In its year-end filing with the Securities and Exchange Commission, the Nebraska Book Co. reported that sales for the fiscal year ended March 31 rose 12.3%, to $338.9 million, while net income jumped 267%, to $15.8 million.
The company's largest operation remained its college bookstore division, which had a 10.1% sales gain, to $201.4 million. Nebraska operated 108 college stores at the end of the fiscal year, after adding 10 stores and closing four in the year. In addition to more stores, sales growth was aided by a 4.7% increase in same-store sales. The company's wholesale operation, which features the sale of used textbooks, had an 8.7% revenue gain, to $123 million, last year. Higher prices and an increase in unit sales combined to push sales up. The company's services division had the fastest growth last year, with sales increasing 43%, to $38.1 million. The division focuses on the distance learning market by providing educational materials to students in nontraditional courses such as correspondence courses, continuing education and e-learning programs.
The jump in earnings was due in part to higher sales and improved used textbook margins, the company said.
In the filing, Nebraska said it expects all three of its operating segments to post revenue gains in fiscal 2003. Higher college enrollments and greater use of used textbooks are expected to drive gains in the wholesale division, while the company plans to grow its college bookstore operation through the addition of more stores and increased sales of specialty services to its existing customers. Growth in the popularity of e-learning courses is expected to increase sales in its services division.
