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Old 08-05-2010, 03:28 AM   #46
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For all that, they still use a custom DRM that noone else uses, and is not (currently) supported on other eInk devices, unlike standard Adept DRM.
It is supported on the JetBook and JetBook Lite. And more, as other ebook readers update their firmware.


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Precisely! If they had allowed their books to be purchased & used on ANY eInk devices besides their own they would have been much better off.
But they ARE avaialble for any platform, so long as that platform uses the more recent ADE software.

In addition, like Kindle, there are BN-Reader apps for most devices.

And truthfully, if there is going to be DRM on ebooks, I would MUCH rather BN-ePub than Adept. With BN, I can open my book anywhere, on any device that runs ADE or BN software, without getting Adobe's approval first. I don't need to 'authorize' the device or book because the authorization is tied to my credit card, and not to Adobe's computer banks.

If I want to read my ebook on a new reader, years from now, I would need to re-authorize Adept books for the new reader. For BN, I just have to type in the credit card number.

I dislike DRM, but if it is going to be there, I would rather it be under my control than Amazon's or Adobes.
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Old 08-05-2010, 09:52 AM   #47
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zero "Free" cash flow, not zero cash flow. they are not the same.
"Free cash flow" is a measure of how much cash the business generates, minus capital expenditures. If B&N has zero free cash flow, then any additional spending they need to undertake has to be borrowed. Zero FCF is not good.

The issue the article focuses on is that B&N has $61m on hand in cash and $510m in outstanding debts. It looks like they pay $0.25 per share per quarter, which is currently $14.5m per quarter. If FCF stays at zero, B&N won't have enough cash to pay its dividend, and may not be able to borrow to pay for it either.

Unfortunately it's a Catch-22. If they cut the dividend, they are likely to temporarily lose "value investors" who want a dividend, as well as tick off the investors who are trying to kill off the current management. If they don't, then they need to divert critical resources to pay the dividend.

If they do capture significant revenues at a decent profit from ebooks in the future, this will just be a big pinch at a bad time. If not....
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Old 08-05-2010, 12:38 PM   #48
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but free cash flow is arrived after Net Income (which is important to note)



It is also important to note that negative free cash flow is not bad in itself. If free cash flow is negative, it could be a sign that a company is making large investments. If these investments earn a high return, the strategy has the potential to pay off in the long run.

Which I do believe that is what is going on with their long term future strategy and that is centered around it's e-book commerece.


but to the original point, the one poster was being a touch deceiving by leaving out a pretty crucial word, "free". someone reads zero cash flow, the first thing that comes to mind is they have zero cash coming in.

Last edited by boswd; 08-05-2010 at 12:48 PM.
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Old 08-05-2010, 03:55 PM   #49
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Just going on my own experience, we used to go to the bookstore a couple times a year. We spent a couple hours, and spent about $250. I have not been in a bookstore since I got my kindle. The combination of getting books from the library at 2 am and buying books from Amazon with immediate delivery has made the whole "cafe" experience unappealing. Why would I drive 10 minutes, look for a parking place, look for a seat in the cafe, etc, etc. I'm sorry, but Amazon's 2-day shipping has completely changed my life. No longer are my weekends filled with errands. If Amazon has it, it gets delivered.
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Old 08-05-2010, 04:49 PM   #50
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It is also important to note that negative free cash flow is not bad in itself. If free cash flow is negative, it could be a sign that a company is making large investments. If these investments earn a high return, the strategy has the potential to pay off in the long run.
My apologizes for omitting the word "free." I assumed people would know what I meant.

Having zero free cash flow and a (publicly) unknown future strategy is not the best time sell company, to look for private investors or seek to refinance debt.

At the very least B&N should match Amazon's printed book prices. As Sydney's Mom experience has demonstrated.
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Old 08-05-2010, 07:37 PM   #51
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according to their balance sheet last year they sold nearly a billion dollars in music, music movies and mobile apps, sounds like content is doing ok for them
Yeah, but they've generally kept only a small percentage of the intake on content sales. Last I heard, between half and 2/3 of the price of a song went to the record label that owned the song, rest going to credit card fees and Apple. Once you factor in Apple's expenses, it can be a slim profit margin. I'm not saying they're going broke, but they probably took home only 10% of that billion. Still nothing to sneeze at.
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Old 08-05-2010, 10:23 PM   #52
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but free cash flow is arrived after Net Income (which is important to note)... someone reads zero cash flow, the first thing that comes to mind is they have zero cash coming in.
I doubt qualifying it as "free cash flow" makes much of a difference.

Especially since net income happens to be tanking.

Net income has been dropping for the last few years: From $150m in 2007 down to $36m in the 52 weeks ending June 2010. Net income was negative 3 out of the last 5 quarters, including a loss of $35m or so in the most recent quarter.

I.e. if this keeps up, they can't pay the dividend from liquid holdings, and given their debts and prospects it's not a good plan to borrow just to pay the dividend.

Again if taken in isolation, not the kiss of death. However they have a strong competitor with significantly lower overhead and diverse revenue sources that's claiming 70% or more of the ebook market, is selling out of ebook reading devices, and counters B&N's every move; a new competitor with a huge brand presence; declining brick & mortar sales; stock price tanking; management fighting a major investor; substantial debts; no one is publicly expressing interest in buying them, other than people who are already heavily invested. The bad news is piling up.

Did I leave anything out?
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Old 08-06-2010, 12:09 AM   #53
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Originally Posted by Kali Yuga View Post
I doubt qualifying it as "free cash flow" makes much of a difference.

Especially since net income happens to be tanking.

Net income has been dropping for the last few years: From $150m in 2007 down to $36m in the 52 weeks ending June 2010. Net income was negative 3 out of the last 5 quarters, including a loss of $35m or so in the most recent quarter.

I.e. if this keeps up, they can't pay the dividend from liquid holdings, and given their debts and prospects it's not a good plan to borrow just to pay the dividend.

Again if taken in isolation, not the kiss of death. However they have a strong competitor with significantly lower overhead and diverse revenue sources that's claiming 70% or more of the ebook market, is selling out of ebook reading devices, and counters B&N's every move; a new competitor with a huge brand presence; declining brick & mortar sales; stock price tanking; management fighting a major investor; substantial debts; no one is publicly expressing interest in buying them, other than people who are already heavily invested. The bad news is piling up.

Did I leave anything out?

Egads man, the announcement the other day wasn't a Going out of business announcement, but you keep protraying it as it is one.

This happens in business all the time. Company's go private, take on more ownership.

We have no idea how much is going to be up for sale.

I know as a Kindle fan boy nothing would make you happier, though not wanting competition is beyond me. if not for the Nook you'd still be paying $269 and no wi fi only Kindle.

This decision did not come overnight.

Do you think it makes alot of sense to add an additional device to their Nook line up

roll out nook study platform

being commited to software upgrades and performance improvements. 4 upgrades to the nook in 8 months, that's pretty impressive.

keep expanding their e-book llibrary

have a Free summer book program for the nook and bn apps.

Work with Apple to create an app for Apple products

Just unveil the Android App

Just announce that they are commiting more floor space for Nook displays, tutorials, hosting nook classes etc.

and then decide "Oh you know what, let's scrap everything and go out of buisness"

It's about increasing capital and making the tough decisions now and not have to end up like how Borders was a couple of years ago which was on the brink of folding for not doing something earlier.

Last edited by boswd; 08-06-2010 at 12:11 AM.
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Old 08-08-2010, 04:30 PM   #54
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I suppose that, to people in the know, "evaluating strategic alternatives" is a meaningful phrase.
Yeah, what a great euphemism. Don't you just love MBA-speak? They always talk in code.
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Old 08-08-2010, 04:32 PM   #55
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Yeah, what a great euphemism. Don't you just love MBA-speak? They always talk in code.
Just like when people zip files, build up kernels and compile libraries. As long as gibberish remains the lingua franca I'm cool with that

(As you can expect, I have an economic-managerial study background )
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Old 08-10-2010, 09:57 AM   #56
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I know as a Kindle fan boy nothing would make you happier...
As a Kindle user I don't particularly care what happens to B&N. As a smartphone and tablet owner, I'm not limited to one vendor. Nor do I necessarily view the Nook as doomed. I'm primarily noting that B&N has major financial, management and structural issues. These are not trivial, nor has pointing out their continued investment in ebooks negated any of them.


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Do you think it makes alot of sense to add an additional device to their Nook line up, roll out nook study platform, being commited to software upgrades and performance improvements....
I concur these are positive aspects, and it is plausible that the ebook business may survive. That doesn't alter the facts that B&N is in a very difficult position, that it's going to get worse, that a major investor wants to replace senior management, that they have on occasion fumbled and allowed Amazon to eat their lunch, and so forth. I.e. you list improvements to their Nook business without realizing that they are facing declining revenues, shrinking profits, a major cash crunch etc etc.

Or, as I suggested in earlier posts, it looks like if they do survive they'll be a shadow of their former self.


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It's about increasing capital and making the tough decisions now and not have to end up like how Borders was a couple of years ago which was on the brink of folding for not doing something earlier.
No, this has nothing to do with raising capital. It's about Riggio and Burkle wrestling for control of the company.

Riggio is the founder, chairman, owns around 32% and is looking for private equity partners so he can maintain control. Burkle owns 19% of the stock, hates the current management, thinks Riggio is "self-dealing" with the purchase of the college bookstore chain, and wants to get rid of the "poison pill" that prevents him from purchasing a controlling equity stake.

If B&N wants to protect its capital, they'd make a "tough decision now" and slash the dividend. If they wanted to raise capital, they'd sell off a division, or wouldn't have bought Riggio's college business, or issue more stock. This isn't about enhancing B&N's business, it's about control.


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Originally Posted by boswd
....and then decide "Oh you know what, let's scrap everything and go out of buisness"
Obviously that's not their preferred choice or business plan. However, if same-store sales continue to tank, and the ebook business doesn't produce sufficient profits, they may well need to restructure or fold. Hence my expressions of concern.
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Old 08-12-2010, 01:42 PM   #57
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It just got messier at B&N's boardroom.

http://dealbook.blogs.nytimes.com/20.../?ref=business

“Barnes & Noble and Yucaipa were unable to conclude an agreement on mutually acceptable terms.”

The fight between Burkle and Riggio -- which as early as 8 am this morning looked like a self-enlightened truce -- is back to open war. A proxy fight for control of the company is expected to launch in the next few days which will drag and distract management -- and employees -- through the critical fall selling season. Nice work boys. If this keeps up all the winner will get is the remainders table.
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Old 08-12-2010, 02:44 PM   #58
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If I remember correctly Burkle is more interested in the storefronts and warehouses than the Textbook or online businesses. The elements are (theoretically) in place for a spinoff of a Riggle-run Nook, Inc ebooks and textbook business and a Burkle-run liquidation of the B&N stores.
Of course, there remains the matter of who gets stuck with the corporate debt...

Its not exactly fiddling while Rome burns but it's pretty close.
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Old 08-12-2010, 04:54 PM   #59
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If I remember correctly Burkle is more interested in the storefronts and warehouses than the Textbook or online businesses....
Perhaps, but he also states that B&N buying Riggio's college bookstore business was actually "self-dealing," i.e. a way for Riggio to provide himself with a $500+ million windfall at B&N's expense.

He may be wrong, he may be right, he may be seizing on a convenient excuse to take over. It's just a continuation of Bad News.
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Old 08-12-2010, 07:13 PM   #60
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The other thing that happened today was that the court ruled in B&N's favour that it's "poison pill" tactic which effectively prevents Burkle from acquiring more than 20% of the company was valid. An 87 page ruling sounds like it would make fascinating reading. The court was not amused by Burkle's apparently half-baked ideas for the company. Burkle's firm, Yucaipa, was the opponent in the lawsuit against B&N.

Vice Chancellor Leo Strine of the Delaware court noted: “At bottom, Yucaipa is simply positioning an absurd scenario at best fit for a discussion by a Red Bull fueled group of nerdy second year law school corporate law junkies, who find themselves dateless (big surprise) on yet another Saturday night.”

Ouch.
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