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 Barnes & Noble Reports Fiscal 2017 Second Quarter Financial Results
   Tuesday, November 22, 2016 8:30:01 AM ET

Barnes & Noble, Inc. (BKS ) today reported sales and earnings for its fiscal 2017 second quarter ended October 29, 2016.

Total sales for the second quarter were $858.5 million, declining 4.0% as compared to the prior year. Retail sales, which include Barnes & Noble stores and BN.com, declined 3.5% to $830.7 million for the quarter. Comparable store sales declined 3.2% on lower store traffic, which was partly offset by the release of Harry Potter and the Cursed Child. NOOK(R) sales, which include digital content, devices and accessories, declined 19.4% to $35.0 million for the quarter.

The consolidated second quarter net loss was $20.4 million, or $0.29 per share, as compared to the prior year loss from continuing operations of $27.2 million, or $0.36 per share. For the quarter, Retail and NOOK incurred operating losses of $21.1 million and $8.2 million, respectively, for a total operating loss of $29.3 million.

Consolidated second quarter EBITDA was $0.7 million, a $21.2 million improvement versus the prior year. NOOK EBITDA losses of $2.7 million improved $18.5 million over the prior year on continued cost rationalization efforts. Retail EBITDA increased $2.7 million to $3.5 million, as lower severance charges offset the sales decrease.

"While we are pleased to have improved our performance due to expense reductions, we did experience sluggish sales, which we believe are directly related to the election cycle," said Len Riggio, Chairman and Chief Executive Officer of Barnes & Noble, Inc. "With the election behind us, we hope and expect sales will improve over the holidays."

Return of Capital

During the quarter, the Company returned $21.0 million in cash to its shareholders, including $11.0 million in dividends and $10.0 million through share repurchases. The Company acquired approximately 878,000 shares at an average price of $11.44 during the quarter under its share repurchase program.

Outlook

The Company continues to expect fiscal 2017 comparable store sales to decline in the low single digits and full year consolidated EBITDA to be in a range of $200 million to $250 million. Retail EBITDA is expected to be in a range of $240 million to $280 million, excluding the impact of any charges related to its cost reduction initiatives and costs associated with the recent CEO departure. NOOK EBITDA losses are expected to decline to a range of $30 million to $40 million, including previously announced transitional costs.

Conference Call

A conference call with Barnes & Noble, Inc.’s senior management will be webcast beginning at 10:00 A.M. ET on Tuesday, November 22, 2016, and is accessible at investors.barnesandnobleinc.com.

Barnes & Noble, Inc. will report fiscal 2017 holiday sales on or about January 5, 2017.

About Barnes & Noble, Inc.

Barnes & Noble, Inc. (BKS ) is a Fortune 500 company, the nation’s largest retail bookseller, and a leading retailer of content, digital media and educational products. The Company operates 638 Barnes & Noble bookstores in 50 states, and one of the Web’s premier e-commerce sites, BN.com (www.bn.com). The NOOK Digital business offers a lineup of popular NOOK (www.nook.com) tablets and eReaders and an expansive collection of digital reading and entertainment content through the NOOK Store(R). The NOOK Store features more than 4 million digital books in the US plus periodicals, comics, apps, movies and TV shows, and offers the ability to enjoy content across a wide array of popular devices through Free NOOK Reading Apps(TM) available for Android(TM), iOS(R) and Windows(R).

General information on Barnes & Noble, Inc. can be obtained by visiting the Company’s corporate website at www.barnesandnobleinc.com.

Forward-Looking Statements

This press release contains certain forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) and information relating to Barnes & Noble that are based on the beliefs of the management of Barnes & Noble as well as assumptions made by and information currently available to the management of Barnes & Noble. 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 or the management of Barnes & Noble, identify forward-looking statements.

Such statements reflect the current views of Barnes & Noble with respect to future events, the outcome of which is subject to certain risks, including, among others, the general economic environment and consumer spending patterns, decreased consumer demand for Barnes & Noble’s products, low growth or declining sales and net income due to various factors, including store closings, higher-than-anticipated or increasing costs, including with respect to store closings, relocation, occupancy (including in connection with lease renewals) and labor costs, the effects of competition, the risk of insufficient access to financing to implement future business initiatives, risks associated with data privacy and information security, risks associated with Barnes & Noble’s supply chain, including possible delays and disruptions and increases in shipping rates, various risks associated with the digital business, including the possible loss of customers, declines in digital content sales, risks and costs associated with ongoing efforts to rationalize the digital business and the digital business not being able to perform its obligations under the Samsung commercial agreement and the consequences thereof, the risk that financial and operational forecasts and projections are not achieved, the performance of Barnes & Noble’s initiatives including but not limited to its new store concept and e-commerce initiatives, unanticipated adverse litigation results or effects, potential infringement of Barnes & Noble’s intellectual property by third parties or by Barnes & Noble of the intellectual property of third parties, and other factors, including those factors discussed in detail in Item 1A, "Risk Factors," in Barnes & Noble’s Annual Report on Form 10-K for the fiscal year ended April 30, 2016, and in Barnes & Noble’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 or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements in this paragraph. Barnes & Noble 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 communication.

Source: Barnes & Noble, Inc.

 
                                                                                                                                                    BARNES & NOBLE, INC. AND SUBSIDIARIES
                                                                                                                                                    Consolidated Statements of Operations
                                                                                                                                                    (In thousands, except per share data)
                                                                                                                                                                 (Unaudited)
 
                                                                                                                                 
------------------------------------------- -------------------- ---------------------------------------------------------------------- ---------------------------------------------------------------------- ------------------------------------------------------------------------ ----------------------------------------------------
                                                                13 weeks ended                                      13 weeks ended                                       26 weeks ended                                        26 weeks ended
                                                                                  October 29, 2016                                    October 31, 2015                                                        October 29, 2016                                      October 31, 2015
                                                                 ---------------------------------------------------------------------- --------------------------------------------------                     ------------------------------------------------------------------------ ----------------------------------------------------
                                                                                                                                                                                                                                                                                         
Sales                                                                               $ 858,548                                                              $ 894,654                                                              $ 1,772,430                                                              $ 1,873,213
Cost of sales and occupancy                                        603,173                          624,868                          1,239,516                          1,303,329  
                                                                 -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
   Gross profit                                                    255,375                          269,786                            532,914                            569,884  
                                                                 -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Selling and administrative expenses                                                   254,646                                                                290,281                                                                  522,537                                                                  562,411
Depreciation and amortization                                       29,994                           35,064                             61,031                             68,717  
                                                                 -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
   Operating loss                                                                     (29,265 )                                                              (55,559 )                                                                (50,654 )                                                                (61,244 )
Interest expense, net                                                1,961                            2,338                              3,590                              5,257  
                                                                 -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
   Loss before taxes                                                                  (31,226 )                                                              (57,897 )                                                                (54,244 )                                                                (66,501 )
Income taxes                                                       (10,817 )                                           (30,694 )                                             (19,419 )                                             (31,547 )
                                                                 -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
     Net loss from continuing operations                                              (20,409 )                                                              (27,203 )                                                                (34,825 )                                                                (34,954 )
Loss from discontinued operations                                        -                          (12,023 )                                                   -                            (39,146 )
                                                                 -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
     Net loss                                                                       $ (20,409 )                                                            $ (39,226 )                                                            $   (34,825 )                                                            $   (74,100 )
                                                                 ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                         
Basic loss per common share:
    Loss from continuing operations                                                 $   (0.29 )                                                            $   (0.36 )                                                            $     (0.49 )                                                            $     (0.64 )
    Loss from discontinued operations                                    -                            (0.16 )                                                   -                              (0.55 )
                                                                 -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
 Basic loss per common share                                                        $   (0.29 )                                                            $   (0.52 )                                                            $     (0.49 )                                                            $     (1.20 )
                                                                 ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                         
Diluted loss per common share:
    Loss from continuing operations                                                 $   (0.29 )                                                            $   (0.36 )                                                            $     (0.49 )                                                            $     (0.64 )
    Loss from discontinued operations                                    -                            (0.16 )                                                   -                              (0.55 )
                                                                 -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
 Diluted loss per common share                                                      $   (0.29 )                                                            $   (0.52 )                                                            $     (0.49 )                                                            $     (1.20 )
                                                                 ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                         
Weighted average common shares outstanding:
 Basic                                                                                 72,212                                                                 75,557                                                                   72,558                                                                   70,552
 Diluted                                                                               72,212                                                                 75,557                                                                   72,558                                                                   70,552
                                                                                                                                                                                                                                                                                         
Dividends declared per common share                                                 $    0.15                                                              $    0.15                                                              $      0.30                                                              $      0.30
                                                                                                                                                                                                                                                                                         
Percentage of sales:
Sales                                                                                   100.0 %                                                                100.0 %                                                                  100.0 %                                                                  100.0 %
Cost of sales and occupancy                                           70.3 %                                              69.8 %                                                69.9 %                                                69.6 %
                                                                 -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
   Gross profit                                                       29.7 %                                              30.2 %                                                30.1 %                                                30.4 %
                                                                 -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Selling and administrative expenses                                                      29.7 %                                                                 32.4 %                                                                   29.5 %                                                                   30.0 %
Depreciation and amortization                                          3.5 %                                               3.9 %                                                 3.4 %                                                 3.7 %
                                                                 -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
   Operating loss                                                                        -3.4 %                                                                 -6.2 %                                                                   -2.9 %                                                                   -3.3 %
Interest expense, net                                                  0.2 %                                               0.3 %                                                 0.2 %                                                 0.3 %
                                                                 -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
    Loss before taxes                                                                    -3.6 %                                                                 -6.5 %                                                                   -3.1 %                                                                   -3.6 %
Income taxes                                                          -1.3 %                                              -3.4 %                                                -1.1 %                                                -1.7 %
                                                                 -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
     Net loss from continuing operations                                                 -2.4 %                                                                 -3.0 %                                                                   -2.0 %                                                                   -1.9 %
Loss from discontinued operations                                      0.0 %                                              -1.3 %                                                 0.0 %                                                -2.1 %
                                                                 -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
     Net loss                                                                            -2.4 %                                                                 -4.4 %                                                                   -2.0 %                                                                   -4.0 %
                                                                                                                                                                                                                                                                                                                        
 
                                                                                                                                                         BARNES & NOBLE, INC. AND SUBSIDIARIES
                                                                                                                                                                  Segment Information
                                                                                                                                                                    (In thousands)
                                                                                                                                                                      (Unaudited)
                                                                                                                         
-------------------- --------------------------------- -------------------- ---------------------------------------------------------------------- ---------------------------------------------------------------------- ------------------------------------------------------------------------ ----------------------------------------------------
                                                                                                                                                                                   
                                                                                                        13 weeks ended                                               13 weeks ended                                                                    26 weeks ended                                                 26 weeks ended
                                                                                             October 29, 2016                                    October 31, 2015                                                        October 29, 2016                                      October 31, 2015
                                                                            ---------------------------------------------------------------------- --------------------------------------------------                     ------------------------------------------------------------------------ ----------------------------------------------------
                                                                                                                                                                                                                                                                                                    
Sales                 
-------------------- ---------------------------------
                     Retail                                                                    $ 830,719                                                              $ 860,705                                                              $ 1,712,432                                                              $ 1,799,703
                     NOOK                                                                         35,042                                                                 43,496                                                                   76,090                                                                   97,831
                     Elimination                                               (7,213 )                                            (9,547 )                                             (16,092 )                                             (24,321 )
                                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total                                                                                          $ 858,548                                           $ 894,654                                           $ 1,772,430                                           $ 1,873,213  
                                                                            ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                    
Gross Profit
-------------------------------------------------------
                     Retail                                                                    $ 238,935                                                              $ 253,219                                                              $   497,222                                                              $   535,003
                     NOOK                                                      16,440                           16,567                             35,692                             34,881  
                                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total                                                                                          $ 255,375                                           $ 269,786                                           $   532,914                                           $   569,884  
                                                                            ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                    
Selling and Administrative Expenses
-------------------------------------------------------
                     Retail                                                                    $ 235,460                                                              $ 252,435                                                              $   476,152                                                              $   488,915
                     NOOK                                                      19,186                           37,846                             46,385                             73,496  
                                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total                                                                                          $ 254,646                                           $ 290,281                                           $   522,537                                           $   562,411  
                                                                            ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                    
EBITDA
-------------------------------------------------------
                     Retail                                                                    $   3,475                                                              $     784                                                              $    21,070                                                              $    46,088
                     NOOK                                                      (2,746 )                                           (21,279 )                                             (10,693 )                                             (38,615 )
                                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total                                                                                          $     729                                           $ (20,495 )                                                            $    10,377                                           $     7,473  
                                                                            ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                    
Depreciation and Amortization
-------------------------------------------------------
                     Retail                                                                    $ (24,558 )                                                            $ (26,446 )                                                            $   (49,520 )                                                            $   (51,226 )
                     NOOK                                                      (5,436 )                                            (8,618 )                                             (11,511 )                                             (17,491 )
                                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total                                                                                          $ (29,994 )                                                            $ (35,064 )                                                            $   (61,031 )                                                            $   (68,717 )
                                                                            ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                    
Operating Loss
-------------------------------------------------------
                     Retail                                                                    $ (21,083 )                                                            $ (25,662 )                                                            $   (28,450 )                                                            $    (5,138 )
                     NOOK                                                      (8,182 )                                           (29,897 )                                             (22,204 )                                             (56,106 )
                                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total                                                                                          $ (29,265 )                                                            $ (55,559 )                                                            $   (50,654 )                                                            $   (61,244 )
                                                                            ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                    
Net Loss
-------------------------------------------------------
                     Operating loss                                                            $ (29,265 )                                                            $ (55,559 )                                                            $   (50,654 )                                                            $   (61,244 )
                     Interest expense, net                                                        (1,961 )                                                               (2,338 )                                                                 (3,590 )                                                                 (5,257 )
                     Income taxes                                                                 10,817                                                                 30,694                                                                   19,419                                                                   31,547
                     Loss from discontinued operations                              -                          (12,023 )                                                   -                            (39,146 )
                                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total                                                                                          $ (20,409 )                                                            $ (39,226 )                                                            $   (34,825 )                                                            $   (74,100 )
                                                                            ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                    
Percentage of sales:
                                                                                                                                                                                                                                                                                                    
Gross Margin
-------------------------------------------------------
                     Retail                                                                         28.8 %                                                                 29.4 %                                                                   29.0 %                                                                   29.7 %
                     NOOK                                                        59.1 %                                              48.8 %                                                59.5 %                                                47.5 %
                                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total                                                                                               29.7 %                                                                 30.2 %                                                                   30.1 %                                                                   30.4 %
                                                                                                                                                                                                                                                                                                    
Selling and Administrative Expenses
-------------------------------------------------------
                     Retail                                                                         28.3 %                                                                 29.3 %                                                                   27.8 %                                                                   27.2 %
                     NOOK                                                        68.9 %                                             111.5 %                                                77.3 %                                               100.0 %
                                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total                                                                                               29.7 %                                                                 32.4 %                                                                   29.5 %                                                                   30.0 %
                                                                                                                                                                                                                                                                                                    
EBITDA
-------------------------------------------------------
                     Retail                                                                          0.4 %                                                                  0.1 %                                                                    1.2 %                                                                    2.6 %
                     NOOK                                                        -9.9 %                                             -62.7 %                                               -17.8 %                                               -52.5 %
                                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total                                                                                                0.1 %                                                                 -2.3 %                                                                    0.6 %                                                                    0.4 %
                                                                                                                                                                                                                                                                                                    
Depreciation and Amortization
-------------------------------------------------------
                     Retail                                                                         -3.0 %                                                                 -3.1 %                                                                   -2.9 %                                                                   -2.8 %
                     NOOK                                                       -19.5 %                                             -25.4 %                                               -19.2 %                                               -23.8 %
                                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total                                                                                               -3.5 %                                                                 -3.9 %                                                                   -3.4 %                                                                   -3.7 %
                                                                                                                                                                                                                                                                                                    
Operating Loss
-----------------------------------------------------
                     Retail                                                                         -2.5 %                                                                 -3.0 %                                                                   -1.7 %                                                                   -0.3 %
                     NOOK                                                       -29.4 %                                             -88.1 %                                               -37.0 %                                               -76.3 %
                                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total                                                                                               -3.4 %                                                                 -6.2 %                                                                   -2.9 %                                                                   -3.3 %
                                                                                                                                                                                                                                                                                                                                   
 
                                                                                         BARNES & NOBLE, INC. AND SUBSIDIARIES
                                                                                              Consolidated Balance Sheets
                                                                                                    (In thousands)
                                                                                                      (Unaudited)
                                                                                       
------------------------------------------------------------------ -------------------- ------------------------------------------------------------------------- -----------------------------------------------------
                                                                                       October 29, 2016                                       October 31, 2015
                                                                                        -----------------------------------------------------                     -----------------------------------------------------
                                                                                                                                                                   
         ASSETS
Current assets:
   Cash and cash equivalents                                                                               $     11,365                                                              $     13,367
   Receivables, net                                                                                              75,744                                                                    82,355
   Merchandise inventories, net                                                                               1,218,822                                                                 1,219,878
   Prepaid expenses and other current assets                                                 129,404                             148,589  
                                                                                        -------------------- ---------- --------------------                      -------------------- ---------- --------------------
        Total current assets                                                               1,435,335                           1,464,189  
                                                                                        -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                   
Property and equipment:
   Land and land improvements                                                                                     2,541                                                                     2,541
   Buildings and leasehold improvements                                                                       1,062,377                                                                 1,061,527
   Fixtures and equipment                                                                  1,592,849                           1,573,300  
                                                                                        -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                              2,657,767                                                                 2,637,368
   Less accumulated depreciation and amortization                                          2,369,074                           2,314,184  
                                                                                        -------------------- ---------- --------------------                      -------------------- ---------- --------------------
      Net property and equipment                                                             288,693                             323,184  
                                                                                        -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                   
Goodwill                                                                                                        211,276                                                                   215,197
Intangible assets, net                                                                                          310,543                                                                   315,038
Other non-current assets                                                                      11,916                              12,302  
                                                                                        -------------------- ---------- --------------------                      -------------------- ---------- --------------------
   Total assets                                                                                            $  2,257,763                                           $  2,329,910  
                                                                                        ==================== ========== ====================                      ==================== ========== ====================
                                                                                                                                                                   
          LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
   Accounts payable                                                                                        $    717,220                                                              $    730,387
   Accrued liabilities                                                                                          311,150                                                                   325,393
   Gift card liabilities                                                                     344,044                             330,474  
                                                                                        -------------------- ---------- --------------------                      -------------------- ---------- --------------------
      Total current liabilities                                                            1,372,414                           1,386,254  
                                                                                        -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                   
Long-term debt                                                                                                  191,423                                                                   192,000
Deferred taxes                                                                                                   54,290                                                                    15,795
Other long-term liabilities                                                                                     110,844                                                                   153,435
                                                                                                                                                                   
Shareholders’ equity:
   Common stock; $0.001 par value; 300,000 shares authorized;
    111,560 and 110,595 shares issued, respectively                                                                 112                                                                       111
   Additional paid-in capital                                                                                 1,741,120                                                                 1,731,696
   Accumulated other comprehensive income (loss)                                                                    198                                                                   (16,533 )
   Retained earnings                                                                                            (81,319 )                                                                 (51,045 )
   Treasury stock, at cost, 39,741 and 34,961 shares, respectively                        (1,131,319 )                                           (1,081,803 )
                                                                                        -------------------- ---------- --------------------                      -------------------- ---------- --------------------
      Total Barnes & Noble, Inc. shareholders’ equity                                        528,792                             582,426  
                                                                                        -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Commitments and contingencies                                                                      -                                   -  
                                                                                        -------------------- ---------- --------------------                      -------------------- ---------- --------------------
   Total liabilities and shareholders’ equity                                                              $  2,257,763                                           $  2,329,910  
                                                                                        ==================== ========== ====================                      ==================== ========== ====================
                                                                                                                                                                                                   
 
                                                                                                                                                              BARNES & NOBLE, INC. AND SUBSIDIARIES
                                                                                                                                                                         Loss Per Share
                                                                                                                                                              (In thousands, except per share data)
                                                                                                                                                                           (Unaudited)
                                                                                                                                                        
-------------------------------------------------------------------- -------------------- ---------------------------------------------------------------------- ---------------------------------------------------------------------- ---------------------------------------------------------------------- --------------------------------------------------
                                                                                                                                                                                                                                  
                                                                                                            13 weeks ended                                                         13 weeks ended                                                         26 weeks ended                                                         26 weeks ended
                                                                                                           October 29, 2016                                                       October 31, 2015                                                       October 29, 2016                                                       October 31, 2015
                                                                                          --------------------------------------------------                     --------------------------------------------------                     --------------------------------------------------                     --------------------------------------------------
Numerator for basic loss per share:
Net loss from continuing operations attributable to Barnes & Noble,                                          $ (20,409 )                                                            $ (27,203 )                                                            $ (34,825 )                                                            $ (34,954 )
Inc.
   Less allocation of dividends to participating securities                                                       (188 )                                                                 (332 )                                                                 (391 )                                                                 (692 )
   Inducement fee paid upon conversion of Series J preferred stock                                                   -                                                                      -                                                                      -                                                                 (3,657 )
   Preferred stock dividends paid in shares                                                                          -                                                                      -                                                                      -                                                                 (1,783 )
   Accretion of dividends on preferred stock                                                      -                                -                                -                           (4,204 )
                                                                                          -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
Net loss from continuing operations available to common shareholders                                         $ (20,597 )                                                            $ (27,535 )                                                            $ (35,216 )                                                            $ (45,290 )
Net loss from discontinued operations available to common                                         -                          (12,023 )                                                 -                          (39,146 )
shareholders
                                                                                          -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
Net loss available to common shareholders                                                                    $ (20,597 )                                                            $ (39,558 )                                                            $ (35,216 )                                                            $ (84,436 )
                                                                                          ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                
Numerator for diluted loss per share:
Net loss from continuing operations available to common shareholders                                         $ (20,597 )                                                            $ (27,535 )                                                            $ (35,216 )                                                            $ (45,290 )
Net loss from discontinued operations available to common                                         -                          (12,023 )                                                 -                          (39,146 )
shareholders
                                                                                          -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
Net loss available to common shareholders                                                                    $ (20,597 )                                                            $ (39,558 )                                                            $ (35,216 )                                                            $ (84,436 )
                                                                                          ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                
Denominator for basic and diluted loss per share:
Basic and diluted weighted average common shares                                                                72,212                                                                 75,557                                                                 72,558                                                                 70,552
                                                                                                                                                                                                                                                                                                                
Basic loss per common share:
   Loss from continuing operations                                                                           $   (0.29 )                                                            $   (0.36 )                                                            $   (0.49 )                                                            $   (0.64 )
   Loss from discontinued operations                                                              -                            (0.16 )                                                 -                            (0.55 )
                                                                                          -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
Basic loss per common share                                                                                  $   (0.29 )                                                            $   (0.52 )                                                            $   (0.49 )                                                            $   (1.20 )
                                                                                          ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                
Diluted loss per common share:
   Loss from continuing operations                                                                           $   (0.29 )                                                            $   (0.36 )                                                            $   (0.49 )                                                            $   (0.64 )
   Loss from discontinued operations                                                              -                            (0.16 )                                                 -                            (0.55 )
                                                                                          -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
Diluted loss per common share                                                                                $   (0.29 )                                                            $   (0.52 )                                                            $   (0.49 )                                                            $   (1.20 )
                                                                                          ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                             
 
                                                                                        BARNES & NOBLE, INC. AND SUBSIDIARIES
                                                                                  Forward-Looking Statement Non-GAAP Reconciliation
                                                                                                    (In millions)
                                                                                                     (Unaudited)
                                                  
-------------------- ----------------------------- -------------------- -------------------- --------------------------------------------------------------------- -------------------------------------------------
                                                                                                         
                                                                                                                                              Forward-Looking Range
                                                                                             -----------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                    
EBITDA                
-------------------- -----------------------------
                     Retail                                                                                     $    240                                                              $    280
                     NOOK                                                                         (40 )                                              (30 )
                                                                                             -------------------- ------ --------------------                      -------------------- ------ --------------------
Total                                                                                                           $    200                                           $    250  
                                                                                             ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                    
Operating Profit
---------------------------------------------------
                     EBITDA                                                                                     $    200                                                              $    250
                     Depreciation and amortization                                               (120 )                                             (120 )
                                                                                             -------------------- ------ --------------------                      -------------------- ------ --------------------
Total                                                                                                           $     80                                           $    130  
                                                                                             ==================== ====== ====================                      ==================== ====== ====================

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20161122005609r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20161122005609/en/

SOURCE: Barnes & Noble, Inc.

Media: 
Barnes & Noble, Inc. 
Mary Ellen Keating 
Senior Vice President 
Corporate Communications 
(212) 633-3323 
mkeating@bn.com 
or 
Investor: 
Barnes & Noble, Inc. 
Andy Milevoj 
Vice President, Investor Relations 
(212) 633-3489 
amilevoj@bn.com


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