 1,715,269 shares for $16.6
million.
Outlook
For fiscal year 2017, the Company expects total sales to grow by
2.0% to 4.0%, while comparable store sales are expected to be
approximately flat to 2.0% lower than the prior year. The Company
currently plans to open 32 new stores in fiscal 2017, based upon
contracts awarded to date, with estimated annual sales of
approximately $110 million. The Company expects Adjusted EBITDA to
increase by approximately 12%, and capital expenditures are
expected to be approximately $50 million.
Conference Call
A conference call with Barnes & Noble Education, Inc. senior
management will be webcast at 10:00 a.m. Eastern Time on Tuesday,
June 28, 2016 and can be accessed at the Barnes & Noble
Education, Inc. corporate website at www.bned.com.
Barnes & Noble Education, Inc. expects to report fiscal 2017
first quarter results on or about September 8, 2016.
ABOUT BARNES & NOBLE EDUCATION, INC.
Barnes & Noble Education,
Inc. (NYSE:BNED), one of the largest contract
operators of bookstores on college and university campuses
across the United States and a leading provider of
digital education services, 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 751 stores on campuses nationwide,
delivering essential educational content and tools within a dynamic
retail environment. Through its digital platforms LoudCloud and
Yuzu®, Barnes & Noble Education offers an excellent
digital reading experience and access to a broad catalog of digital
academic relevant titles. 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: general
competitive conditions, including actions our competitors may take
to grow their businesses; a decline in college enrollment or
decreased funding available for students; decisions by colleges and
universities to outsource their bookstore operations or change the
operation of their bookstores; the general economic environment and
consumer spending patterns; decreased consumer demand for our
products, low growth or declining sales; restructuring of our
digital strategy may not result in the expected growth in our
digital sales and/or profitability; risk that digital sales growth
does not exceed the rate of investment spend; the performance of
our online, digital and other initiatives, integration of and
deployment of, additional products and services, and further
enhancements to Yuzu® and any future higher education digital
products, and the inability to achieve the expected cost savings;
our ability to successfully implement our strategic initiatives
including our ability to identify and execute upon additional
acquisitions and strategic investments; technological changes; our
international expansion could result in additional risks; our
ability to attract and retain employees; challenges to running our
company independently from Barnes & Noble, Inc. following the
Spin-Off; the potential adverse impact on our business resulting
from the Spin-Off; changes to payment terms, return policies, the
discount or margin on products or other terms with our suppliers;
risks associated with data privacy, information security and
intellectual property; trends and challenges to our business and in
the locations in which we have stores; non-renewal of contracts and
higher-than-anticipated store closings; disruptions to our computer
systems, data lines, telephone systems or supply chain, including
the loss of suppliers; work stoppages or increases in labor costs;
possible increases in shipping rates or interruptions in shipping
service, effects of competition; obsolete or excessive inventory;
product shortages; changes in law or regulation; the amount of our
indebtedness and ability to comply with covenants applicable to any
future debt financing; our ability to satisfy future capital and
liquidity requirements; our 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; 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.
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. Following
the Spin-Off, Barnes & Noble did not own any equity
interest in us.
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 52 weeks
ended May 2, 2015 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 consummation of the Spin-Off on August 2, 2015, and
the results of operations for the 39 weeks ended April 30, 2016
reflected in our consolidated financial statements are presented on
a consolidated basis as we became a separate consolidated
entity.
BARNES & NOBLE EDUCATION, INC. AND
SUBSIDIARIESConsolidated Statements of Operations(In
thousands, except per share data)(Unaudited)
13 weeks
ended 52 weeks ended April 30, 2016 May 2,
2015 April 30, 2016 May 2, 2015
Sales: Product sales and other $ 219,769 $ 198,823 $
1,579,617 $ 1,544,975 Rental income 74,990
75,178 228,412 228,023 Total
sales 294,759 274,001 1,808,029
1,772,998 Cost of sales: Product and other
cost of sales 151,636 135,370 1,224,955 1,198,300 Rental cost of
sales 37,079 37,501 129,725
131,125 Total cost of sales 188,715
172,871 1,354,680
1,329,425 Gross profit 106,044 101,130 453,349 443,573
Selling and administrative expenses 88,639 87,951 375,219 359,504
Depreciation and amortization expense 13,340 12,874 52,690 50,509
Impairment loss (non-cash) (a) - - 11,987 - Restructuring costs (a)
8,277 - 8,830 -
Operating (loss) income (4,212 ) 305 4,623 33,560 Interest
expense, net 604 161 1,872
210 (Loss) income before income taxes (4,816 )
144 2,751 33,350 Income tax (benefit) expense (2,020 )
400 2,667 14,218 Net
(loss) income $ (2,796 ) $ (256 ) $ 84 $ 19,132
(Loss) earnings per common share: Basic $ (0.06 ) $
(0.01 ) $ - $ 0.33 Diluted $ (0.06 ) $ (0.01 ) $ - $ 0.33
Weighted average common shares outstanding: Basic 47,230 39,941
46,238 38,452 Diluted 47,230 39,941 46,479 38,493 (a) For
additional information, see Note (a) in the Non-GAAP disclosure
information of this Press Release.
Non-GAAP Disclosures: Adjusted Earnings $ 3,283 $
(256 ) $ 15,462 $ 19,132 Adjusted EBITDA $ 19,041 $ 13,179 $ 80,528
$ 84,069 (a) For additional information, see the Non-GAAP
disclosure information of this Press Release.
Percentage of Sales: Sales: Product
sales and other 74.6 % 72.6 % 87.4 % 87.1 % Rental income
25.4 % 27.4 % 12.6 % 12.9 % Total sales
100.0 % 100.0 % 100.0 % 100.0 % Cost of sales:
Product and other cost of sales (a) 69.0 % 68.1 % 77.5 % 77.6 %
Rental cost of sales (a) 49.4 % 49.9 % 56.8 %
57.5 % Total cost of sales 64.0 % 63.1 %
74.9 % 75.0 % Gross profit 36.0 % 36.9 % 25.1 % 25.0
% Selling and administrative expenses 30.1 % 32.1 % 20.8 % 20.3 %
Depreciation and amortization expense 4.5 % 4.7 % 2.9 % 2.8 %
Impairment loss (non-cash) 0.0 % 0.0 % 0.7 % 0.0 % Restructuring
costs 2.8 % 0.0 % 0.5 % 0.0 % Operating
(loss) income (1.4 )% 0.1 % 0.2 % 1.9 % Interest expense, net
0.2 % 0.1 % 0.1 % 0.0 % (Loss) income
before income taxes (1.6 )% 0.0 % 0.1 % 1.9 % Income tax (benefit)
expense (0.7 )% 0.1 % 0.1 % 0.8 % Net
(loss) income (0.9 )% (0.1 )% 0.0 % 1.1
% (a) Represents the percentage these costs bear to the
related sales, instead of total sales.
BARNES & NOBLE EDUCATION, INC. AND
SUBSIDIARIESConsolidated Balance Sheets(In thousands,
except per share data)(Unaudited)
April 30, 2016 May 2,
2015 ASSETS Current assets: Cash and cash equivalents $
28,568 $ 44,816 Receivables, net 50,924 76,551 Merchandise
inventories, net 312,747 297,424 Textbook rental inventories 47,760
47,550 Prepaid expenses and other current assets 6,453
4,625 Total current assets 446,452
470,966 Property and equipment, net 111,185 107,557
Goodwill 280,911 274,070 Intangible assets, net 199,663 198,190
Other noncurrent assets 33,472 39,885 Total
assets $ 1,071,683 $ 1,090,668 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $
152,175 $ 155,203 Accrued liabilities 105,877
97,575 Total current liabilities 258,052
252,778 Long-term deferred taxes, net 29,865 41,733 Other long-term
liabilities 75,380 69,488 Total liabilities
363,297 363,999 Commitments and
contingencies - - Stockholders' Equity: Preferred membership
interests - - Parent company investment - 726,669 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, 48,645 and 0 shares, respectively; outstanding, 46,755 and
0 shares, respectively 486 - Additional paid-in capital 699,512 -
Accumulated other comprehensive income 1 Retained earnings 27,002 -
Treasury stock, at cost (18,615 ) - Total
stockholders' equity 708,386 726,669 Total
liabilities and stockholders' equity $ 1,071,683 $ 1,090,668
BARNES &
NOBLE EDUCATION, INC. AND SUBSIDIARIESNon-GAAP
Information(In thousands)(Unaudited)
Adjusted Earnings 13 weeks ended 52 weeks
ended April 30, 2016 May 2, 2015 April 30,
2016 May 2, 2015 Net (loss) income
$ (2,796 ) $ (256 ) $ 84 $ 19,132 Reconciling items, after-tax
(below) 6,079 - 15,378 -
Adjusted Earnings (Non-GAAP) $ 3,283 $ (256 ) $ 15,462 $
19,132 Reconciling items, pre-tax Impairment loss (non-cash)
(a) $ - $ - $ 11,987 $ - Restructuring costs (a) 8,277 - 8,830 -
Transaction costs (b) 1,636 -
2,398 - Reconciling items, pre-tax 9,913 - 23,215 - Less:
Pro forma income tax impact (c) 3,834 -
7,837 - Reconciling items, after-tax $ 6,079 $
- $ 15,378 $ -
Adjusted EBITDA
13 weeks ended 52 weeks ended April 30, 2016
May 2, 2015 April 30, 2016 May 2,
2015 Net (loss) income $ (2,796 ) $ (256 ) $ 84 $ 19,132
Add: Depreciation and amortization expense 13,340 12,874 52,690
50,509 Interest expense, net 604 161 1,872 210 Income tax (benefit)
expense (2,020 ) 400 2,667 14,218 Impairment loss (non-cash) (a) -
- 11,987 - Restructuring costs (a) 8,277 - 8,830 - Transaction
costs (b) 1,636 - 2,398 -
Adjusted EBITDA (Non-GAAP) $ 19,041 $ 13,179 $ 80,528
$ 84,069 (a) In Fiscal 2016, we implemented a plan to
restructure our digital operations. As a result of this
restructuring, we recorded a non-cash impairment loss of $12.0
million related to all of the capitalized content costs for the
Yuzu® eTextbook platform ($9 million), and recorded a non-recurring
other than temporary loss related to an investment held at cost ($3
million). Additionally, we announced a reduction in staff
and closure of the facilities in Mountain View, California, and
Redmond, Washington that support the Yuzu® eTextbook platform. The
cost of severance, retention, and other restructuring costs (i.e.
subleasing facilities) of $8.8 million in fiscal 2016. We expect
the restructuring to be completed in the first quarter of fiscal
2017. (b) Transaction costs are costs incurred for business
development and acquisitions, and are included in selling and
administrative expenses in the consolidated statement of
operations. (c) The amounts shown represent the projected
reduction in income tax expense based on our current combined
federal and state aggregate income tax rate.
Use of Non-GAAP Financial Information -
Adjusted Earnings and Adjusted EBITDA
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 measures of Adjusted Earnings (defined as Net Income
adjusted for certain reconciling items) and Adjusted EBITDA
(defined by the Company as earnings before interest, taxes,
depreciation and amortization, as adjusted for additional items
subtracted from or added to net income).
The Company’s management reviews theses
non-GAAP measures internally to evaluate the Company’s performance
and manage its operations. The Company believes that the
inclusion of Adjusted Earnings and Adjusted EBITDA results provides
investors useful and important information regarding the Company’s
operating results. The non-GAAP measures included in the Press
Release attached hereto as Exhibit 99.1 has been reconciled to the
comparable GAAP measures 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 Form 10-K dated April 30, 2016 and to be filed with
the SEC on June 29, 2016, which includes consolidated financial
statements for each of the three years for the period ended April
30, 2016 (fiscal 2016, fiscal 2015, and fiscal 2014), the Company's
Quarterly Report on Form 10-Q for the period ended August 1, 2015
filed with the SEC on September 10, 2015, the Company's Quarterly
Report on Form 10-Q for the period ended October 31, 2015 filed
with the SEC on December 9, 2015, and the Company's Quarterly
Report on Form 10-Q for the period ended January 30, 2016 filed
with the SEC on March 8, 2016.
BARNES & NOBLE EDUCATION, INC. AND
SUBSIDIARIESEarnings Per Share(In thousands, except
per share data)(Unaudited)
13 weeks ended 52 weeks ended
April 30, 2016 May 2, 2015 April 30, 2016
May 2, 2015 Numerator for basic earnings per share:
Net (loss) income $ (2,796 ) $ (256 ) $ 84 $ 19,132 Accretion of
dividends on preferred stock - - - (6,076 ) Less allocation of
earnings to participating securities - 5
- (313 ) Net (loss) income available to common
shareholders $ (2,796 ) $ (251 ) $ 84 $ 12,743
Numerator for diluted earnings per share: Net (loss) income
available to common shareholders $ (2,796 ) $ (251 ) $ 84 $ 12,743
Accretion of dividends on preferred stock (a) - - - - Allocation of
earnings to participating securities - (5 ) - 313 Less diluted
allocation of earnings to participating securities -
5 - (313 ) Net (loss) income available
to common shareholders $ (2,796 ) $ (251 ) $ 84 $ 12,743
Denominator for basic (loss) earnings per share:
Basic weighted average common shares (b) 47,230
39,941 46,238 38,452
Denominator for diluted (loss) earnings per share: (b)
(c) Basic weighted average common shares 47,230 39,941 46,238
38,452 Average dilutive restricted stock units - - 227 - Average
dilutive options - - 14
41 Diluted weighted average common shares 47,230
39,941 46,479 38,493
(Loss) earnings per common share: Basic $
(0.06 ) $ (0.01 ) $ - $ 0.33 Diluted $ (0.06 ) $ (0.01 ) $ -
$ 0.33 (a) 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/20160628005442/en/
Barnes & Noble Education, Inc.Media:Carolyn J. Brown, 908-991-2967Vice
PresidentCorporate Communicationscbrown@bned.comorInvestors:Thomas Donohue, 908-991-2966Vice
PresidentTreasurer and Investor Relationstdonohue@bned.com
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