$BNED (Barnes & Noble Education, Inc.)

$BNED {{ '2016-09-08T15:05:25+0000' | timeago}} • Announcement

In 1Q17, $BNED opened 33 new stores with expected annual sales of $110MM, bringing total stores operated to 770 locations as of July 30, 2016. The company will be opening two more stores in FY17 based upon new contracts signed to date. $BNED completed the acquisition of Promoversity, a custom-merchandise supplier & e-commerce storefront solution.

$BNED {{ '2017-08-30T13:47:44+0000' | timeago}} • Announcement

$BNED expects sales at BNC to be relatively flat during FY18 and the BNC comparable store sales would decline in the low-to-mid-single digit percentage point range YoY. Besides, it expects the consolidated sales to be in the range of $2.25Bil to $2.35Bil before intercompany eliminations. CapEx is expected to be approx. $50MM in FY18.

$BNED {{ '2017-08-30T13:44:54+0000' | timeago}} • Announcement

The sales of Barnes & Noble College Booksellers division of $BNED went south by 2.5% in 1Q18 compared to a 2.8% decrease in the prior year period as textbook sales dipped by 8.5%. BNC opened 24 physical stores and MBS 10 virtual stores during the quarter with an estimated annual sales of $49MM and $4MM respectively.

$BNED {{ '2017-08-30T13:43:27+0000' | timeago}} • Announcement

Higher cost of sales and lower comparable store sales had an adverse effect on bookstore operator $BNED in 1Q18 as it bookmarked a wider net loss of $34.8MM or $0.75 per diluted share compared to last year’s loss of $27.9MM or $0.60 per share. The takeover of MBS Textbook Exchange helped it to garner sales of $355.7MM in the quarter, up by 48.7%.

$BNED {{ '2017-08-04T14:32:11+0000' | timeago}} • Announcement

$BNED acquired education technology company Student Brands for $58.5MM in cash. The deal was financed through cash on hand and available credit facilities. Student Brands is expected to contribute over $10MM of EBITDA to $BNED's results over the next twelve months. The acquisition will be accretive to EBITDA, net income and cash flow in FY18.

$BNED {{ '2017-07-20T15:12:18+0000' | timeago}} • Announcement

Ushering in a change of guard, $BNED has announced that its CEO Max Roberts is set to retire and has tendered his resignation effective Sep 19, 2017. He will be replaced by Michael Huseby. Huseby will also serve as Chairman of the BoD, after having served as Executive Chairman of the BoD since 2015.

$BNED {{ '2017-07-12T20:52:52+0000' | timeago}} • Webcast

During 4Q17, $BNED reported a decline in its CapEx to $8.2MM compared with $13.1MM in the prior year period. During FY18, the company expects its CapEx to be approx. $50MM, up from FY17 mainly due to the new store growth at BNC.

$BNED {{ '2017-07-12T20:11:36+0000' | timeago}} • Webcast

$BNED saw strong performance from its virtual bookstore solution MBS Direct during FY17. MBS Direct signed 80 new contracts that represent approx. $17MM in revenue. For FY18, the company has so far received new contracts of an estimated $8MM annual sales for MBS Direct.

$BNED {{ '2017-07-12T12:59:16+0000' | timeago}} • Announcement

$BNED expects the sales of its College Booksellers division to be relatively flat in fiscal 2018, while comparable store sales for the division are seen declining in the low- to mid-single digit percentage point range annually. The company expects full year sales to be in the range of $2.25-$2.35Bil, before inter-company eliminations.

$BNED {{ '2017-07-12T12:49:36+0000' | timeago}} • Announcement

Bookstore operator $BNED recovered from last year’s losses and posted a profit of $0.2MM in 4Q17. Sales climbed 16.3% YoY to $342.8MM during the quarter. On a non-GAAP basis, net income rose to $4.5MM from $3MM a year earlier. Comparable store sales for the Barnes & Noble College Booksellers division advanced 1.4% annually.

$BNED {{ '2017-05-24T13:56:19+0000' | timeago}} • Announcement

BNED LoudCloud, a $BNED company, agreed with Unizin Ltd. to provide its 22 member universities with BNED LoudCloud's predictive analytics solution. As a result, faculty and advisors will have access to a customized solution that helps educators identify, monitor, and support at-risk students.

$BNED {{ '2017-04-25T18:14:33+0000' | timeago}} • Announcement

$BNED named Michael Miller as the Chief Legal Officer & Vice President of Corporate Affairs. Miller joins Barnes & Noble Education from $MWW where he served as EVP, General Counsel.

$BNED {{ '2017-02-28T20:09:01+0000' | timeago}} • Announcement

$BNED acquired MBS Textbook Exchange, LLC for $174.2MM in cash. David Henderson has been named President of MBS and will report to Patrick Maloney, COO, Barnes & Noble Education, and President, Barnes & Noble College. Bob Pugh, CEO of MBS, and Dan Schuppan, President of MBS, have announced their plans to retire as of March 31, 2017.

$BNED {{ '2016-12-06T18:19:55+0000' | timeago}} • Webcast

$BNED said it had cash at the end of 2Q17 of $176.6MM, with no debt outstanding. CapEx for the quarter declined $1.5MM to $11.3MM, primarily due to delayed timing of store renovations. Company also said its store count currently stands at 771, with 34 new stores being opened and 14 stores being closed in FY17.

$BNED {{ '2016-12-06T17:56:47+0000' | timeago}} • Webcast

$BNED said enrollment trends in 2Q17 were down, with enrollments in community colleges declined in the mid single digits. Excluding community colleges, enrollments in the traditional four year private and state schools saw slowing trends YoverY.

$BNED {{ '2016-12-06T14:24:04+0000' | timeago}} • Announcement

$BNED expects total sales to grow by 3-4% for FY17 and comparable store sales to decrease by 2-3% compared to the prior year. The company expects adjusted EBITDA to rise on a percentage basis in the mid-single digits compared with the prior year and predicts capital expenditures to be about $40MM.

$BNED {{ '2016-12-06T14:23:50+0000' | timeago}} • Announcement

$BNED's comparable store sales decreased 2.9% for 2Q17 representing about $22.4MM in revenue. The decrease is primarily attributable to textbook sales, which were down 3.3% compared with a decrease of 4.2% in the prior year period and a decrease in general merchandise sales of 1.3% compared with rise of 1.3% last year.

$BNED {{ '2016-12-06T14:23:34+0000' | timeago}} • Announcement

$BNED, the operator of book stores on college campuses, reported a drop in 2Q17 earnings due to lower enrollments and softer retail environment as well as higher costs and expenses. Net income fell to $29.29MM or $0.63 per share from $33.4MM or $0.69 per share last year. Sales grew to $770.67MM from $755.86MM.

$BNED {{ '2016-09-08T16:23:41+0000' | timeago}} • Webcast

Barclays analyst Nick Dempsey probes if $BNED assumed college enrollments would be down overall during the rush period. $BNED replies that it's expecting returns to be lower than forecasted. The company worked with publishers this year and expects returns to be lower at the end of the day. $BNED is also managing the inventories much more sharply.

$BNED {{ '2016-09-08T16:16:24+0000' | timeago}} • Webcast

Craig-Hallum analyst Alex Fuhrman questions as to what extent summer enrollments were down in 1Q17 vs. 1Q16. $BNED answers that there were lower class offerings. With regards to enrollment, the company has no insight into the schools at this point in time. That typically occurs after the fall period.

$BNED {{ '2016-09-08T16:00:17+0000' | timeago}} • Webcast

$BNED had $9MM of cash and $25MM of seasonal debt outstanding at the end of 1Q17. This seasonal debt peaked in July and was repaid in mid Aug. The company expects to have no borrowings outstanding through the rush season. Inventory and payables at quarter-end were below last year as $BNED put greater emphasis on improved purchasing.

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