The Nebraska Book Company, which operates a number of college bookstores and distributes textbooks, reported that revenue for the third quarter, ended December 31, 2014, rose 10.7% over the comparable period in 2013, hitting $69.6 million. The company's net loss was cut to $5.3 million, from $6.2 million in the quarter ended December 31, 2013, citing higher textbook rentals for the improved results.
The company’s college stores division, which operates over 200 stores, drove the revenue gain with sales up 20%, to $44.9 million, led by increased rental transactions. Same-store sales also rose. The increase offset a 9% decline in its textbook wholesaling business where revenue fell to $24.6 million due to what Nebraska Book Co. said was lower demand and “a more challenging environment in sourcing supply;” among the services its wholesaling arm supplies is offering used textbooks to colleges.
For the first nine months of fiscal 2015, total company revenue dropped to $270.2 million from $275 million in the first nine months of fiscal 2014 and the net loss was even at $16.6 million.
Earlier in February, the company appointed Ben Riggsby interim CEO following the resignation of Steve Clemente. Riggsby had been senior v-p and chief strategy officer.
