Hastings Entertainment, Inc. is a multimedia entertainment retailer that combines the sale of books, music, software, periodicals, videocassettes, video games and DVDs, as well as used products, including CDs, DVDs and video games, with the rental of videocassettes, video games, DVDs, video game consoles and DVD players, all in a superstore format. 

Hastings Entertainment, Inc. Reports Net Income of $0.01 per Diluted Share for 3Q 2007 Compared to Net Loss of $0.20 per Diluted Share for 3Q 2006
AMARILLO, Texas, Nov. 19 /PRNewswire-FirstCall/ -- Hastings Entertainment, Inc. (Nasdaq: HAST), a leading multimedia entertainment retailer, today reported results for the three and nine months ended October 31, 2007. Net income was $0.1 million, or $0.01 per diluted share, for the third quarter of fiscal year 2007 compared to net loss of approximately $2.2 million, or $0.20 per diluted share, for the third quarter of fiscal year 2006. For the nine months, net income was approximately $4.4 million, or $0.40 per diluted share, for fiscal year 2007 compared to net loss of approximately $0.1 million, or $0.01 per diluted share, for fiscal 2006.
"I am extremely pleased with our results for the third quarter and the first nine months of fiscal 2007," said Chief Executive Officer John Marmaduke. "For the first time in Hastings' history as a public company, we earned a profit in the third quarter. In what continues to be a challenging retail environment in music and rental, we were able to improve pre-tax profits by $3.7 million from the third quarter of last year. Our merchandising and buying teams have produced greater margin rates in new and used products for the third consecutive quarter. We will continue our focus on margin and inventory management. This coupled with a continued focus on cost controls has positioned us for continued revenue and income growth in the fourth quarter."
Financial Results for the Third Quarter of Fiscal Year 2007

    Revenues.  Total revenues for the third quarter increased $2.7 million, or
2.2%, to $122.3 million compared to $119.6 million for the third quarter of
fiscal 2006.  The following is a summary of our revenue results (dollars in
thousands):

                          Three Months Ended October 31,
                              2007              2006       Increase/(Decrease)
                                 Percent           Percent
                        Revenues of Total Revenues of Total  Dollar  Percent
    Merchandise revenue $101,407   82.9%   $98,221   82.1%   $3,186    3.2%
    Rental revenue        20,868   17.1%    21,415   17.9%     (547)  -2.6%
      Total revenues    $122,275  100.0%  $119,636  100.0%   $2,639    2.2%

    Comparable-store revenues ("Comps"):

       Total                 2.8%
       Merchandise           3.8%
       Rental               -1.4%

    Below is a summary of the Comp results for our major merchandise
categories:
                                                Three Months Ended October 31,
                                                     2007            2006
    Movies                                            7.6%           17.2%
    Books                                             2.5%            2.9%
    Music                                           -14.8%           -6.3%
    Video Games                                      34.0%           10.6%
    Trends                                           22.8%           -5.9%
    Electronics                                      30.8%           13.1%
    Consumables                                      -0.1%            3.2%
    Hard Back Cafe                                    9.7%           23.1%

Effective February 1, 2007, we realigned our merchandise product categories in order to more effectively manage our business. Some products were reclassified within reporting categories and new reporting categories were created for electronics, musical instruments, and wireless products. Comp results listed in the chart above, which report our eight largest product categories, reflect the new categorization for both fiscal 2007 and fiscal 2006.

Hastings Entertainment, Inc. Reports Net Income of $0.17 per Diluted Share for 2Q 2007 Compared to $0.02 per Diluted Share for 2Q 2006
AMARILLO, Texas, Aug. 20 /PRNewswire-FirstCall/ -- Hastings Entertainment, Inc. (Nasdaq: HAST), a leading multimedia entertainment retailer, today reported results for the three and six months ended July 31, 2007. Net income was $1.9 million, or $0.17 per diluted share, for the second quarter of fiscal year 2007 compared to net income of approximately $0.2 million, or $0.02 per diluted share, for the second quarter of fiscal year 2006. For the six months, net income was approximately $4.4 million, or $0.39 per diluted share, for fiscal year 2007 compared to net income of approximately $2.1 million, or $0.18 per diluted share, for fiscal 2006, a year-over-year growth of 107%. Net income for the three and six months ended July 31, 2007 includes a benefit reducing income tax expense in the amount of $0.9 million, or $0.08 per diluted share, related to a favorable settlement of a prior year's state tax liability.
"I am extrEmely pleased with our results for the second quarter and the first half of fiscal 2007," said Chief Executive Officer John Marmaduke. "Our merchandising and buying teams have produced greater margin rates for the second consecutive quarter. The majority of box-office megahits are scheduled for release in the second half of the year, which should boost a sluggish rental industry, and provide positive Rental Comps for the remainder of the year. We will continue our focus on margin management and cost controls through the second half of the year and anticipate the crowded lineup of major releases will lift Comp sales."
Financial Results for the Second Quarter of Fiscal Year 2007
    Revenues.  Total revenues for the second quarter increased $2.8 million,
or 2.3%, to $125.9 million compared to $123.1 million for the second quarter
of fiscal 2006.  The following is a summary of our revenue results (dollars in
thousands):
                         Three Months Ended July 31,
                                                                  Increase/
                               2007               2006           (Decrease)
                                   Percent            Percent
                        Revenues  of Total  Revenues  of Total  Dollar Percent
    Merchandise
     revenue            $104,270   82.8%   $100,182    81.4%    $4,088    4.1%
    Rental revenue        21,635   17.2%     22,912    18.6%    (1,277)  -5.6%
       Total revenues   $125,905  100.0%   $123,094    100.0%   $2,811    2.3%

    Comparable-store
     revenues ("Comps"):
       Total                 2.2%
       Merchandise           4.1%
       Rental               -6.0%

Hastings Entertainment, Inc. Reports Net Income of $0.45 per Diluted Share for 4Q 2006 Compared to $0.61 per Diluted Share for 4Q 2005 
AMARILLO, Texas, March 26 /PRNewswire-FirstCall/ -- Hastings Entertainment, Inc. (Nasdaq: HAST), a leading multimedia entertainment retailer, today reported results for the three months and fiscal year ended January 31, 2007. Net income for the fourth quarter of fiscal 2006 was approximately $5.1 million, or $0.45 per diluted share, compared to approximately $7.0 million, or $0.61 per diluted share for the fourth quarter of fiscal 2005. Net income was approximately $5.0 million, or $0.44 per diluted share, in fiscal 2006 compared to net income of approximately $5.7 million, or $0.49 per diluted share, for fiscal 2005.
"We are disappointed with our results for the fourth quarter," said Chief Executive Officer John Marmaduke. "This holiday season was highly promotional, but I feel that our sales and merchandise margin shortfall, compared to our internal projections, are a result of specific merchandising initiatives, which occurred in the fourth quarter and are not indicative of our ability to produce increased earnings growth. We are focused specifically on improving our merchandising and buying functions in fiscal 2007 through, among other things, realignment of senior management in these areas. While we remain cautious in this challenging environment, we are optimistic about our outlook and believe we will be able to develop our brand and grow earnings in fiscal 2007."
Financial Results for the Fourth Quarter of Fiscal Year 2006
Revenues. Total revenues for the fourth quarter of fiscal 2006 increased $2.7 million, or 1.6%, to $174.2 million compared to $171.5 million for the same period in the prior year. The following is a summary of our revenue results (dollars in thousands):

                              Three Months Ended January 31,
                          2007                 2006        Increase/(Decrease)
                             Percent               Percent
                   Revenues  of Total    Revenues  of Total    Dollar  Percent
    Merchandise
     revenue       $148,787    85.4%     $145,808    85.0%      $2,979    2.0%
    Rental
     revenue         25,403    14.6%       25,686    15.0%        (283)  -1.1%
       Total
        revenues   $174,190   100.0%     $171,494   100.0%      $2,696    1.6%

    Comparable-store
     revenues:
       Total            1.1%
       Merchandise      1.6%
       Rental          -1.7%

    Below is a summary of the Comp results for those categories:
                                            Three Months Ended January 31,
                                                2007              2006
    Music                                      -6.3%             -2.4%
    Books                                      -0.8%              3.1%
    Video for sale                             11.7%              5.0%
    Video games                                 3.4%             -2.3%
    Sidelines                                   7.5%             -0.9%