Indigo Issues Correction to Year-End Press Release

TORONTO, May 29, 2012 /CNW/ - Indigo Books & Music Inc. announces a correction to its press release issued this afternoon at 4:01 pm (Eastern Time), entitled "Indigo Reports Record Net Earnings".

In the table entitled "Consolidated Statements of Earnings (Loss) and Comprehensive Earnings (Loss)" the basic and diluted net loss per common share from continuing operations and the basic and diluted net loss per common share from discontinued operations were inadvertently transposed. The basic and diluted net earnings (loss) per common share from continuing operations should read $(0.47) and not $(0.31) and the basic and diluted net earnings (loss) per common share from discontinued operations should read $(0.31) and not $(0.47).

The corrected table is as follows:

Consolidated Statements of Earnings (Loss) and Comprehensive Earnings (Loss)
		13-week	13-week	52-week	52-week
		period ended	period ended	period ended	period ended
		March 31,	April 2,	March 31,	April 2,
(thousands of Canadian dollars, except per share data)		2012	2011	2012	2011
Revenues		195,879	200,160	933,990	956,449
Cost of sales		113,889	116,393	544,924	543,008
Gross profit		81,990	83,767	389,066	413,441
Operating and administrative expenses		97,710	97,577	418,701	387,927
Operating earnings (loss)		(15,720)	(13,810)	(29,635)	25,514
Interest on long-term debt and financing charges		36	97	153	212
Interest income on cash and cash equivalents		(420)	(220)	(460)	(515)
Earnings (loss) before income taxes		(15,336)	(13,687)	(29,328)	25,817
Income tax expense (recovery)
	Current	71	1,214	71	1,214
	Deferred	(4,681)	(3,156)	(1,572)	10,211
		(4,610)	(1,942)	(1,501)	11,425
Earnings (loss) and comprehensive earnings (loss) for the period from continuing operations		(10,726)	(11,745)	(27,827)	14,392
Earnings (loss) and comprehensive earnings (loss) for the period from discontinued operations (net of tax)		135,695	(12,625)	94,016	(33,776)
Net earnings (loss) and comprehensive earnings (loss) for the period		124,969	(24,370)	66,189	(19,384)
Net earnings (loss) and comprehensive earnings (loss) attributable to:
Shareholders of the Company		131,527	(19,441)	92,664	(5,742)
Non-controlling interest		(6,558)	(4,929)	(26,475)	(13,642)
Total net earnings (loss) and comprehensive earnings (loss) for the period		124,969	(24,370)	66,189	(19,384)
Net earnings (loss) per common share from continuing operations
Basic		$(0.43)	$(0.47)	$(1.10)	$  0.58
Diluted		$(0.43)	$(0.47)	$(1.10)	$  0.57
Net earnings (loss) per common share from discontinued operations
Basic		$  5.64	$(0.31)	$  4.78	$(0.81)
Diluted		$  5.58	$(0.31)	$  4.73	$(0.81)
Net earnings (loss) per common share
Basic		$  5.21	$(0.78)	$  3.68	$(0.23)
Diluted		$  5.16	$(0.78)	$  3.64	$(0.23)

 

 

Janet Eger
Vice President, Public Relations
416 342 8561