Revenue at the Nebraska Book Company slipped to $605.5 million in the fiscal year ended March 31, 2010 from $610.7 million in the previous year, but the company posted net income of $2.3 million compared to a loss of $110.5 million, a figure that included a write-down of $107 million. Adjusted EDITDA was $73.4 million in fiscal 2010, up from $71 million.
Sales in the college bookstore division rose slightly, NBC said, to $472.5 million as new stores offset a 2.6% decline in same store sales. The drop in comp sales, NBC noted, was due in part to the launch of a textbook rental program instituted in the fiscal fourth quarter. NBC operated 280 bookstores at the end of March.
Revenue in the textbook division fell 4.5%, to $140.6 million because of a decline in units sold. Revenue in the complementary services unit, which houses NBC’s distant education and e-commerce services businesses, increased 3.6%, to $35.5 million. During the fourth quarter and up through mid-June, NBC added 13 college bookstores to its roster which it anticipates will contribute another $30 million to revenue, more than offsetting the five stores it will stop working with which had revenue of $2.7 million in the just concluded fiscal year.
