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Press release from CNW Group

Indigo Issues Correction to Year-End Press Release

Tuesday, May 29, 2012

Indigo Issues Correction to Year-End Press Release19:18 EDT Tuesday, May 29, 2012TORONTO, 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 $(0.47).The corrected table is as follows:Consolidated Statements of Earnings (Loss) and Comprehensive Earnings (Loss)  13-week13-week52-week52-week period endedperiod endedperiod endedperiod ended March 31,April 2,March 31,April 2,(thousands of Canadian dollars, except per share data)2012201120122011     Revenues195,879 200,160933,990 956,449Cost of sales113,889 116,393544,924 543,008Gross profit81,990 83,767389,066 413,441Operating and administrative expenses97,710 97,577418,701 387,927Operating earnings (loss)(15,720)(13,810)(29,635)25,514Interest on long-term debt and financing charges36 97  153   212Interest income on cash and cash equivalents(420)(220)(460)(515)Earnings (loss) before income taxes(15,336)(13,687)(29,328)25,817Income tax expense (recovery)       Current71 1,21471 1,214   Deferred(4,681)(3,156)(1,572)10,211    (4,610)(1,942)(1,501)11,425Earnings (loss) and comprehensive earnings (loss) for the period from continuing operations(10,726)(11,745)(27,827)14,392Earnings (loss) and comprehensive earnings (loss) for the period from discontinued operations (net of tax)135,695 (12,625)94,016 (33,776)Net earnings (loss) and comprehensive earnings (loss) for the period124,969 (24,370)66,189 (19,384)     Net earnings (loss) and comprehensive earnings (loss) attributable to:    Shareholders of the Company131,527 (19,441)92,664 (5,742)Non-controlling interest(6,558)(4,929)(26,475)(13,642)Total net earnings (loss) and comprehensive earnings (loss) for the period124,969 (24,370)66,189 (19,384)     Net earnings (loss) per common share from continuing operations    Basic$(0.43)$(0.47)$(1.10)$  0.58Diluted$(0.43)$(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)  For further information: Janet Eger Vice President, Public Relations 416 342 8561