Barnes and Noble 2010 Annual Report Download - page 29

In January 2010, the FASB issued ASU No. 2010-06, Fair
Value Measurements and Disclosures (Topic 820) — Improving
Disclosures about Fair Value Measurements (ASU 2010-06).
ASU 2010-06 requires new disclosures regarding transfers
in and out of the Level 1 and Level 2 fair value measure-
ments and activity within Level 3 fair value measurements
and clarifies existing disclosures of inputs and valuation
techniques for Level 2 and Level 3 fair value measurements.
ASU 2010-06 also includes conforming amendments to
employers’ disclosures about postretirement benefit plan
assets. The new disclosures and clarifications of existing
disclosures are effective for interim and annual reporting
periods beginning after December 15, 2009, except for the
disclosure of activity within Level 3 fair value measure-
ments, which is effective for fiscal years beginning after
December 15, 2010 and for interim periods within those
years. The Company adopted ASU 2010-06 at January 31,
2010 and the adoption had no impact on the Company’s
financial position, results of operations and cash flows.
In February 2010, the FASB issued ASU No. 2010-09,
Subsequent Events (ASU 2010-09) – Amendments to Certain
Recognition and Disclosure Requirements. ASU 2010-09
amends the April 2009 accounting and disclosure guid-
ance for subsequent events. The updated guidance revised
certain terms and definitions of the original guidance
and requires the Company to evaluate subsequent events
through the date the financial statements are issued, rather
than the date the financial statements are available to be
issued. This amendment is effective immediately.
DISCLOSURE REGARDING FORWARD-LOOKING
STATEMENTS
This report may contain certain forward-looking state-
ments (within the meaning of Section 27A of the Securities
Act of 1933, as amended (the Securities Act), and Section
21E of the Securities Exchange Act of 1934, as amended (the
Exchange Act)) and information relating to the Company
that are based on the beliefs of the management of the
Company as well as assumptions made by and information
currently available to the management of the Company.
When used in this report, the words “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “plan” and similar expres-
sions, as they relate to the Company or the management of
the Company, identify forward-looking statements. Such
statements reflect the current views of the Company with
respect to future events, the outcome of which is subject
to certain risks, including, among others, the general
economic environment and consumer spending patterns,
decreased consumer demand for the Company’s products,
low growth or declining sales and net income due to various
factors, possible disruptions in the Company’s computer
systems, telephone systems or supply chain, possible risks
associated with data privacy, information security and
intellectual property, possible work stoppages or increases
in labor costs, possible increases in shipping rates or
interruptions in shipping service, effects of competition,
higher-than-anticipated store closing or relocation costs,
higher interest rates, the performance of the Company’s
online, digital and other initiatives, the performance and
successful integration of acquired businesses, the success
of the Company’s strategic investments, unanticipated
increases in merchandise, component or occupancy
costs, unanticipated adverse litigation results or effects,
the results or effects of any governmental review of the
Company’s stock option practices, product and component
shortages, and other factors which may be outside of the
Company’s control, including those factors discussed
in detail in Item 1A, “Risk Factors,” in the Company’s
Form 10-K for the fiscal year ended May 1, 2010, and in
the Company’s other filings made hereafter from time to
time with the SEC. Should one or more of these risks or
uncertainties materialize, or should underlying assump-
tions prove incorrect, actual results or outcomes may vary
materially from those described as anticipated, believed,
estimated, expected, intended or planned. Subsequent
written and oral forward-looking statements attributable to
the Company or persons acting on its behalf are expressly
qualified in their entirety by the cautionary statements in
this paragraph. The Company undertakes no obligation to
publicly update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise after the date of this Annual Report.
2010 Annual Report 27