AMARILLO, Texas, March 1 /PRNewswire-FirstCall/ -- Hastings Entertainment,
Inc. (Nasdaq: HAST), a leading multimedia entertainment superstore retailer,
today announced the execution of an amendment to its current secured revolving
credit facility (the "Facility") with Fleet Retail Group, LLC and CIT
Group/Business Credit, Inc. "The amendment increases our credit line by $20
million to $100 million, lowers interest rates, and extends the maturity date
from August 29, 2007 to August 29, 2011. All other terms and conditions are
substantially the same, including the $10 million availability reserve,"
commented Dan Crow, Vice President - Finance and Chief Financial Officer.
"The amended Facility enhances our liquidity and operating flexibility. We
believe the new Facility, together with internally generated funds, will be
sufficient to fund our capital requirements, including new store growth, for
the next five years," said John H. Marmaduke, President and Chief Executive
Safe Harbor Statement
Certain written and oral statements set forth above or made by Hastings or
with the approval of an authorized executive officer of the Company constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Generally, the words "believe," "expect,"
"intend," "anticipate," "project," "will" and similar expressions identify
forward-looking statements which are not necessarily historical in nature.
All statements that address operating performance, events or developments that
we expect or anticipate will occur in the future, including statements
regarding our future merchandise margins and our general guidance for fiscal
year 2005, are forward-looking statements. Such statements are based upon
Company management's current estimates, assumptions and expectations, which
are based on information available at the time of this disclosure, and are
subject to a number of factors and uncertainties, including, but not limited
to, our inability to attain such estimates, assumptions and expectations, a
downturn in market conditions in any industry, including the current economic
state of retailing (relating to the products we inventory, sell or rent) and
the effects of or changes in economic conditions in the U.S. or the markets in
which we operate. 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.
Founded in 1968, Hastings Entertainment, Inc. is a leading multimedia
entertainment retailer that combines the sale of books, music, software,
periodicals, new and used DVDs, videos and video games with the rental of
videos, DVDs and video games in a superstore format. We currently operate 153
superstores, averaging approximately 20,000 square feet, primarily in small to
medium-sized markets throughout the United States.
We also operate http://www.gohastings.com , an e-commerce Internet Web
site that makes available to our customers new and used entertainment products
and unique, contemporary gifts and toys. The site features exceptional
product and pricing offers. The Investor Relations section of our Web site
contains press releases, a link to request financial and other literature and
access to filings with the Securities and Exchange Commission, which include
officer certifications filed as exhibits to interim and annual filings.
SOURCE: Hastings Entertainment, Inc.
CONTACT: Dan Crow, Vice President and Chief Financial Officer of
Hastings Entertainment, Inc., +1-806-677-1422
Web site: http://www.gohastings.com