Hastings Entertainment, Inc., a leading multimedia entertainment retailer, today reported results for the three months ended April 30, 2011. Net earnings were approximately $0.4 million, or $0.05 per diluted share, for the first quarter of fiscal 2011 compared to net earnings of approximately $1.0 million, or $0.11 per diluted share, for the first quarter of fiscal 2010.

Operating income was approximately $1.0 million for the first quarter of fiscal 2011 compared to approximately $1.5 million for the first quarter of fiscal 2010. Adjusted operating income, which excludes gift card breakage revenue and stock compensation expense, was approximately $1.1 million for the first quarter of fiscal 2011 compared to approximately $1.5 million in the first quarter of fiscal 2010. Earnings before interest, taxes, property and equipment depreciation expense and amortization ("EBITDA") was approximately $5.1 for the first quarter of fiscal 2011 compared to approximately $5.9 million for the first quarter of fiscal 2010. Adjusted EBITDA, which excludes gift card breakage revenue and stock compensation expense, was approximately $5.3 for the first quarter of fiscal 2011 compared to approximately $5.8 million for the first quarter of fiscal 2010.