Borders reports loss for 1Q2010

The news is not good. Here are the highlights from the press release:

  • Operating loss in the first quarter was $33.5 million compared to $29.1 million in the same period a year ago.
  • Loss from continuing operations in the first quarter improved to $64.5 million from $86.0 million in the same period a year ago, reflecting less warrant expense compared to a year ago. On a per share basis, loss from continuing operations in the first quarter improved to $1.08 per share from $1.44 per share in the same period one year ago.
  • Adjusted EBITDA for the first quarter was a loss of $9.3 million on total consolidated sales of $542.4 million compared to income of $3.0 million on sales of $641.5 million for the same period a year ago.
  • Debt net of cash at the end of the first quarter was $294.7 million, a $14.5 million or 5.2% increase from the prior year.
  • Comparable store sales in the domestic segment in the first quarter declined by 11.4%.

As I read this, it occurs to me that Borders owns part of Kobo. I wonder who would buy their stake if they needed to sell?

About Nate Hoffelder (11809 Articles)
Nate Hoffelder is the founder and editor of The Digital Reader:"I've been into reading ebooks since forever, but I only got my first ereader in July 2007. Everything quickly spiraled out of control from there. Before I started this blog in January 2010 I covered ebooks, ebook readers, and digital publishing for about 2 years as a part of MobileRead Forums. It's a great community, and being a member is a joy. But I thought I could make something out of how I covered the news for MobileRead, so I started this blog."

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