Hastings Entertainment Inc. (HAST) reported that its first-quarter of 2013 net loss was about $2.2 million, or $0.27 per share, compared to net earnings of $0.8 million, or $0.10 per share in the first quarter of fiscal 2012.
"In order to reduce our SG&A expenses in light of our lower revenue base, we underwent a restructuring of our corporate store support center which included staff reduction, department consolidation and the termination of four of our eight corporate officers. The total cost of this restructuring was approximately $1.4 million which we recognized during the first quarter of fiscal 2013," said John H. Marmaduke, Chief Executive Officer and Chairman.
Total revenues for the first quarter decreased approximately $6.4 million, or 5.5%, to $109.1 million compared to $115.5 million for the first quarter of fiscal 2012.
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