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 Barnes & Noble Reports Fiscal 2017 Year-End Financial Results
   Thursday, June 22, 2017 8:30:01 AM ET

Barnes & Noble, Inc. (BKS ) today reported sales and earnings for its fiscal 2017 fourth quarter and full-year ended April 29, 2017.

Total sales were $821 million for the quarter and $3.9 billion for the full year, decreasing 6.3% and 6.5% over the prior year periods, respectively. Comparable store sales declined 6.3% for both the fourth quarter and full year. Online sales increased 2.9% for the quarter and 3.7% for the full year.

The consolidated fourth quarter net loss improved to $13.4 million, or $0.19 per share, compared to a loss of $30.6 million, or $0.42 per share, in the prior year. For the quarter, Retail generated an operating loss of $15.9 million, while NOOK incurred an operating loss of $7.9 million, for a total operating loss of $23.8 million.

Fiscal 2017 consolidated net earnings from continuing operations were $22.0 million, or $0.30 per share, compared to net earnings from continuing operations of $14.7 million, or $0.05 per share, in the prior year. For the full year, Retail generated operating income of $90.7 million, while NOOK incurred an operating loss of $36.4 million, for a total operating income of $54.3 million.

In addition to exceeding prior year operating results, excluding non-recurring charges in both years, consolidated EBITDA was $187.2 million in fiscal 2017, in-line with guidance of $180 million to $190 million, versus $185.7 million last year.

For the full year, consolidated EBITDA was $172.2 million, as compared to $150.5 million a year ago. NOOK EBITDA losses decreased $47.3 million to $17.3 million, as the Company continued to rationalize NOOK expenses. Retail EBITDA of $189.5 million declined $25.6 million, primarily due to the sales decline.

"While fiscal 2017 proved to be a challenging year for the company, we reduced costs by $137 million, enabling us to sustain our profitability level," said Demos Parneros, Chief Executive Officer of Barnes & Noble, Inc. "In fiscal 2018, we are focusing on ways to improve the business and reignite sales through an aggressive test and learn process and companywide simplification process that will take out costs."

The company ended the fiscal year with $64.9 million of debt under its $750 million credit facility. During fiscal 2017, the Company returned $67 million in cash to its shareholders through dividends and share repurchases.

Outlook

For fiscal year 2018, the Company expects comparable bookstore sales to decline in the low single digits and full year consolidated EBITDA to be approximately $180 million.

Conference Call

A conference call with Barnes & Noble, Inc.’s senior management will be webcast beginning at 10:00 A.M. ET on Thursday, June 22, 2017, and is accessible at investors.barnesandnobleinc.com.

Barnes & Noble, Inc. will report fiscal 2018 first quarter results on or about September 7, 2017.

About Barnes & Noble, Inc.

Barnes & Noble, Inc. (BKS ) is the nation’s largest retail bookseller, and a leading retailer of content, digital media and educational products. The Company operates 633 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(R) tablets and eReaders and an expansive collection of digital reading and entertainment content through the NOOK Store(R). The NOOK Store features more than 4.5 million digital books in the US (www.nook.com), plus periodicals and comics, 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.

BKS - Financial

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 new store concepts 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 29, 2017, 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.

                                                                                                                                                      BARNES & NOBLE, INC. AND SUBSIDIARIES
                                                                                                                                                      Consolidated Statements of Operations
                                                                                                                                                      (In thousands, except per share data)
                                                                                                                                                                   (Unaudited)
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                     13 weeks ended                                      13 weeks ended                                       52 weeks ended                                        52 weeks ended
                                                                                        April 29, 2017                                      April 30, 2016                                                          April 29, 2017                                        April 30, 2016
                                                                      ---------------------------------------------------------------------- --------------------------------------------------                     ------------------------------------------------------------------------ ----------------------------------------------------
                                                                                                                                                                                                                                                                                              
Sales                                                                                    $ 821,220                                                              $ 876,684                                                              $ 3,894,558                                                              $ 4,163,844
Cost of sales and occupancy                                             578,733                          610,926                          2,682,356                          2,836,547  
                                                                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
    Gross profit                                                        242,487                          265,758                          1,212,202                          1,327,297  
                                                                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Selling and administrative expenses                                                        238,508                                                                291,715                                                                1,040,007                                                                1,176,778
Depreciation and amortization                                            27,804                           31,999                            117,887                            135,863  
                                                                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
    Operating income (loss)                                                                (23,825 )                                                              (57,956 )                                                                 54,308                                                                   14,656
Interest expense, net                                                     1,843                            1,537                              7,509                              8,770  
                                                                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
    Income (loss) before taxes                                                             (25,668 )                                                              (59,493 )                                                                 46,799                                                                    5,886
Income taxes                                                            (12,240 )                                           (28,885 )                                              24,776                             (8,814 )
                                                                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
    Net income (loss) from continuing operations                                           (13,428 )                                                              (30,608 )                                                                 22,023                                                                   14,700
Loss from discontinued operations                                             -                                -                                  -                            (39,146 )
                                                                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
    Net income (loss)                                                                    $ (13,428 )                                                            $ (30,608 )                                                            $    22,023                                           $   (24,446 )
                                                                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                              
Basic income (loss) per common share:
        Income (loss) from continuing operations                                         $   (0.19 )                                                            $   (0.42 )                                                            $      0.30                                                              $      0.05
        Loss from discontinued operations                                     -                                -                                  -                              (0.54 )
                                                                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
    Basic income (loss) per common share                                                 $   (0.19 )                                                            $   (0.42 )                                                            $      0.30                                           $     (0.49 )
                                                                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                              
Diluted income (loss) per common share:
        Income (loss) from continuing operations                                         $   (0.19 )                                                            $   (0.42 )                                                            $      0.30                                                              $      0.05
        Loss from discontinued operations                                     -                                -                                  -                              (0.54 )
                                                                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
    Diluted income (loss) per common share                                               $   (0.19 )                                                            $   (0.42 )                                                            $      0.30                                           $     (0.49 )
                                                                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                              
Weighted average common shares outstanding:
    Basic                                                                                   72,054                                                                 73,680                                                                   72,188                                                                   72,410
    Diluted                                                                                 72,054                                                                 73,680                                                                   72,328                                                                   72,542
                                                                                                                                                                                                                                                                                              
Dividends declared per common share                                                      $    0.15                                                              $    0.15                                                              $      0.60                                                              $      0.60
                                                                                                                                                                                                                                                                                              
Percentage of sales:
Sales                                                                                        100.0 %                                                                100.0 %                                                                  100.0 %                                                                  100.0 %
Cost of sales and occupancy                                                70.5 %                                              69.7 %                                                68.9 %                                                68.1 %
                                                                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
    Gross profit                                                           29.5 %                                              30.3 %                                                31.1 %                                                31.9 %
                                                                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Selling and administrative expenses                                                           29.0 %                                                                 33.3 %                                                                   26.7 %                                                                   28.3 %
Depreciation and amortization                                               3.4 %                                               3.7 %                                                 3.0 %                                                 3.3 %
                                                                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
    Operating income (loss)                                                                   -2.9 %                                                                 -6.6 %                                                                    1.4 %                                                                    0.4 %
Interest expense, net                                                       0.2 %                                               0.2 %                                                 0.2 %                                                 0.2 %
                                                                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
    Income (loss) before taxes                                                                -3.1 %                                                                 -6.8 %                                                                    1.2 %                                                                    0.1 %
Income taxes                                                               -1.5 %                                              -3.3 %                                                 0.6 %                                                -0.2 %
                                                                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
    Net income (loss) from continuing operations                                              -1.6 %                                                                 -3.5 %                                                                    0.6 %                                                                    0.4 %
Loss from discontinued operations                                           0.0 %                                               0.0 %                                                 0.0 %                                                -0.9 %
                                                                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
    Net income (loss)                                                                         -1.6 %                                                                 -3.5 %                                                                    0.6 %                                                                   -0.6 %
 
                                                                                                                                                 BARNES & NOBLE, INC. AND SUBSIDIARIES
                                                                                                                                                          Segment Information
                                                                                                                                                            (In thousands)
                                                                                                                                                              (Unaudited)
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                          13 weeks ended                                      13 weeks ended                                       52 weeks ended                                        52 weeks ended
                                                                             April 29, 2017                                      April 30, 2016                                                          April 29, 2017                                        April 30, 2016
                                                           ---------------------------------------------------------------------- --------------------------------------------------                     ------------------------------------------------------------------------ ----------------------------------------------------
                                                                                                                                                                                                                                                                                   
Sales
-------------------------------------
    Retail                                                                    $ 796,184                                                              $ 850,024                                                              $ 3,784,655                                                              $ 4,028,614
    NOOK                                                                         31,990                                                                 41,952                                                                  146,514                                                                  191,520
    Elimination                                               (6,954 )                                           (15,292 )                                             (36,611 )                                             (56,290 )
                                                           -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total                                                                         $ 821,220                                           $ 876,684                                           $ 3,894,558                                           $ 4,163,844  
                                                           ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                   
Gross Profit
-------------------------------------
    Retail                                                                    $ 229,069                                                              $ 248,807                                                              $ 1,148,542                                                              $ 1,258,405
    NOOK                                                      13,418                           16,951                             63,660                             68,892  
                                                           -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total                                                                         $ 242,487                                           $ 265,758                                           $ 1,212,202                                           $ 1,327,297  
                                                           ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                   
Selling and Administrative Expenses
-------------------------------------
    Retail                                                                    $ 220,826                                                              $ 259,868                                                              $   959,002                                                              $ 1,043,221
    NOOK                                                      17,682                           31,847                             81,005                            133,557  
                                                           -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total                                                                         $ 238,508                                           $ 291,715                                           $ 1,040,007                                           $ 1,176,778  
                                                           ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                   
EBITDA
-------------------------------------
    Retail                                                                    $   8,243                                                              $ (11,061 )                                                            $   189,540                                                              $   215,184
    NOOK                                                      (4,264 )                                           (14,896 )                                             (17,345 )                                             (64,665 )
                                                           -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total                                                                         $   3,979                                           $ (25,957 )                                                            $   172,195                                           $   150,519  
                                                           ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                   
Depreciation and Amortization
-------------------------------------
    Retail                                                                    $ (24,121 )                                                            $ (23,809 )                                                            $   (98,877 )                                                            $  (101,888 )
    NOOK                                                      (3,683 )                                            (8,190 )                                             (19,010 )                                             (33,975 )
                                                           -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total                                                                         $ (27,804 )                                                            $ (31,999 )                                                            $  (117,887 )                                                            $  (135,863 )
                                                           ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                   
Operating Income (Loss)
-------------------------------------
    Retail                                                                    $ (15,878 )                                                            $ (34,870 )                                                            $    90,663                                                              $   113,296
    NOOK                                                      (7,947 )                                           (23,086 )                                             (36,355 )                                             (98,640 )
                                                           -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total                                                                         $ (23,825 )                                                            $ (57,956 )                                                            $    54,308                                           $    14,656  
                                                           ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                   
Net Income (Loss)
-------------------------------------
    Operating income (loss)                                                   $ (23,825 )                                                            $ (57,956 )                                                            $    54,308                                                              $    14,656
    Interest expense, net                                                        (1,843 )                                                               (1,537 )                                                                 (7,509 )                                                                 (8,770 )
    Income taxes                                                                 12,240                                                                 28,885                                                                  (24,776 )                                                                  8,814
    Loss from discontinued operations                              -                                -                                  -                            (39,146 )
                                                           -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total                                                                         $ (13,428 )                                                            $ (30,608 )                                                            $    22,023                                           $   (24,446 )
                                                           ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                                                   
Percentage of sales:
                                                                                                                                                                                                                                                                                   
Gross Margin
-------------------------------------
    Retail                                                                         28.8 %                                                                 29.3 %                                                                   30.3 %                                                                   31.2 %
    NOOK                                                        53.6 %                                              63.6 %                                                57.9 %                                                50.9 %
                                                           -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total                                                                              29.5 %                                                                 30.3 %                                                                   31.1 %                                                                   31.9 %
                                                                                                                                                                                                                                                                                   
Selling and Administrative Expenses
-------------------------------------
    Retail                                                                         27.7 %                                                                 30.6 %                                                                   25.3 %                                                                   25.9 %
    NOOK                                                        70.6 %                                             119.5 %                                                73.7 %                                                98.8 %
                                                           -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total                                                                              29.0 %                                                                 33.3 %                                                                   26.7 %                                                                   28.3 %
                                                                                                                                                                                                                                                                                   
EBITDA
-------------------------------------
    Retail                                                                          1.0 %                                                                 -1.3 %                                                                    5.0 %                                                                    5.3 %
    NOOK                                                       -17.0 %                                             -55.9 %                                               -15.8 %                                               -47.8 %
                                                           -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total                                                                               0.5 %                                                                 -3.0 %                                                                    4.4 %                                                                    3.6 %
                                                                                                                                                                                                                                                                                   
Depreciation and Amortization
-------------------------------------
    Retail                                                                         -3.0 %                                                                 -2.8 %                                                                   -2.6 %                                                                   -2.5 %
    NOOK                                                       -14.7 %                                             -30.7 %                                               -17.3 %                                               -25.1 %
                                                           -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total                                                                              -3.4 %                                                                 -3.7 %                                                                   -3.0 %                                                                   -3.3 %
                                                                                                                                                                                                                                                                                   
Operating Income (Loss)
-------------------------------------
    Retail                                                                         -2.0 %                                                                 -4.1 %                                                                    2.4 %                                                                    2.8 %
    NOOK                                                       -31.7 %                                             -86.6 %                                               -33.1 %                                               -72.9 %
                                                           -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total                                                                              -2.9 %                                                                 -6.6 %                                                                    1.4 %                                                                    0.4 %
 
                                                                                          BARNES & NOBLE, INC. AND SUBSIDIARIES
                                                                                               Consolidated Balance Sheets
                                                                                                     (In thousands)
                                                                                                       (Unaudited)
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                         April 29, 2017                                         April 30, 2016
                                                                                         -----------------------------------------------------                     -----------------------------------------------------
                                                                                                                                                                    
      ASSETS
Current assets:
    Cash and cash equivalents                                                                               $     11,993                                                              $     13,838
    Receivables, net                                                                                              67,294                                                                   124,917
    Merchandise inventories, net                                                                                 946,909                                                                   933,723
    Prepaid expenses and other current assets                                                 101,816                             105,912  
                                                                                         -------------------- ---------- --------------------                      -------------------- ---------- --------------------
        Total current assets                                                                1,128,012                           1,178,390  
                                                                                         -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                    
Property and equipment:
    Land and land improvements                                                                                     2,541                                                                     2,541
    Buildings and leasehold improvements                                                                       1,072,007                                                                 1,058,452
    Fixtures and equipment                                                                  1,608,433                           1,560,005  
                                                                                         -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                               2,682,981                                                                 2,620,998
    Less accumulated depreciation and amortization                                          2,406,859                           2,322,418  
                                                                                         -------------------- ---------- --------------------                      -------------------- ---------- --------------------
        Net property and equipment                                                            276,122                             298,580  
                                                                                         -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                    
Goodwill                                                                                                         207,381                                                                   211,276
Intangible assets, net                                                                                           310,205                                                                   310,904
Other non-current assets                                                                       11,201                              13,632  
                                                                                         -------------------- ---------- --------------------                      -------------------- ---------- --------------------
    Total assets                                                                                            $  1,932,921                                           $  2,012,782  
                                                                                         ==================== ========== ====================                      ==================== ========== ====================
                                                                                                                                                                    
      LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
    Accounts payable                                                                                        $    473,686                                                              $    480,574
    Accrued liabilities                                                                                          283,157                                                                   360,194
    Gift card liabilities                                                                     351,424                             353,103  
                                                                                         -------------------- ---------- --------------------                      -------------------- ---------- --------------------
        Total current liabilities                                                           1,108,267                           1,193,871  
                                                                                         -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                    
Long-term debt                                                                                                    64,900                                                                    47,200
Deferred taxes                                                                                                    86,132                                                                    54,017
Other long-term liabilities                                                                                       99,311                                                                   114,184
                                                                                                                                                                    
Shareholders’ equity:
    Common stock; $0.001 par value; 300,000 shares authorized;
      111,933 and 111,228 shares issued, respectively                                                                112                                                                       112
    Additional paid-in capital                                                                                 1,741,380                                                                 1,738,034
    Accumulated other comprehensive income                                                                           315                                                                       151
    Retained earnings                                                                                            (46,425 )                                                                 (24,349 )
    Treasury stock, at cost, 39,497 and 37,941 shares, respectively                        (1,121,071 )                                           (1,110,438 )
                                                                                         -------------------- ---------- --------------------                      -------------------- ---------- --------------------
        Total Barnes & Noble, Inc. shareholders’ equity                                       574,311                             603,510  
                                                                                         -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Commitments and contingencies                                                                       -                                   -  
                                                                                         -------------------- ---------- --------------------                      -------------------- ---------- --------------------
    Total liabilities and shareholders’ equity                                                              $  1,932,921                                           $  2,012,782  
                                                                                         ==================== ========== ====================                      ==================== ========== ====================
 
                                                                                                                                                                BARNES & NOBLE, INC. AND SUBSIDIARIES
                                                                                                                                                                      Earnings (Loss) Per Share
                                                                                                                                                                (In thousands, except per share data)
                                                                                                                                                                             (Unaudited)
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                              13 weeks ended                                      13 weeks ended                                     52 weeks ended                                      52 weeks ended
                                                                                                                 April 29, 2017                                                         April 30, 2016                                                        April 29, 2017                                                         April 30, 2016
                                                                                               --------------------------------------------------                     --------------------------------------------------                     -------------------------------------------------                     --------------------------------------------------
Numerator for basic income (loss) per share:
Net income (loss) from continuing operations                                                                      $ (13,428 )                                                            $ (30,608 )                                                            $ 22,023                                                              $  14,700
    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 )
    Less allocation of dividends to participating securities                                                            (17 )                                                                 (220 )                                                                (576 )                                                               (1,219 )
    Less allocation of undistributed earnings to participating securities                              -                                -                               -                                -  
                                                                                               -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------
Net income (loss) from continuing operations available to common                                                  $ (13,445 )                                                            $ (30,828 )                                                            $ 21,447                                                              $   3,837
shareholders
Net loss from discontinued operations available to common                                              -                                -                               -                          (39,146 )
shareholders
                                                                                               -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------
Net income (loss) available to common shareholders                                                                $ (13,445 )                                                            $ (30,828 )                                                            $ 21,447                                           $ (35,309 )
                                                                                               ==================== ======= ====================                      ==================== ======= ====================                      ==================== ====== ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                    
Numerator for diluted income (loss) per share:
Net income from continuing operations available to common                                                         $ (13,445 )                                                            $ (30,828 )                                                            $ 21,447                                                              $   3,837
shareholders
    Accretion of dividends on preferred stock (a)                                                                         -                                                                      -                                                                     -                                                                      -
    Allocation of undistributed earnings to participating securities                                                      -                                                                      -                                                                     -                                                                      -
    Less diluted allocation of undistributed earnings to participating                                 -                                -                               -                                -  
    securities
                                                                                               -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------
Net income (loss) from continuing operations available to common                                                    (13,445 )                                                              (30,828 )                                                              21,447                                                                  3,837
shareholders
Net loss from discontinued operations available to common                                              -                                -                               -                          (39,146 )
shareholders
                                                                                               -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------
Net income (loss) available to common shareholders                                                                $ (13,445 )                                                            $ (30,828 )                                                            $ 21,447                                           $ (35,309 )
                                                                                               ==================== ======= ====================                      ==================== ======= ====================                      ==================== ====== ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                    
Denominator for basic income (loss) per share:
Basic weighted average common shares                                                                                 72,054                                                                 73,680                                                                72,188                                                                 72,410
                                                                                                                                                                                                                                                                                                                    
Denominator for diluted income (loss) per share:
Basic weighted average common shares                                                                                 72,054                                                                 73,680                                                                72,188                                                                 72,410
    Average dilutive options                                                                                              -                                                                      -                                                                    63                                                                    118
    Average dilutive non-participating securities                                                      -                                -                              77                               14  
                                                                                               -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------
Diluted weighted average common shares                                                            72,054                           73,680                          72,328                           72,542  
                                                                                               ==================== ======= ====================                      ==================== ======= ====================                      ==================== ====== ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                    
Basic income (loss) per common share:
    Income (loss) from continuing operations                                                                      $   (0.19 )                                                            $   (0.42 )                                                            $   0.30                                                              $    0.05
    Loss from discontinued operations                                                                  -                                -                               -                            (0.54 )
                                                                                               -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------
Basic income (loss) per common share                                                                              $   (0.19 )                                                            $   (0.42 )                                                            $   0.30                                           $   (0.49 )
                                                                                               ==================== ======= ====================                      ==================== ======= ====================                      ==================== ====== ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                    
Diluted income (loss) per common share:
    Income (loss) from continuing operations                                                                      $   (0.19 )                                                            $   (0.42 )                                                            $   0.30                                                              $    0.05
    Loss from discontinued operations                                                                  -                                -                               -                            (0.54 )
                                                                                               -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------
Diluted income (loss) per common share                                                                            $   (0.19 )                                                            $   (0.42 )                                                            $   0.30                                           $   (0.49 )
                                                                                               ==================== ======= ====================                      ==================== ======= ====================                      ==================== ====== ====================                      ==================== ======= ====================

(a) Although the Company was in a net income position during the 52 weeks ended April 30, 2016, the dilutive effect of the Company’s convertible preferred shares was excluded from the calculation of income per share using the two-class method because the effect would be antidilutive.

 
                                                                                                                                     BARNES & NOBLE, INC. AND SUBSIDIARIES
                                                                                                                                                   Non-GAAP
                                                                                                                                  Reconciliation & Forward-Looking Statement
                                                                                                                                                      (In
                                                                                                                                                   millions)
                                                                                                                                                  (Unaudited)
                                                                                    
----------------------------- -------------------- -------------------- --------------------------------------------------------------------- -------------------- --------------------------------------------------------------------- -------------------- -------------------------------------------------
                                                                                                                                                                                 
                                                                                           Fiscal 2016                                                                                Fiscal 2017                                                                              Forward-Looking
                                                                                                                                                                                                                                                                                 Fiscal 2018
                                                                        ----------------------------------------------                                             ----------------------------------------------                                             ----------------------------------------------
                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                               
Adjusted EBITDA                                                                            $    186                                                                                   $    187
Charges                                                                      (35 )                    (a)                                            (15 )                    (b)
                                                                        -------------------- ------ --------------------                                           -------------------- ------ --------------------
   EBITDA                                                                                  $    151                                                                $    172  
                                                                        ==================== ====== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                               
EBITDA                                                                                     $    151                                                                                   $    172                                                                                   $    180
Depreciation and amortization                                               (136 )                                                                  (118 )                                                                  (100 )
                                                                        -------------------- ------ --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------
   Operating income                                                                        $     15                                                                $     54                                                                $     80  
                                                                        ==================== ====== ====================                                           ==================== ====== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                               

(a) Including pension settlement charge, executive severance related to the B&N College spin-off and a publishing contract impairment.

(b) Including charges related to cost reduction initiatives and costs associated with the CEO departure.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170622005594r1&sid=cmtx6&distro=nx&

View source version on businesswire.com: http://www.businesswire.com/news/home/20170622005594/en/

SOURCE: Barnes & Noble, Inc.

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


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