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Indigo Issues Correction to Year-End Press Release
By: Indigo Books & Music Inc. via PR Newswire

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
Revenues195,879 200,160 933,990 956,449
Cost of sales 113,889 116,393 544,924 543,008
Gross profit81,990 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 period124,969 (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 period124,969 (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)

SOURCE Indigo Books & Music Inc.

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INDIGO BOOKS&MUSIC
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