Borders Group, Inc. (NYSE:
BGP) today reported results for its second quarter ended
July 31, 2010. Highlights include:
- Second quarter sales were $526.1 million, down 11.5% from the same period a year ago, with comparable store sales declining by 6.8%. Borders.com sales increased 56.2% over the prior year, to $15.5 million.
- The company generated a loss from continuing operations in the second quarter of $51.6 million or $0.74 per share compared to a loss of $45.1 million or $0.75 per share for the same period a year ago.
- Debt net of cash decreased compared to the first quarter by 13.7%, or $41.5 million. It increased by 2.7% compared to the second quarter of last year, to $262.1 million.
"While we continue to succeed in strengthening our financial structure, we are highly focused on driving profitable sales and increasing market share," said Mike Edwards, CEO of Borders. "Based on extensive consumer research, we are doing a number of things to excite our customers going into the critical holiday shopping season, including launching our new Borders Rewards program, which includes the new paid Borders Rewards Plus. Recognizing that online and digital will be a significant part of our business moving forward, we are focused on increasing our share of the eBook market by growing our digital offerings to position Borders as the preferred destination for digital reading. Yet as we grow our online and digital business, we cannot underestimate the importance of our brick and mortar presence. This will be top of mind as we work on improving the in-store experience by shifting our product mix to include additional non-book products that are both compelling and relevant, and providing an escape for our customers though an inspirational in-store environment and consistent customer service."
Second Quarter Results
All earnings/loss figures reported throughout this news release are on a GAAP basis unless otherwise noted, and exclude the results of discontinued operations. Beginning with this news release, the company will report results as a single segment. This change is the result of the sale of the company's Paperchase subsidiary during the second quarter of 2010, which constituted the majority of the previously-reported International segment. The company classified the sale and operations of Paperchase as a discontinued operation.
Second quarter sales were $526.1 million, down 11.5% from the same period a year ago, with comparable store sales declining by 6.8%. Sales were positively impacted by Borders.com, which saw a second quarter increase of 56.2% over the prior year, to $15.5 million.
The company generated a second quarter loss from continuing operations of $51.6 million or $0.74 per share compared to a loss of $45.1 million or $0.75 per share for the same period a year ago, driven primarily by decreased gross margin. As a percent of sales, gross margin decreased from 23.0% to 19.3% in the second quarter, resulting from increased promotional discounts and the de-leveraging of fixed occupancy costs caused by negative comparable store sales.
SG&A expense as a percent of sales improved in the second quarter to 26.5% from 27.3%, and declined in dollars by $22.7 million. This was due to the company's continuing aggressive expense reduction and store closure efforts, which were partially offset by de-leveraging due to negative sales trends.
Second quarter capital expenditures were $7.7 million compared to $1.2 million for the same period a year ago. Spending in the second quarter of 2010 was focused on the development of the Borders eBook store, which launched during the second quarter, and spending on "Area-e" shops.
Debt net of cash at the end of the quarter totaled $262.1 million compared to $255.3 million last year, a $6.8 million or 2.7% increase. The company was able to reduce the amount outstanding under its $90.0 million term loan by $25.0 million through the sale of its Paperchase subsidiary for $31.2 million in the quarter.
Borders' Focus on the Future
Expanding Digital, Online and Social Media
The company is leveraging its strong brand recognition among book lovers — particularly its millions of Rewards members — to position Borders as the preferred destination for both digital content and devices. Borders' recently launched eBook store has been very well received by customers. In line with its vision to be a trusted retailer that provides customers with a variety of eReading devices at prices that fit virtually all budgets, the company is now offering six devices including the Kobo eReader, Aluratek "Libre" eBook Reader Pro, Velocity Micro Cruz™ Reader and Velocity Micro Cruz™ Tablet as well as two Sony devices. Sales of the Kobo as well as pre-orders for the Aluratek and Velocity Micro devices have exceeded expectations. The company expects to announce additional devices in the coming weeks.
The company is taking further steps to make eReading accessible for virtually everyone by lowering the price of the Kobo unit to $129.99 and the Libre Pro to $99.99, which will make it among the most aggressively priced devices in the industry. Borders will complete its digital initiative with the roll out of its Area-e digital shops, which will conclude in early October. The shops will provide an enjoyable environment where customers can experience a variety of different eReaders, guided by knowledgeable staff, who can demonstrate the devices and answer questions.
"Borders is now an industry authority on digital content and devices," said Edwards. "We offer a large assortment of eReaders at price points that fit with most budgets and we are exploring adding new devices and brands in the fourth quarter as part of our device neutral strategy. As our newly launched eBook store and mobile apps gain traction, we believe we hold a strong growth position within a digital ecosphere that is rapidly evolving and expanding."
The company is currently executing programs to increase conversion rates and drive increased traffic to Borders.com. It recently introduced its new "Borders Textbook Marketplace," which features more than 1.4 million titles and a textbook buyback option. Borders is also expanding its merchandise mix online to include high growth and higher margin product.
Understanding the importance of connecting with customers where they spend their time, the company is expanding its social media footprint. It recently introduced the "Facebook Like" feature on all title detail pages, allowing customers to share their favorite books and other products with their friends on Facebook. The company also recently revamped its Facebook page to include rich content around topics and themes important to Borders' customers. In just one week after the launch of the new page, the company grew its fan base by more than 100,000 members.
Committed to Improving the Retail Experience and Strengthening the Borders Brand
Borders' research has indicated that most customers come to Borders to escape the pressures of everyday life. To promote a relaxed and hassle-free shopping experience, the company is enhancing its stores with new signage that improves navigation and highlights value offerings. Borders is also reorganizing sections to promote discovery and enhance shopability. Recognizing that it must improve store productivity to address the top line, the company is also shifting its merchandising mix to include more non-book products that complement the Borders brand.
The Children's section represents a key growth platform. To that end, the company is taking steps to provide a retail experience that is both fun and educational for kids and their families by expanding the assortment of educational kids toys and games. In addition, the company recently launched a partnership with Build-A-Bear Workshop to include several Build-A-Bear craft kits as well as other products in the Children's area. Borders is also continuing to focus on products that increase the average ticket and provide clear margin improvements including growing its Bargain and value book category.
In addition to growing and expanding into categories that delight customers, the company is also discovering new ways to enhance guest satisfaction. Borders will soon announce a new customer service program that will complement the company's successful — and the industry's only — In-Stock Guarantee, which means that customers always find what they are looking for when they shop with Borders.
"We are taking steps to transform our retail model, in part through high-impact strategic partnerships, like Build-A-Bear Workshop, that enable us to offer a compelling mix of lifestyle focused products," continued Edwards. "By offering a rich and relevant selection of product – both book and non-book – together with an exceptional customer experience, we will differentiate Borders from others in the marketplace.
"The customer research we have gathered will inform these changes and ultimately redefine the Borders brand going into 2011 and beyond."
New Loyalty Program with a Focus on Customer Segmentation
As previously announced, today the company launched a new paid customer loyalty program — Borders Rewards Plus with an annual fee of $20 — as well as a free enhanced program. Borders is the only major bookseller to offer both a paid and free program. In addition, the company is using segmentation to drive customer engagement and sales through e-mails that include targeted discounts as well as personalized content such as specific title recommendations and local event notifications. Nearly 40 million people have signed up for the program since it originally launched in 2006.
Conference Call Today, Sept. 1 at 10 a.m. Eastern
Management will hold a conference call today at 10 a.m. Eastern. This call will be webcast by Thomson Financial and can be accessed at www.bordersgroupinc.com. A replay will be accessible on the Web site through Sept. 15. In addition, a replay phone service will be available toll-free at (800) 642-1687, passcode 91309569; or for international calls at (706) 645-9291, passcode 91309569. The phone service will be available through Sept. 15 until 11:59 p.m. Eastern.
About Borders Group
Headquartered in Ann Arbor, Mich., Borders Group, Inc. (NYSE: BGP) is a leading specialty retailer of books as well as other educational and entertainment items. The company employs approximately 19,500 throughout the U.S., primarily in its Borders® and Waldenbooks® stores. Online shopping is offered through borders.com. Find author interviews and vibrant discussions of the products we and our customers are passionate about online at facebook.com/borders, twitter.com/borders and youtube.com/bordersmedia. For more information about the company, vist http://www.borders.com/investors.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these forward-looking statements by the use of words such as "expects," "planning," "preparing," "possibility," "opportunity," "goal," "will," "may," "intend," "anticipates," "working toward" and other words of similar meaning. One can also identify them by the fact that they do not relate strictly to historical or current facts. These statements are likely to address matters such as the company's future financial condition and performance (including earnings per share, liquidity, cash flows, debt levels, market share growth and other sales information, inventory levels and capital expenditures), its strategic initiatives such as the expansion of product categories, including eBook content and eReaders and contemplated strategic partnerships. These statements are subject to risks and uncertainties that could cause actual results and plans to differ materially from those included in the company's forward-looking statements.
These risks and uncertainties include, but are not limited to, consumer demand for the company's products, particularly during the holiday season, which is believed to be related to general economic and geopolitical conditions, competition and other factors; the availability of adequate capital – including vendor credit – to fund the company's operations and to carry out its strategic plans; adverse litigation results or other claims; the performance of the company's information technology systems; with respect to eBook content and eReaders, the availability to the company of anticipated content levels and a variety of competitive devices; and, with respect to strategic partnerships, the ability to identify and reach agreements with acceptable partners.
The company's periodic reports filed from time to time with the Securities and Exchange Commission contain more detailed discussions of these and other risk factors that could cause actual results and plans to differ materially from those included in the forward-looking statements, and those discussions are incorporated herein by reference. The company does not undertake any obligation to update forward-looking statements.
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| |
Borders Group, Inc. Financial Statements
| |
(amounts in millions, except per share amounts)
| |
Unaudited
| |
Sales and Earnings Summary
| |
| Quarter Ended
|
| Six Months Ended
| |
| July 31,
2010 (1)
|
| August 1,
2009 (1)
|
| July 31,
2010 (1)
|
| August 1,
2009 (1)
| |
|
Sales
| $ 526.1
|
| $ 594.2
|
| $ 1,046.1
|
| $ 1,214.0
| |
|
Other revenue
| 4.3
|
| 7.6
|
| 9.0
|
| 15.9
| |
Total revenue
| 530.4
|
| 601.8
|
| 1,055.1
|
| 1,229.9
| |
|
Cost of goods sold, including occupancy costs
| 428.8
|
| 465.5
|
| 852.3
|
| 956.9
| |
Gross margin
| 101.6
|
| 136.3
|
| 202.8
|
| 273.0
| |
|
Selling, general and administrative expenses
| 139.3
|
| 162.0
|
| 274.8
|
| 328.4
| |
|
Asset impairments and other writedowns
| -
|
| -
|
| -
|
| 0.1
| |
Operating loss
| (37.7)
|
| (25.7)
|
| (72.0)
|
| (55.5)
| |
|
Interest expense
| 9.0
|
| 5.2
|
| 15.9
|
| 11.7
| |
|
Warrant/put expense
| 4.5
|
| 14.7
|
| 27.9
|
| 63.8
| |
|
Total interest expense
| 13.5
|
| 19.9
|
| 43.8
|
| 75.5
| |
Loss before income taxes
| (51.2)
|
| (45.6)
|
| (115.8)
|
| (131.0)
| |
|
Income taxes (benefit)
| 0.4
|
| (0.5)
|
| 0.8
|
| 1.1
| |
Loss from continuing operations
| $ (51.6)
|
| $ (45.1)
|
| $ (116.6)
|
| $ (132.1)
| |
|
Income (loss) from operations of discontinued operations (net of tax)
| (2.9)
|
| (0.5)
|
| (2.4)
|
| 0.5
| |
|
Gain from disposal of discontinued operations (net of tax)
| 7.8
|
| -
|
| 8.2
|
| -
| |
|
Gain (loss) from discontinued operations (net of tax)
| 4.9
|
| (0.5)
|
| 5.8
|
| 0.5
| |
Net loss
| $ (46.7)
|
| $ (45.6)
|
| $ (110.8)
|
| $ (131.6)
| |
|
|
|
|
|
|
|
| |
|
Basic EPS from continuing operations
| $ (0.74)
|
| $ (0.75)
|
| $ (1.80)
|
| $ (2.20)
| |
|
Basic EPS from discontinued operations
| $ 0.07
|
| $ (0.01)
|
| $ 0.09
|
| $ 0.01
| |
|
Basic EPS including discontinued operations
| $ (0.67)
|
| $ (0.76)
|
| $ (1.71)
|
| $ (2.19)
| |
|
Basic weighted avg. common shares
| 69.5
|
| 60.2
|
| 64.8
|
| 60.1
| |
|
Comparable Store Sales
|
|
|
|
|
|
|
| |
|
Bookstores
| (6.8)%
|
| (17.0)%
|
| (9.1)%
|
| (14.8)%
| |
| | | | | | | |
|
|
|
|
|
|
|
| |
Sales and Earnings Summary (As Percentage of Total Sales)
| |
| Quarter Ended
|
| Six Months Ended
| |
| July 31,
2010 (1)
|
| August 1,
2009 (1)
|
| July 31,
2010 (1)
|
| August 1,
2009 (1)
| |
|
Sales
| 100.0
|
%
| 100.0
|
%
| 100.0
|
%
| 100.0%
| |
|
Other revenue
| 0.8
|
| 1.3
|
| 0.9
|
| 1.3
| |
Total revenue
| 100.8
|
| 101.3
|
| 100.9
|
| 101.3
| |
|
Cost of goods sold, including occupancy costs
| 81.5
|
| 78.3
|
| 81.5
|
| 78.8
| |
Gross margin
| 19.3
|
| 23.0
|
| 19.4
|
| 22.5
| |
|
Selling, general and administrative expenses
| 26.5
|
| 27.3
|
| 26.3
|
| 27.1
| |
|
Asset impairments and other writedowns
| -
|
| -
|
| -
|
| -
| |
Operating loss
| (7.2)
|
| (4.3)
|
| (6.9)
|
| (4.6)
| |
|
Interest expense
| 1.7
|
| 0.9
|
| 1.5
|
| 1.0
| |
|
Paramount Pictures, Participant Media and Walden Media announced today 50,000 people have pledged to see the award-winning documentary film WAITING FOR "SUPERMAN" when it opens this fall, making it the third goal reached on the campaign's "Pledge Progress Meter." As a result, First Book and Houghton Mifflin Harcourt are teaming up to distribute 250,000 new books to schools and programs in low-income communities across the country. The books will be generously provided by Houghton Mifflin Harcourt and distributed through First Book's award-winning book distribution channels. In addition, the duo will donate an additional $100,000 worth of new books once the "Pledge Progress Meter" reaches 60,000.
"We are thrilled that by pledging to see the film, 50,000 people have already started an important dialogue about addressing the needs of America's students," said Kyle Zimmer, President and CEO of First Book. "First Book's mission is to provide the access to educational resources that is proven to be vital in literacy development. We are honored to have the opportunity to celebrate this pledge milestone by distributing 250,000 new books to students who need them most."
WAITING FOR "SUPERMAN," directed by Davis Guggenheim ("An Inconvenient Truth"), will be released under the Paramount Vantage banner and distributed by Paramount Pictures. It examines the crisis of public education in the United States through multiple interlocking stories. Designed to start a national conversation, the movie and corresponding "Take the Pledge" campaign aim to inspire everyone to create innovative and long-term solutions to help change the course of our kids' lives for the better.
The "Pledge Progress Meter" launched in May as a way for non-profits, foundations and corporations to match individual pledge levels with powerful action items aimed at helping both students and public schools. First Book was the first organization to take the pledge.
The film opens in New York and Los Angeles on September 24, nationwide in October.
The film is produced by Lesley Chilcott, with Participant Media's Jeff Skoll and Diane Weyermann serving as executive producers. It is written by Davis Guggenheim & Billy Kimball.
For more information about the movie, or to take the pledge go to http://www.WaitingForSuperman.com or text "PLEDGE" to 77177.
To join the conversation visit us on Facebook at http://www.Facebook.com/WaitingForSuperman.
What does your school need? Tell us by Tweeting #MySchoolNeeds at http://www.Twitter.com/WaitingSuperman.
About Paramount Pictures Corporation
Paramount Pictures Corporation (PPC), a global producer and distributor of filmed entertainment, is a unit of Viacom (NYSE: VIA, VIA.B), a leading content company with prominent and respected film, television and digital entertainment brands. The company's labels include Paramount Pictures, Paramount Vantage, Paramount Classics, MTV Films and Nickelodeon Movies. PPC operations also include Paramount Digital Entertainment, Paramount Famous Productions, Paramount Home Entertainment, Paramount Pictures International, Paramount Licensing Inc., Paramount Studio Group, and Worldwide Television Distribution.
About Participant Media
Participant Media is a Los Angeles-based entertainment company that focuses on socially relevant, commercially viable feature films, documentaries and television, as well as publishing and digital media. Participant Media is headed by CEO Jim Berk and was founded in 2004 by philanthropist Jeff Skoll, who serves as Chairman. Ricky Strauss is President.
Participant exists to tell compelling, entertaining stories that bring to the forefront real issues that shape our lives. For each of its projects, Participant creates extensive social action and advocacy programs, which provide ideas and tools to transform the impact of the media experience into individual and community action. Participant's films include The Kite Runner, Charlie Wilson's War, Darfur Now, An Inconvenient Truth, Good Night, and Good Luck, Syriana, Standard Operating Procedure, The Visitor, The Soloist, Food, Inc., The Informant!, The Cove, The Crazies, Oceans, Furry Vengeance, CASINO JACK and the United States of Money, Countdown to Zero and Waiting for "Superman."
About Walden Media
Walden Media specializes in entertainment for the whole family. Past award-winning films include: "The Chronicles of Narnia" series, "Journey to the Center of the Earth," "Nim's Island" and "Charlotte's Web." Upcoming films include the third installment in the Narnia series "The Chronicles of Narnia: The Voyage of the Dawn Treader."
About First Book
First Book provides new books to children in need addressing one of the most important factors affecting literacy – access to books. An innovative leader in social enterprise, First Book has distributed 70 million free and low cost books in thousands of communities. First Book has offices in the U.S. and Canada. For more information, please visit www.firstbook.org.
About Houghton Mifflin Harcourt
Boston-based Houghton Mifflin Harcourt Publishing Company is a global education leader and the world's largest publisher of educational materials for pre-K–12 schools. The Company publishes a comprehensive set of best-in-class educational solutions, ranging from research-based textbook programs to instructional technology to standards-based assessments for students and educators. The Company also publishes an extensive line of reference works and award-winning literature for adults and young readers. With origins dating back to 1832, Houghton Mifflin Harcourt combines its tradition of excellence with a commitment to innovation. To learn more about Houghton Mifflin Harcourt, visit www.hmhpub.com.
SOURCE Paramount Pictures Corporation
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RELATED LINKS
http://www.waitingforsuperman.com
http://www.hmhco.com
http://www.firstbook.org
Stories about poverty and famine are often in the news. Can one person make a difference? A new children's book, The Good Garden: How One Family Went from Hunger to Having Enough (Kids Can Press), gives kids a way to understand these stories and learn how they can help. Written by author and non-profit consultant Katie Smith Milway, the book raises kids' awareness of the important global issue of food security, one of the eight United Nations Millennium Development Goals to end poverty by the year 2015.
The Good Garden is the story of one poor farming family in Honduras, who, like their neighbors, cannot be sure they'll have enough to eat. From a new teacher, young Maria learns farming methods and ways to sell crops that help give her family greater food security. As Maria's community sees the success of her "good garden," the new practices spread. The Good Garden is inspired by the work of teacher Don Elias Sanchez, who devoted his life to helping small farmers in Honduras.
Seventy-five percent of the poor in developing nations are farmers like Maria's family. Without food security, these farmers not only lack food, but money for necessities like health care. The Good Garden includes information about non-profit organizations that help poor farmers. Kids learn how to volunteer, fundraise, create gardens, and take political action. Learn more at www.thegoodgarden.org.
The Good Garden is another book in Kids Can Press' CitizenKid™ collection, which includes Katie Smith Milway's award-winning book about microloans, One Hen, as well as books about global community, biodiversity, and water conservation, such as If America Were a Village, If the World Were a Village, and One Well. Visit www.kidscanpress.com for teaching resource materials.
Katie Smith Milway has coordinated community development programs in Latin America and Africa for Food for the Hungry International and was a delegate to the 1992 Earth Summit. She is co-founder of One Hen Inc., a non-profit that uses microfinance stories, interactive games and downloadable classroom resources to teach children financial responsibility and giving back. Katie's adult book on sustainable development, The Human Farm: A Tale of Changing Lives and Changing Lands, documents the work of Don Elias Sanchez and Milton Flores.
SOURCE Kids Can Press
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http://www.kidscanpress.com/US
Continuing to provide book lovers with the most natural, immersive digital reading experience, Sony today announced the launch of its beautifully-designed new line of Reader digital books, including the new Reader Pocket Edition™, Reader Touch Edition™ and, in the U.S., the wireless Reader Daily Edition™. The new line of Readers features a host of new design and technology enhancements that make them the perfect device for any reader's lifestyle.
"Today, we're excited to announce not just the availability of the Reader Touch Edition and Pocket Edition in the countries we already serve but also plans to expand the Reader line to previously untapped markets," said Steve Haber, president of Sony's Digital Reading Business Division. "We take a thoughtful approach to country expansion, including Italy, Spain, Australia, Japan and China, working with local bookstores to ensure content is compatible, relevant and in the appropriate language for each market."
The new Reader models bring a fresh level of flare to e-reading with colorful, elegant aluminum designs and all new, highly responsive touch screens. In addition to the new devices in the U.S., Sony announced development of a set of applications for iPhone and the Android Marketplace to extend the Reader experience across multiple portable devices.
"The success of our previous line of Readers illustrates book lovers' demand for feature choices and full touch screens on their digital reading devices," said Phil Lubell, vice president of Digital reading at Sony Electronics. "Today, we're answering their call by providing an entire line of stylish, full touch screen devices with a variety of features and price points."
What's New
The new generation of Readers builds on the popularity of last year's line. For 2010 Sony has restyled all three of the devices, reduced their size and weight, and made new, innovative touch screens available across the entire line.
- Touch Screen for Everyone
- Based on the popularity of the full touch screen on its previous Reader Touch Edition and Daily Edition models, Sony equipped the entire line of new Readers with improved, optical touch screen technology designed specifically for digital reading*. The new, first-to-market technology enhances ease of use and increases reading clarity, creating an immersive reading experience for consumers. Book lovers can now escape into their favorite books with the lightest swipe of a finger or stylus pen.
- Improved E Ink Displays
- All three devices utilize E Ink® Pearl electronic paper displays, which delivers a paper-like display that is readable in direct sunlight. The screens offer a high contrast ratio with 16 levels of grayscale, ensuring that text and images are crisp and easy to read.
- A Reader Pocket Edition that Will Wow You
- The new Reader Pocket Edition sports a five-inch, full touch screen and a smart, lightweight design that's easy to slip into a purse or jacket pocket for convenient, on-the-go reading. It is available in chic colors, including silver and pink. It has 2 GB of onboard memory, which lets you carry up to 1,200 of your favorite books, and retails for about $179.
- A New Reader Touch Edition: More of Everything Readers Love
- The new Reader Touch Edition features a six-inch full touch screen and an intuitive design with 2 GB of onboard memory. In addition, it offers dual expansion slots for up to 32GB of additional memory and the ability to play MP3 and AAC audio files. It's available in black or red for about $229.
- A Reader Daily Edition that Adds Wi-Fi and New Web Features
- The Reader Daily Edition provides a wireless connection to Sony's Reader Store from most of the U.S. via AT&T's 3G network. Now, it will also provide Wi-Fi and basic Web browsing capability on its large, seven-inch full touch screen.
- "The eReading space is doing very well and the Daily Edition has been a great performing product in this popular connected devices category," said Glenn Lurie, president of AT&T emerging devices. "We're looking forward to connecting Sony's next generation wirelessly connected eReader on the nation's fastest mobile broadband network."
- A host of pre-loaded practical and reading-based URLs will provide direct access to optimized, text-based sites to add a new dimension to the reading experience. The Reader Daily Edition also includes 2 GB of memory and expansion slots for additional memory (up to 32 GB). It comes in silver and will sell for about $299.
- Additional New Features Across the Entire Line
- New features allow for easier reading of PDF or personal documents. Intuitive content zoom, adjustable contrast and brightness control, as well as automatic multiple page creation will make documents designed for a standard sheet of paper easier to read on a smaller screen. Also, personalized standby screen options will allow users to use their favorite photos as a screen saver and the collections functionality will allow them to group their favorite reads.
- In addition, the new Reader line is more global than ever, offering users the ability to look up words and phrases with the built in New Oxford American Dictionary, Second Edition and Oxford Dictionary of English eDictionaries, as well as 10 translation dictionaries in languages such as French, German, Spanish, Italian and Dutch. Wordsmiths across the globe can now create "word logs" to track the words they've looked up per dictionary, book or periodical in chronological order, while quickly switching between dictionaries.
- More Content on More Devices
- In addition to announcing a new generation of Readers, Sony has also made several changes and improvements to Reader Store. More than 1.2 million titles are available in the U.S. via the store. Sony remains committed to providing an extensive offering of newspaper and magazine content for single issue purchase or subscription within the newsstand area of the store. Soon to be available titles include The Harvard Business Review, The Wilson Quarterly and Dell Magazines' highly regarded fiction magazines: Alfred Hitchcock's Mystery Magazine, Ellery Queen's Mystery Magazine, Asimov's Science Fiction, and Analog Science Fiction and Fact. The store's Library Finder application continues to provide easy access to local public libraries to borrow eBooks for free. To make choosing a book easier, the New York Times Bestsellers list will be featured alongside the Reader Store's bestsellers. By next month, integration with Goodreads will also permit the inclusion of reader reviews from that site onto the Reader Store.
- With Reader™ Desktop Edition (formerly Reader Library) for Apple's Mac OS X and Microsoft® Windows® and Reader™ Mobile Edition for Apple iPhone and Google Android-based smartphones, users will be able to synchronize their reading among multiple devices. These free applications, available later this year, will offer an intuitive digital reading experience with an elegant interface and access to Sony's Reader Store for browsing and purchasing content. Reader Desktop Edition also includes the ability to easily manage content for the non-wireless Reader models.
The new Reader Pocket Edition and the new Reader Touch Edition are available immediately, and the new Reader Daily Edition is expected to be available this in time for the holidays. The Reader Pocket Edition and Touch Edition, as well as available accessories such as AC adaptors, cases and covers with reading lights, are available now at SonyStyle.com and SonyStyle stores.
*Optical touch screen technology customized for Sony and licensed from Neonode Inc.
SOURCE Sony Electronics
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Borders® today announced it is teaming with Build-A-Bear Workshop® to bring the popular teddy bear to life in more than 500 Borders superstores nationwide.
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Borders will feature the Build-A-Bear Workshop book "Holly & Hal Moose™: Our Uplifting Christmas Adventure", "Holly & Hal Moose: Our Uplifting Christmas Adventure" DVD and Hal Moose™, a Build-A-Bear Workshop plush toy, in stores. Borders will encourage customers to purchase the furry friend, book, and DVD and donate the items to the company's holiday book drive. Borders hosts several book drives each year to benefit needy children. Borders will also carry "Build-A-Bear Workshop" Make and Play Kits, available Nov. 1, 2010.
"We are excited to partner with Borders this holiday season to offer fun make and play kits and Holly & Hal Moose products," said Maxine Clark, Build-A-Bear Workshop founder and chief executive bear. "We anticipate that the Build-A-Bear Workshop Make and Play Kits in Borders stores will encourage creativity and imaginative play for kids of all ages."
Borders will host a free Build-A-Bear Workshop themed party on Nov. 13 in stores nationwide to celebrate the partnership. Activities will include singing, dancing and coloring.
"This relationship with Build-A-Bear Workshop further emphasizes our focus on expanding our retail offerings beyond books, and delivering as much consumer choice as possible," said Mike Edwards, CEO of Borders. "Our customers are creative, and Build-A-Bear Craftshop products provide an opportunity for them to express themselves in Borders retail stores in new, fun ways. We're committed to delivering an excellent customer experience—it'll be exciting to see just how creative our community can be."
About Build-A-Bear Workshop, Inc.
Build-A-Bear Workshop, Inc. is the only global company that offers an interactive make-your-own stuffed animal retail-entertainment experience. The company currently operates more than 400 Build-A-Bear Workshop stores worldwide, including company-owned stores in the U.S., Puerto Rico, Canada, the United Kingdom, Ireland and France, and franchise stores in Europe, Asia, Australia, Africa, the Middle East, and Mexico. Founded in St. Louis in 1997, Build-A-Bear Workshop is the leader in interactive retail. Brands include make-your-own Major League Baseball® mascot in-stadium locations, and Build-A-Dino® stores. Build-A-Bear Workshop extends its in-store interactive experience online with its award winning virtual world Web site at buildabearville.com®. The company was named to the 2009 and 2010 FORTUNE 100 Best Companies to Work For® lists. Build-A-Bear Workshop (NYSE: BBW) posted total revenue of $394.4 million in fiscal 2009. For more information, call 888.560.BEAR (2327) or visit the company's award-winning Web site at buildabear.com®.
About Borders Group, Inc.
Headquartered in Ann Arbor, Mich., through its subsidiaries, Borders Group, Inc. (NYSE: BGP) is a leading specialty retailer of books as well as other educational and entertainment items. The company employs approximately 19,500 throughout the U.S., primarily in its Borders(R) and Waldenbooks(R) stores. Online shopping is offered through borders.com. Find author interviews and vibrant discussions of the products we and our customers are passionate about online at facebook.com/borders, twitter.com/borders and youtube.com/bordersmedia. For more information about the company, visit borders.com/media.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these forward-looking statements by the use of words such as "expects," "planning," "preparing," "possibility," "opportunity," "goal," "will," "may," "intend," "anticipates," "working toward" and other words of similar meaning. One can also identify them by the fact that they do not relate strictly to historical or current facts. These statements are likely to address matters such as the company's future financial condition and performance (including earnings per share, liquidity, cash flows, debt levels, market share growth and other sales information, inventory levels and capital expenditures), its strategic initiatives such as the expansion of product categories, including eBook content and eReaders and contemplated strategic partnerships. These statements are subject to risks and uncertainties that could cause actual results and plans to differ materially from those included in the company's forward-looking statements.
These risks and uncertainties include, but are not limited to, consumer demand for the company's products, particularly during the holiday season, which is believed to be related to general economic and geopolitical conditions, competition and other factors; the availability of adequate capital – including vendor credit – to fund the company's operations and to carry out its strategic plans; adverse litigation results or other claims; the performance of the company's information technology systems; the anticipated impact of our Borders Rewards and Borders Rewards Plus programs; with respect to eBook content and eReaders, the availability to the company of anticipated content levels and a variety of competitive devices; and, with respect to strategic partnerships, the ability to identify and reach agreements with acceptable partners.
The company's periodic reports filed from time to time with the Securities and Exchange Commission contain more detailed discussions of these and other risk factors that could cause actual results and plans to differ materially from those included in the forward-looking statements, and those discussions are incorporated herein by reference. The company does not undertake any obligation to update forward-looking statements.
SOURCE Borders
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