Sales Rise 7% at Nebraska Book Co.
by Jim Milliot -- Publishers Weekly, 6/28/2004
Total revenue at Nebraska Book Co. rose 7.6%, to $398.7 million, in the fiscal year ended March 31. Pretax income fell to $9.3 million from $30 million due in part to a number of one-time items, including charges related to refinancing and stock compensation payments. In addition, NBC incurred costs associated with the March transaction with Weston Presidio that increased the investment firm's stake in the company to 84%.
The sales gain in the year was led by NBC's complementary division, where revenue increased 23.2%, to $54.2 million. The division supplies textbooks to students enrolled in distance learning and other nontraditional programs. Sales in the college division increased 10.5%, to $239.2 million. In the fourth quarter, NBC acquired a bookstore that serves the University of Toledo, and in this year's first period the company bought two stores in Florida and one in Michigan. Sales in the textbook division fell 1.9% last year, to $130.2 million.
