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Hastings Entertainment, Inc. Reports Results for the First Quarter of Fiscal 2012

AMARILLO, Texas May 21, 2012 April 30, 2012 $0.8 million $0.10 $0.4 million $0.05

Reconciliations of non-GAAP financial measures to comparable GAAP financial measures are included in the tables following the financial statements in this release.

John Marmaduke $2.4 million $17.3 million

Financial Results for the First Quarter of Fiscal Year 2012

Revenues. $8.6 million $115.5 million $124.1 million April 30, 2012 April 30 Littleton Lubbock April 30

Three Months Ended April 30,

2012

2011

Decrease

Percent

Percent

Revenues

Of Total

Revenues

Of Total

Dollar

Percent

Merchandise Revenue

$

99,519

86.2%

$

104,463

84.2%

$

(4,944)

-4.7%

Rental Revenue

15,826

13.7%

19,528

15.7%

(3,702)

-19.0%

Gift Card Breakage

   Revenue

142

0.1%

146

0.1%

(4)

-2.7%

     Total Revenues

$

115,487

100.0%

$

124,137

100.0%

$

(8,650)

-7.0%

Comparable-store revenues ("Comp")

     Total

-6.3%

     Merchandise

-4.3%

     Rental

-16.5%

Below is a summary of the Comp results for our major merchandise categories:

Three Months Ended April 30,

2012

2011

Electronics

13.1%

-1.9%

Trends

12.7%

11.9%

Hardback Cafe

6.8%

5.2%

Consumables

-0.5%

-6.0%

Books

-0.8%

-9.1%

Movies

-3.7%

-6.5%

Music

-9.4%

1.3%

Games

-21.3%

2.5%

Nextbook Premium 7 Nextbook Premium 7 www.goHastings.com Nextbook Premium 7

Rental Comps decreased 16.5% during the quarter, primarily due to fewer rentals of DVDs and video games, partially offset by an increase in rentals of Blu-ray movies.  Rental Video Comps decreased 15.4% for the quarter and were negatively impacted by a continued lower quality of new releases during the current quarter and by competitor rental kiosks and subscription-based rental services.  Rental Video Game Comps decreased 24.6%.

Gross Profit – Merchandise.  $0.3 million $32.0 million $32.3 million

Gross Profit – Rental.  $1.9 million $10.3 million $12.2 million

Selling, General and Administrative Expenses ("SG&A").  $2.4 million $41.3 million $43.7 million $1.6 million $0.7 million

Interest Expense.  $0.1 million to $0.3 million $0.2 million

Income Tax Expense. Texas $8.9 million April 30, 2012

Stock Repurchase

September 18, 2001 $5.0 million April 30, 2012 $32.5 million $194,041 $2.33 April 30, 2012 $31.4 million $5.79 April 30, 2012 $6.1 million

Store Activity

March 19, 2012

  • Joplin, Missouri March 21, 2012

Safe Harbor Statement

This press release contains "forward-looking statements."  Hastings Entertainment, Inc. is including this statement for the express purpose of availing itself of the protections of the safe harbor provided by the Private Securities Litigation Reform Act of 1995 with respect to all such forward-looking statements.  These forward-looking statements are based on currently available information and represent the beliefs of the management of the Company.  These statements are subject to risks and uncertainties that could cause actual results to differ materially.  These risks include, but are not limited to, consumer appeal of our existing and planned product offerings, and the related impact of competitor pricing and product offerings; overall industry performance and the accuracy of our estimates and judgments regarding trends; our ability to obtain favorable terms from suppliers; our ability to respond to changing consumer preferences, including with respect to new technologies and alternative methods of content delivery, and to effectively adjust our offerings if and as necessary; the application and impact of future accounting policies or interpretations of existing accounting policies; unanticipated adverse litigation results or effects; the effects of a continued deterioration in economic conditions in the U.S. or the markets in which we operate our stores; the effect of inclement weather on the ability of consumers to reach our stores; and other factors which may be outside of the company’s control.  We undertake no obligation to affirm, publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.  Please refer to the company’s annual, quarterly, and periodic reports on file with the Securities and Exchange Commission for a more detailed discussion of these and other risks that could cause results to differ materially.

About Hastings

Amarillo, Texas Lubbock, Texas Littleton, Colorado

www.goHastings.com


(Dollars in thousands)

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