BooksAMillion Inc. (BAMM, Financial) filed Quarterly Report for the period ended 2010-07-31.
Booksamillion Inc. has a market cap of $90.3 million; its shares were traded at around $5.74 with a P/E ratio of 6.3 and P/S ratio of 0.2. The dividend yield of Booksamillion Inc. stocks is 3.5%. Booksamillion Inc. had an annual average earning growth of 6.9% over the past 10 years.BAMM is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Operating, selling and administrative expenses were $29.5 million in the thirteen weeks ended July 31, 2010, compared to $29.9 million in the same period last year. The decrease in operating, selling and administrative expenses compared to the same thirteen week period last year is due to cost control measures, lower payroll and heath insurance costs. For the twenty-six weeks ended July 31, 2010, operating, selling, and administrative expenses were $57.8 million, compared to $58.1 million in the prior year period. The decrease in operating, selling and administrative expenses compared to last year is due to cost control measures, lower payroll and heath insurance costs and lower store impairment charges. Operating, selling and administrative expenses as a percentage of net sales for the twenty-six weeks ended July 31, 2010 increased to 24.4% from 24.1% from the same period last year. The increase in operating, selling and administrative expenses as a percentage of net sales for the twenty-six week period ended July 31, 2010 was due to an expense reduction of $0.7 million ($0.5 million net of tax) for forfeitures of stock grants and other compensation for an employee who resigned in the first quarter of last year.
Depreciation and amortization was $0.2 million higher in the thirteen week period ended July 31, 2010, at $3.8 million compared to $3.6 million in the thirteen week period ended August 1, 2009. The increase in depreciation and amortization is due to the impact of the stores opened since the prior year. Depreciation and amortization expense as a percentage of net sales for the thirteen weeks ended July 31, 2010 was 3.1% which is 0.2% higher than the same period last year. In the twenty-six week period ended July 31, 2010, depreciation and amortization expense increased 1.4% to $7.3 million from $7.2 million in the same period last year. Depreciation and amortization expense as a percentage of net sales for the twenty-six weeks ended July 31, 2010 was 3.1%, which is 0.1% higher than the same period last year.
Net interest expense was $0.2 million, or 0.1% of net sales, for the thirteen weeks ended July 31, 2010, compared to $0.1 million, or 0.1% of net sales, in the same period last year and was $0.3 million, or 0.1% of net sales, in both twenty-six week periods ending July 31, 2010 and August 1, 2009. The increase in net interest expense for the thirteen weeks ended July 31, 2010, was due to a higher amount of average debt during the period.
Our primary sources of liquidity are cash flows from operations, including credit terms from vendors, and borrowings under our credit facility. We have an unsecured revolving credit facility (the "Facility") that allows borrowings of up to $100.0 million, for which no principal repayments are due until the Facility expires in July 2011. Availability under the Facility is reduced by outstanding letters of credit issued thereunder. The Facility has certain financial and non-financial covenants, the most restrictive of which is the maintenance of a minimum fixed charge coverage ratio. We were in compliance with all of the covenants, including the minimum fixed charge coverage ratio, as of July 31, 2010. As of July 31, 2010, there were outstanding borrowings under the Facility of $7.8 million. The Company had no borrowings outstanding under the Facility as of January 30, 2010. The face amount of letters of credit issued under the Facility as of July 31, 2010 and January 30, 2010 were $2.1 million. The maximum and average outstanding balances under the Facility (including letters of credit issued thereunder) during the twenty-six weeks ended July 31, 2010 were $28.9 million and $17.3 million, respectively, compared to $29.6 million and $17.4 million, respectively, for the same period in the prior year. The decrease in the maximum and average outstanding balances from the prior year was due to timing of our payments associated with accounts payable and accounts receivable.
Inventory balances were $203.1 million as of July 31, 2010, compared to $201.5 million as of January 30, 2010. The inventory increase was primarily due to seasonal fluctuations in inventory, an increase in the number of stores and added product assortments. Inventory levels are generally the lowest at the end of the fiscal year due to holiday sales and large post holiday returns to vendors. Trade and related party accounts payable balances were $95.4 million in the aggregate as of July 31, 2010, compared to $90.7 million as of January 30, 2010. The increase in accounts payable was due to the increase in inventory. Accrued expenses were $33.9 million as of July 31, 2010, compared to $36.6 million as of January 30, 2010. The decrease in accrued expenses was due to a reduction in the gift card liability and employee bonus accrual. Both traditionally decrease in the first half of the year due to usage of gift cards and payment of bonuses.
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Booksamillion Inc. has a market cap of $90.3 million; its shares were traded at around $5.74 with a P/E ratio of 6.3 and P/S ratio of 0.2. The dividend yield of Booksamillion Inc. stocks is 3.5%. Booksamillion Inc. had an annual average earning growth of 6.9% over the past 10 years.BAMM is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Gross profit increased $0.4 million, or 1.0%, to $36.5 million in the thirteen weeks ended July 31, 2010, when compared with $36.1 million in the same thirteen week period for the prior year. For the twenty-six weeks ended July 31, 2010, gross profit increased $0.3 million, or 0.4%, to $71.7 million from $71.4 million in the prior year period. Gross profit as a percentage of net sales for the thirteen weeks ended July 31, 2010 and August 1, 2009 was 30.4% and 29.5%, respectively. Gross profit as a percentage of net sales for the twenty-six weeks ended July 31, 2010 and August 1, 2009 was 30.2% and 29.7%, respectively. The increase in gross profit as a percentage of net sales for the thirteen and twenty-six week periods ended July 31, 2010 was due to sales of higher margin items, lower store inventory shrinkage, lower occupancy costs due to rent renegotiations and higher income from the sale of magazine subscriptions.Operating, selling and administrative expenses were $29.5 million in the thirteen weeks ended July 31, 2010, compared to $29.9 million in the same period last year. The decrease in operating, selling and administrative expenses compared to the same thirteen week period last year is due to cost control measures, lower payroll and heath insurance costs. For the twenty-six weeks ended July 31, 2010, operating, selling, and administrative expenses were $57.8 million, compared to $58.1 million in the prior year period. The decrease in operating, selling and administrative expenses compared to last year is due to cost control measures, lower payroll and heath insurance costs and lower store impairment charges. Operating, selling and administrative expenses as a percentage of net sales for the twenty-six weeks ended July 31, 2010 increased to 24.4% from 24.1% from the same period last year. The increase in operating, selling and administrative expenses as a percentage of net sales for the twenty-six week period ended July 31, 2010 was due to an expense reduction of $0.7 million ($0.5 million net of tax) for forfeitures of stock grants and other compensation for an employee who resigned in the first quarter of last year.
Depreciation and amortization was $0.2 million higher in the thirteen week period ended July 31, 2010, at $3.8 million compared to $3.6 million in the thirteen week period ended August 1, 2009. The increase in depreciation and amortization is due to the impact of the stores opened since the prior year. Depreciation and amortization expense as a percentage of net sales for the thirteen weeks ended July 31, 2010 was 3.1% which is 0.2% higher than the same period last year. In the twenty-six week period ended July 31, 2010, depreciation and amortization expense increased 1.4% to $7.3 million from $7.2 million in the same period last year. Depreciation and amortization expense as a percentage of net sales for the twenty-six weeks ended July 31, 2010 was 3.1%, which is 0.1% higher than the same period last year.
Net interest expense was $0.2 million, or 0.1% of net sales, for the thirteen weeks ended July 31, 2010, compared to $0.1 million, or 0.1% of net sales, in the same period last year and was $0.3 million, or 0.1% of net sales, in both twenty-six week periods ending July 31, 2010 and August 1, 2009. The increase in net interest expense for the thirteen weeks ended July 31, 2010, was due to a higher amount of average debt during the period.
Our primary sources of liquidity are cash flows from operations, including credit terms from vendors, and borrowings under our credit facility. We have an unsecured revolving credit facility (the "Facility") that allows borrowings of up to $100.0 million, for which no principal repayments are due until the Facility expires in July 2011. Availability under the Facility is reduced by outstanding letters of credit issued thereunder. The Facility has certain financial and non-financial covenants, the most restrictive of which is the maintenance of a minimum fixed charge coverage ratio. We were in compliance with all of the covenants, including the minimum fixed charge coverage ratio, as of July 31, 2010. As of July 31, 2010, there were outstanding borrowings under the Facility of $7.8 million. The Company had no borrowings outstanding under the Facility as of January 30, 2010. The face amount of letters of credit issued under the Facility as of July 31, 2010 and January 30, 2010 were $2.1 million. The maximum and average outstanding balances under the Facility (including letters of credit issued thereunder) during the twenty-six weeks ended July 31, 2010 were $28.9 million and $17.3 million, respectively, compared to $29.6 million and $17.4 million, respectively, for the same period in the prior year. The decrease in the maximum and average outstanding balances from the prior year was due to timing of our payments associated with accounts payable and accounts receivable.
Inventory balances were $203.1 million as of July 31, 2010, compared to $201.5 million as of January 30, 2010. The inventory increase was primarily due to seasonal fluctuations in inventory, an increase in the number of stores and added product assortments. Inventory levels are generally the lowest at the end of the fiscal year due to holiday sales and large post holiday returns to vendors. Trade and related party accounts payable balances were $95.4 million in the aggregate as of July 31, 2010, compared to $90.7 million as of January 30, 2010. The increase in accounts payable was due to the increase in inventory. Accrued expenses were $33.9 million as of July 31, 2010, compared to $36.6 million as of January 30, 2010. The decrease in accrued expenses was due to a reduction in the gift card liability and employee bonus accrual. Both traditionally decrease in the first half of the year due to usage of gift cards and payment of bonuses.
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