BASKING RIDGE, N.J. - Barnes & Noble Education, Inc. (NYSE:BNED), a prominent provider of educational solutions, released preliminary unaudited financial results for the fiscal year ending April 27, 2024, showing a slight increase in revenue and a reduction in net losses. The company reported consolidated GAAP revenue of approximately $1,567 million for the fiscal year 2024, a modest increase from $1,543 million in the previous year.
The net loss from continuing operations improved to approximately $(63) million, compared to a net loss of $(90) million in the prior year. Adjusted EBITDA from continuing operations reached approximately $45 million, a significant improvement over the $(8) million reported last year and surpassing the company's guidance of $40 million.
As part of its strategic initiatives, Barnes & Noble Education is progressing with proposed transactions aimed at substantially deleveraging its balance sheet and investing in innovation. These transactions, subject to shareholder approval and other conditions, are expected to close in June 2024.
The company anticipates a rights offering, which will issue 900,000,000 shares at $0.05 per share, allowing shareholders as of May 14, 2024, to purchase additional shares. The proceeds from the rights offering are intended to reduce the balance under the company's existing asset-backed loan facility.
Barnes & Noble Education has also secured commitments to refinance its existing asset-backed loan facility, providing access to a $325 million facility maturing in 2028. This move is expected to enhance financial flexibility and reduce annual interest expenses.
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