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Hastings Entertainment Inc (HAST) SEC Filing 10-Q Quarterly report for the period ending Wednesday, July 31, 2013

Hastings Entertainment Inc

CIK: 1054579 Ticker: HAST

Exhibit 99.1

NEWS RELEASE

 

Hastings

Entertainment, Inc.

   CONTACT:    Dan Crow

Vice President and

Chief Financial Officer

(806) 677-1422

www.goHastings.com

Hastings Entertainment, Inc. Reports Results for the Second

Quarter of Fiscal 2013

AMARILLO, Texas, August 19, 2013—Hastings Entertainment, Inc. (NASDAQ: HAST), a leading multimedia entertainment retailer, today reported results for the three and six months ended July 31, 2013. Net loss was approximately $4.1 million, or $0.50 per diluted share, for the three months ended July 31, 2013 compared to a net loss of approximately $3.4 million, or $0.41 per diluted share, for the three months ended July 31, 2012. Net loss was approximately $6.3 million, or $0.77 per diluted share, for the six months ended July 31, 2013 compared to net loss of $2.5 million, or $0.31 per diluted share, for the six months ended July 31, 2012.

“Our revenues continue to be negatively impacted by the popularity of digital delivery, rental kiosks and subscription based services, as well as the longevity of the current video game console life-cycle,” said John H. Marmaduke, Chief Executive Officer and Chairman. “Additionally, our second quarter book and rental revenues were negatively impacted by a relatively weak new release schedule. The decline in sales of the Fifty Shades trilogy, when compared to the second quarter of fiscal 2012, accounted for over half of our decline in book revenues. As we have previously disclosed, one of our strategic initiatives is the introduction of new product categories which includes consumer electronics, music electronics and accessories, hobby, recreation and lifestyle, vinyl and tablets. The majority of these products are included in our Electronics category which had a comparable sales increase of 17.2% for the second quarter of fiscal 2013 which is on top of a 5.4% comparable sales increase for the second quarter of fiscal 2012. Several of the remaining new categories are included in our Trends department which had a 10.7% increase for the second quarter of fiscal 2013 which is on top of an 11.2% increase for the second quarter of fiscal 2012. This was driven by the forty-four stores that were reset during fiscal 2012 and nineteen stores reset by the first week of July for the current six month period. The Electronic and Trends departments in these reset stores had significant increases in revenues when compared to the rest of our superstores that have not had a reset. We are greatly encouraged by the performance of these new products and plan to reset an additional forty stores during fiscal 2013. Finally, we continue to see growth in our Movie and Hardback Café departments.

“In order to reduce our SG&A expenses in light of our lower revenue base, we underwent a restructuring of our corporate store support center which included staff reduction, department consolidation and the termination of four of our eight corporate officers. The total cost of this restructuring was approximately $1.4 million which we recognized during the first quarter of fiscal 2013. Additionally, we have closed eight underperforming stores thus far in fiscal 2013, with plans to close an additional store by the end of the fiscal year. For the six months ended July 31, 2013 we have reduced selling, general and administrative expenses by approximately $5.0 million excluding the restructuring charge.

“With the current and expected future success of our new product categories, along with the expected launch of new game consoles in the latter half of our current fiscal year as well as an expected stronger release schedule for games and movies, we are encouraged with our earnings prospects for the second half of our current fiscal year.”

Financial Results for the Second Quarter of Fiscal Year 2013

Revenues. Total revenues for the second quarter decreased approximately $8.3 million, or 7.9%, to $95.8 million compared to $104.1 million for the second quarter of fiscal 2012. As of July 31, 2013, we operated 8 fewer superstores, as compared to July 31, 2012. The following is a summary of our revenues results (dollars in thousands):


The following information was filed by Hastings Entertainment Inc (HAST) on Tuesday, August 20, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: HAST
CIK: 1054579
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-13-362304
Submitted to the SEC: Tue Sep 10 2013 10:33:06 AM EST
Accepted by the SEC: Tue Sep 10 2013
Period: Wednesday, July 31, 2013
Industry: Retail Record And Prerecorded Tape Stores

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