Hastings Entertainment Reports Q4 EPs of $0.31 vs. $0.53

Hastings Entertainment, Inc. HAST today reported results for the three months ended January 31, 2011. Net earnings were approximately $3.8 million, or $0.43 per diluted share, for the three months ended January 31, 2011 compared to net earnings of approximately $9.1 million, or $0.94 per diluted share, for the three months ended January 31, 2010. Net earnings for the three months and fiscal year ended January 31, 2010 included a change in estimate related to gift card breakage resulting in an increase in revenue of approximately $8.5 million, pretax, and a pretax gain of approximately $1.4 million resulting from the receipt of insurance proceeds related to a casualty loss incurred in fiscal 2008. Excluding these two favorable items, net earnings would have been approximately $3.0 million, or $0.31 per diluted share, for the three months ended January 31, 2010. Total revenues for the fourth quarter decreased approximately $15.6 million, or 8.9%, to $160.5 million compared to $176.1 million for the fourth quarter of fiscal 2009.