barnes & noble inc (BKS) Key Developments
Via Licensing and Barnes & Noble Settle Patent License Dispute over NOOK® Tablets
Mar 17 15
Via Licensing Corporation and Barnes & Noble, Inc. have settled litigation concerning the use of Advanced Audio Coding (AAC) technology in Barnes & Noble NOOK® line of products. In late 2010, Barnes & Noble licensed AAC patent rights from Via's AAC patent pool comprised of 11 leading AAC standard essential patent owners under the AAC Patent License Agreement. Via filed suit against Barnes & Noble in 2013 for breach of the AAC Patent License Agreement and declaratory judgment. In the settlement, Barnes & Noble acknowledged that Via reasonably exercised its discretion in classifying the NOOK Color, NOOK Tablet, NOOK HD, and NOOK HD+ tablets under the AAC Patent License Agreement as consumer products that are subject to the standard rates. Barnes & Noble also acknowledged that the terms of the AAC Patent License Agreement are reasonable. Barnes & Noble has also agreed to pay royalties owed under the AAC Patent License Agreement.
Barnes & Noble Plans for Store Closings
Mar 11 15
Barnes & Noble plan to close 13 consumer stores this fiscal year instead of 20.
Barnes & Noble, Inc. Reports Unaudited Consolidated Earnings Results for the 13 Weeks and 39 Weeks Ended January 31, 2015; Provides Earnings Guidance for the Year 2015
Mar 10 15
Barnes & Noble, Inc. reported unaudited consolidated earnings results for the 13 weeks and 39 weeks ended January 31, 2015. For the 13 weeks, the company reported sales of $1,961.151 million compared with $1,995.790 million for the same period last year. Operating income was $149.521 million compared with $118.716 million for the same period last year. Income before taxes was $145.969 million compared with $110.955 million for the same period last year. Net income available to common shareholders was $68.890 million or $0.93 diluted per share compared with $60.892 million or $0.86 diluted per share for the same period last year. EBITDA was $197.374 million compared with $173.072 million for the same period last year. Consolidated capital expenditures were $28 million for the quarter.
For 39 weeks, the company reported sales of $4,885.418 million compared with $5,059.451 million for the same period last year. Operating income was $147.163 million compared with $76.757 million for the same period last year. Income before taxes was $132.389 million compared with $53.889 million for the same period last year. Net income available to common shareholders was $35.000 million or $0.58 diluted per share compared with loss of $23.336 million or $0.40 diluted per share for the same period last year. EBITDA was $294.748 million compared with $239.796 million for the same period last year. Year-to-date consolidated capital expenditures total to $101 million against $96 million last year.
For fiscal year 2015, the company continues to expect Retail comparable bookstore sales to decline in the low-single digits, while Retail Core comparable bookstore sales are expected to be approximately flat. Based on the better than expected comparable sales performance, the company now expects College comparable store sales to be approximately flat for the fiscal year. The company also expects full fiscal year EBITDA losses in the NOOK segment to decline against the prior year.
Barnes & Noble Education Seeks Acquisitions
Mar 10 15
Barnes & Noble Education, Inc. is seeking acquisitions. Michael Huseby, President and Chief Executive Officer of Barnes & Noble, Inc. (NYSE:BKS), said, "Barnes & Noble Education, which currently consists of our College business, is expected to grow both organically, through new school contracts, and through potential merger and acquisition activity in a fast-growing educational services market."
Barnes & Noble, Inc. Launches NOOK Reading App 4.0 for Android
Mar 6 15
Barnes & Noble, Inc. announced that it has launched a new NOOK Reading App 4.0 for Android. The NOOK Reading App 4.0 for Android supports a "read everywhere" strategy by bringing a unified NOOK experience to Android smartphones and tablets. The app combines customer-favorite features found on the Company's line of NOOK tablets and eReaders, with new content types such as enhanced kids' eBooks to give Android users the immersive experience that owning a dedicated NOOK device provides. Plus, new customers who download the app and set up a NOOK account will receive a free $5 credit to get started. The NOOK Reading App 4.0 for Android offers a fresh new look, inspired by the popular user experience on the Samsung Galaxy Tab 4 NOOK line of devices, and provides customers with more content choices and customization options than ever before. The new and improved NOOK Reading App 4.0 for Android experience also features a newly designed home screen and easier navigation between NOOK features and settings. Customers can shop and discover their next great read directly from the home screen with access to NOOK Channels "A better way to browse." Created by Barnes & Noble booksellers, each NOOK Channel is a collection of great reading content, both old and new. NOOK Channels brings the experience of visiting a Barnes & Noble bookstore directly to a customer's fingertips, enabling them to browse, discover and choose their next great read. This popular discovery feature is powered by Barnes & Noble's breakthrough recommendation system, which combines bookseller knowledge with advanced algorithmic technology to present an endless shelf of relevant, personalized, and surprising choices beyond the bestsellers. With the NOOK Reading App 4.0 for Android, readers also have more customization tools, including the ability to create profiles within the app and to organize favorite content by personal shelves. The updated app enables users to add a NOOK widget to the home screen of any Android phone or tablet, providing quick and easy access to NOOK reading content.