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First-Quarter Sales Increase 9% at Nebraska Book Co.
Jim Milliot -- 9/7/98
The Nebraska Book Co., one of the country's largest wholesalers of used college textbooks and the operator of 54 college bookstores, reported sales of $30.3 million for the first quarter ended June 30, 1998, compared to $27.7 million in the first quarter of fiscal 1997. The company reported a net loss of $3.9 million, up from $2.3 million in the previous year's first quarter.
Sales growth in the quarter was due in part to a 5.1% increase in wholesale sales, resulting from higher prices and increased volume. Sales from bookstore operations rose 10%, to $12.1 million, due to the opening or acquisition of eight new outlets as well as a 2.1% increase in same-store sales.

Nebraska's first-quarter results were the first figures announced since the company implemented a recapitalization plan earlier this year, which included issuing publicly traded high-yield bonds. The recapitalization came shortly after Nebraska was acquired by the investment banking firm Haas Wheat &Partners.

For the fiscal year ended March 31, 1998, Nebraska reported total revenues of $198.8 million, an increase of 15.2% over fiscal 1997. The company reported a net loss of $5.1 million in the year, compared to a net income of $3.4 million in fiscal 1997. The loss in fiscal 1998 was mainly due to costs associated with its recapitalization plan.

In fiscal 1998, Nebraska's bookstore operations had revenues of $110.6 million, 55.6% of total sales. Its wholesale unit had sales of $90.6 million (45.6% of sales), while its services group had revenues of $9.6 million (4.8% of sales). The company also reported the intercompany elimination of $12 million.

During the year, Nebraska reported that it offered college students approximately 90,000 textbook titles and sold more than 7.1 million books at some 2000 college campuses.
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