Barnes & Noble’s Stock Price Drops After Chairman Sells 23.5% Of His Shares

By | Thursday April 17, 2014 @ 7:08am PDT

Barnes & NobleThe book retailer’s down 9.4% to $16.85 this morning after Chairman Leonard Riggio disclosed in an SEC filing that he unloaded 3.7M shares yesterday for an average of $17.30 apiece in a privately negotiated Read More »

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Barnes & Noble Shares Tumble After Liberty Media Says It Will Sell 90% Of Its Holding

By | Thursday April 3, 2014 @ 7:39am PDT

The stock is down about 12% in early trading after Barnes & Noble disclosed in an SEC filing that John Malone’s media company has agreements to sell 90% of its investment to “qualified institutional buyers.” Barnes & NobleThree years ago Malone offered about $1B to buy the book retailer. When talks stalled, he agreed to pay $200M for a 17% stake. With the sale, Liberty’s ownership in the company drops to about 2%. It also gives up its right to pick two members of the B&N board and to block asset sales. Liberty CEO Greg Maffei will leave when its stock sale closes on April 8. Another Liberty exec, Mark Carleton, was also going to leave but the book retailer’s directors re-elected him.

Liberty says that this isn’t a no-confidence vote: “By reducing our preferred position and eliminating some of our related rights, Barnes & Noble will gain greater flexibility to accomplish their strategic objectives,” Maffei says. B&N Chairman Leonard Riggio echoed that message and added “Liberty’s decision to retain a portion of its investment and have active involvement on our board underscores Liberty’s ongoing commitment to Barnes & Noble.” Read More »

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Barnes & Noble Shares Spike After Investment Firm Proposes Takeover

By | Friday February 21, 2014 @ 10:55am PST

Barnes & NobleThe stock is up 7.5% to about $18 after G Asset Management disclosed that it has offered to pay $22 a share for 51% of the retail book chain — or $5 a share for 51% of the … Read More »

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Barnes & Noble Shares Rise On Report Of Nook-Related Layoffs

By | Monday February 10, 2014 @ 10:43am PST

How badly do Barnes & Noble investors want the retailer to ditch its struggling Nook tablet and e-reader business? NOOK logoThe company’s shares shot up 7.6% today, with heavy volume, after Business Insider reported that it laid … Read More »

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Barnes & Noble’s Sales Fell Over Holiday Season, With Big Declines For Nook

By | Thursday January 9, 2014 @ 9:14am PST

The company’s position appears to be, it could have been worse. Barnes & NobleBarnes & Noble’s bookstores and online service generated revenues of $1.1B in the nine weeks ending December 28, it says today. That’s down 6.6% vs the Read More »

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Cable Veteran Michael Huseby Named Barnes & Noble CEO

By | Wednesday January 8, 2014 @ 9:44am PST

The retailer’s new chief is best known as a numbers guy and a dealmaker — especially in cable where he helped Cablevision spin off MSG and AMC Networks. Barnes & NobleHe also was an exec at Charter Communications and AT&T Broadband, … Read More »

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Did Barnes And Noble Cook Nook’s Books?

By | Friday December 6, 2013 @ 1:58pm PST

The retailer’s stock closed -12% today after it disclosed in an SEC filing that the agency is investigating two matters involving the company’s recent financial reports.Barnes & Noble On October 16 the SEC’s New York regional office told Barnes and Noble that it’s … Read More »

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Barnes & Noble Posts Wider Q1 Losses, Chairman Suspends Plans To Buy Stores

By | Tuesday August 20, 2013 @ 6:22am PDT

Barnes & NobleBarnes & Noble was down in pre-market trading this morning as it reported fiscal 2014 Q1 earnings. The company posted a drop in revenues of 8.5% to $1.3B for the quarter ended July 27. It also reported a consolidated net loss of $87M, or $1.56 per share, compared to a loss of $39.8M, or $.76 per share, in the prior year. The wider loss was driven by a decline in EBITDA, as well as higher income tax expense, it said. Also, B&N said its chairman, Leonard Riggio, has suspended his efforts to make an offer for the company’s retail business. Riggio said, “While I reserve the right to pursue an offer in the future, I believe it is in the company’s best interests to focus on the business at hand. Right now our priority should be to serve the more than 10 million customers who own NOOK devices, to concentrate on building our retail business, and to accelerate the sale of NOOK products in our stores, and in the marketplace.” On the retail side, which includes stores and BN.com, the bookseller notched $1B in revenues for a 9.9% drop. The company attributed the decline to a comparable store sales decrease of 9.1% for the quarter, store closures and lower online sales, which it said were in line with expectations. In the same period last year, B&N had an especially strong lineup that included the The Hunger Games and Fifty Shades Of Grey trilogies.

The NOOK businesses reported revenues of $153M for the quarter, a decrease of 20.2%. Device and accessories sales were $84M, down 23.1%. Digital content sales hit $69M, shaving off 15.8% compared to a year ago. Read More »

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Barnes & Noble Shares Dip After CEO Shake-Up

By | Monday July 8, 2013 @ 4:41pm PDT

The raft of executive changes at Barnes & Noble announced today include a new CEO for its NOOK e-reader division after company CEO William Lynch resigned — effective immediately. The board of directors tapped Michael Huseby as CEO of NOOK Media LLC and president of Barnes & Noble; Lynch’s title has not been filled, while the NOOK CEO post is newly created. Max Roberts, CEO of Barnes & Noble College, will continue to lead the digital education strategy and report to Huseby. Huseby and Mitchell Klipper, CEO of the Barnes & Noble Retail Group, will report to B&N executive chairman Leonard Riggio. The changes come after the retailer reported disappointing financials for the three months that ended in April, along with an $18.3M charge to account for weak sales of its NOOK tablets and e-readers. That unit lost $108M, or -34%, during the quarter. The company said during the earnings call that it will “significantly reduce losses” in the business by finding partners to help make its color tablets. “We are taking big steps to reduce the losses in the Nook segment, as we move to a partner-centric model in tablets and reduce overhead costs,” Lynch said at the time. Shares of Barnes & Noble finished Monday mostly flat at $17.66, then dropped 4.6% in after-hours trading. Read More »

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Barnes & Noble Shares Fall On Weak Earnings And NOOK Impairment Charge

By | Tuesday June 25, 2013 @ 6:06am PDT

Barnes & NobleThe retailer’s stock price is down about 10% in pre-market trading after it released disappointing financials for the three months that ended in April, along with an $18.3M charge to account for weak sales of its NOOK tablets and e-readers. Barnes & Noble had a net loss of $118.6M in the quarter, vs a $56.9M loss in the period last year, on revenues of $1.28B, -7.4%. The top line was below analyst expectations for $1.33B. The net loss at $2.11 a share — including one-time expenses — contrasts with forecasts for a 99 cent loss. B&N says that it is evaluating some previous financial reports “which may result in a revision” although it doesn’t believe that the amounts will be material. The NOOK business was clearly a sore spot with revenues of $108M, -34%. The company says that it will “significantly reduce losses” in the business by finding partners to help make its color tablets. Revenues for retail book sales fell 10% to $948M due in part to store closures and a drop in online sales — and what it says were tough comparisons to last year which had strong sellers with The Hunger Games and Fifty Shades Of Grey. Read More »

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Barnes & Noble Shares Rise On Speculation About Deals And Changes For The NOOK

By | Monday May 20, 2013 @ 12:26pm PDT

Barnes & NobleThe book retail chain’s shares are up 8.1% in mid-afternoon trading, making it one of the day’s biggest gainers in the media pack. Barron’s appears to be largely responsible for the move after it seized this weekend on … Read More »

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Liberty Media CEO Foresees Cable Mergers But Remains Coy About Charter’s Plans

It’s natural to wonder whether Liberty Media Chairman John Malone’s new acquisition of 27.3% of Charter Communications is merely Step One in a plan to make him a U.S. cable titan — the role he played until 1999 when he sold Tele-Communications Inc to AT&T. And while Liberty CEO Greg Maffei doesn’t predict that, he also didn’t rule it out today in a quarterly earnings call with analysts. He says that cable “could be in for a round of consolidation” at a time when it’s so inexpensive to borrow money and large companies covet opportunities to cut costs — for example by negotiating lower prices from programmers. He cryptically adds that even though Charter can do just fine as a stand-alone entity, “we’ll see” whether it ends up being “a consolidator or condolidatee.” Liberty’s stock purchase agreement gives it the right over time to raise its stake to 40%. Will it do so? “We’ll see what time holds,” Maffei says. Read More »

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Liberty Media Says Revenues And Cash Flow Grew In Q1

Liberty Media is too important a company to ignore. But the Q1 earnings statement out this morning is a jumble after it spun off Starz and formally took control of Sirius XM. It reports net … Read More »

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Studios Agree To Offer Movies And TV Shows For NOOK Video

By | Thursday March 7, 2013 @ 9:39am PST

This should help Barnes & Noble a little as it tries to turn its NOOK Video into a viable alternative to iTunes and Amazon for those who want to buy movies and TV shows online. Lionsgate, Read More »

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NOOK Woes Contribute To Barnes & Noble Fiscal Q3 Loss

By | Thursday February 28, 2013 @ 6:44am PST

Barnes & NobleThe book retail chain has a bleak story for Wall Street this morning. It reported a net loss of $6.1M for the three months that ended in January, down from a $52M profit a year ago, on revenues … Read More »

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Liberty Media Calls Talk About A Barnes & Noble Sale “Preliminary”

By | Wednesday February 27, 2013 @ 2:52pm PST

Liberty Media CEO Greg Maffei, whose company owns about 17% of Barnes & Noble, doesn’t seem impressed by this week’s disclosure by the book store chain’s founder Leonard Riggio that he may try to buy its Read More »

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Barnes & Noble Founder Wants To Buy Its Bookstore Business

By | Monday February 25, 2013 @ 5:15am PST

Barnes & NobleShares are up more than 15% in pre-market trading after Leonard Riggio disclosed in an SEC filing this morning that he plans to make an offer for the retailer’s main business. Barnes & Noble‘s founder, chairman and largest stockholder, with nearly 30% of the voting shares, says he’s interested in the stores and barnesandnoble.com, but not the NOOK Media operation where B&N owns about 78.2% of equity along with Microsoft which has 16.8% and Pearson with 5%. Riggio’s proposal would “facilitate the Company’s evaluation of its previously announced review of strategic options for the separation of its investment in NOOK Media,” he says. The purchase price “would be negotiated with the Board” and its advisers and “is currently contemplated” to include cash and assumption of debt. Riggio would include his equity and take on the debt needed to make the deal. Read More »

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Barnes & Noble Shares Battered After It Reports Weak NOOK Sales

By | Thursday February 14, 2013 @ 9:39am PST

Barnes & NobleThe stock is down 7.3% at midday following the book chain’s warning last night that there’s bad news ahead regarding its NOOK e-readers and tablets. It now forecasts that NOOK revenues for the fiscal year that ends … Read More »

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Barnes & Noble Reports Dreary Holiday Sales Results With No Help From NOOK

By | Thursday January 3, 2013 @ 8:13am PST

So much for the hope that price cuts and favorable reviews would enable Barnes & Noble‘s NOOK tablets and e-readers to keep up with comparable products from Apple, Amazon, and Google. The No. 1 book retail chain says that NOOKs underperformed over the nine-week holiday season while revenues at the overall retail business fell 10.9% to $1.2B. “NOOK device sales got off to a good start over the Black Friday period, but then fell short of expectations for the balance of holiday,” CEO William Lynch says. “We are examining the root cause of the December shortfall in sales, and will adjust our strategies accordingly going forward.” The one saving grace of the numbers is that investors expected them to be worse. B&N shares are up 1.9% in early trading Thursday, after falling 3.9% yesterday. The company says that core sales — not including NOOK products — fell 3.1% over the nine-week holiday period at stores open at least a year. That was better than B&N expected, and means the results for the basic business should be down by low- to mid-single digits for the fiscal year that ends in April. The holiday season decline rises to 8.2% when you factor in the fact that B&N has fewer stores, and had lower online sales. Read More »

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