Exhibit 99.1

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

In re: Nebraska Book Company, Inc., et al.


		Case No. (Jointly Administered)		11-12005(PJW)
		Reporting Period:		February 1 – February 29, 2012
		Federal Tax I.D. #		47-0549819

CORPORATE MONTHLY OPERATING REPORT

File with the Court and submit a copy to the United States Trustee within 30 days after the end of the month and submit a copy of the report to any official committee appointed in the case.


DOCUMENTS	Form No.	Document Attached	Explanation Attached
Schedule of Disbursements	MOR-1a	x
Bank Account Information	MOR-1b	x	x
Statement of Operations (Income Statement)	MOR-2	x
Balance Sheet	MOR-3	x
Status of Post-petition Taxes	MOR-4		x
Accounts Receivable Reconciliation and Aging	MOR-5	x
Payments to Professionals	MOR-6	x
Debtor Questionnaire	MOR-7	x

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.


Alexi A. Wellman		March 30, 2012
Signature of Authorized Individual*		Date

Alexi A. Wellman
Printed Name of Authorized Individual

Chief Financial Officer
Title

*	Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company

Nebraska Book Company, Inc., et al.

MOR1a

Disbursements

February 2012


Company Name	Case Number		Federal ID Number		Amount
NBC Holdings Corporation		11-12006		75-3147477	$	—
NBC Acquisition Corporation		11-12008		47-0793347		—
Nebraska Book Company, Inc.		11-12005		47-0549819		30,742,474
Specialty Books, Inc.		11-12007		75-3044807		1,364
NBC Textbooks, LLC		11-12004		20-1831425		5,395,334
College Bookstores of America, Inc.		11-12009		36-3309518		12,916,669
Campus Authentic, LLC		11-12003		90-0439156		—
Net Textstore, LLC		11-12002		14-1996469		70,000

Total					$	49,125,841

The disbursement information is based on the company’s books and records that are maintained and prepared under Generally Accepted Accounting Principles (“GAAP”). The information has not been audited.

Nebraska Book Company, Inc., et al.

MOR1b

Account Balances

February 2012


Last 4 digits of Account Number	Book Balance February 29, 2012
Main Corporate Accounts
7107	$	91,680,945
3259		(1,048,216	)
0248		350,000
5099		506,098
9988		1,032
7131		(1,807	)
8027		(3,952	)
7107		(2,942,918	)

Change Fund		1,002,186

Aggregate individual bookstore accounts		10,474,297	(1)

	$	100,017,665

(1)	Individual bookstore accounts are swept periodically into the corporate account.

March 30, 2012

Office of the United States Trustee

Subject: February Monthly Operating Report Attestation Regarding Bank Account Reconciliations

The Debtor, Nebraska Book Company, Inc. and its affiliated Debtors, hereby submits this attestation regarding bank account reconciliations in lieu of providing copies of bank statements and copies of all account reconciliations.

The Debtor has, on a timely basis, performed all bank account reconciliations in the ordinary course of its business. Copies of bank account statements and reconciliations are available for inspection upon request by the United States Trustee’s Office.

/s/ Alexi A. Wellman

Name: Alexi A. Wellman

Position: Chief Financial Officer

Sworn to and Subscribed

before me on this 30^th

day of March, 2012

/s/ Mary A. Lockard

Notary Public

My Commission Expires: March 5, 2013

Nebraska Book Company, Inc., et al.

MOR 2

(DEBTOR IN POSSESSION AS OF JUNE 27, 2011)

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE ELEVEN MONTHS ENDED FEBRUARY 29, 2012

(UNAUDITED)


	CONSOLIDATED NBC ACQUIS CORP			ELIMINATIONS			NBC ACQUISITION CORP			NEBRASKA BOOK COMPANY, INC.			NBC TEXTBOOKS, LLC		NET TEXTSTORE, LLC		COLLEGE BOOKSTORES OF AMERICA			SPECIALTY BOOKS, INC.			CAMPUS AUTHENTIC
REVENUES, net of returns	$	528,249,986	A	$	(39,358,696	)		—		$	296,346,619		$	128,065,059	$	10,457,605	$	127,124,843		$	5,440,433		$	174,123

COSTS OF SALES (exclusive of depreciation shown below)		329,084,675			(39,363,197	)		—			193,137,391			79,374,679		4,219,583		88,020,737			3,550,399			145,083

Gross profit		199,165,311	A		4,501			—			103,209,228			48,690,380		6,238,022		39,104,106			1,890,034			29,040

OPERATING EXPENSES:
Selling, general and administrative		164,235,050			4,501			—			115,111,482			16,352,771		3,668,000		27,768,401			1,302,757			27,138
Depreciation		7,241,652			—			—			5,555,679			620,158		11,900		1,028,666			25,249			—
Amortization		7,444,548			—			—			1,615,586			4,914,841		—		818,458			95,663			—
Impairment		122,638,927			—			—			106,726,035			—		—		15,912,892			—			—
Stock-based compensation		31,638			—			—			31,638			—		—		—			—			—
Intercompany administrative charge		—			—			—			(8,407,200	)		2,799,800		167,200		5,327,300			112,900			—

		301,591,815			4,501			—			220,633,220			24,687,570		3,847,100		50,855,717			1,536,569			27,138

INCOME (LOSS) FROM OPERATIONS		(102,426,504	)		—			—			(117,423,992	)		24,002,810		2,390,922		(11,751,611	)		353,465			1,902

OTHER EXPENSES (INCOME)
Interest expense		36,642,461			—			2,252,987			34,389,180			158		130		—			6			—
Interest income		(14,476	)		—			—			4,015			—		—		(17,850	)		(641	)		—

		36,627,985			—			2,252,987			34,393,195			158		130		(17,850	)		(635	)		—

INCOME (LOSS) BEFORE REORGANIZATION ITEMS AND INCOME TAXES		(139,054,489	)		—			(2,252,987	)		(151,817,187	)		24,002,652		2,390,792		(11,733,761	)		354,100			1,902

REORGANIZATION ITEMS		23,143,962			—			—			23,143,962			—		—		—			—			—

INCOME (LOSS) BEFORE INCOME TAXES		(162,198,451	)		—			(2,252,987	)		(174,961,149	)		24,002,652		2,390,792		(11,733,761	)		354,100			1,902

INCOME TAX EXPENSE (BENEFIT)		(29,520,000	)		—			(138,000	)		(34,880,000	)		8,810,000		878,000		(4,320,000	)		130,000			—

NET INCOME (LOSS)	$	(132,678,451	)	$	—		$	(2,114,987	)	$	(140,081,149	)	$	15,192,652	$	1,512,792	$	(7,413,761	)	$	224,100		$	1,902

A	Deferred rental revenue and gross profit as of February 29, 2012 are $12.6 million and $6.1 million, respectively.

Nebraska Book Company, Inc., et al.

MOR 3

(DEBTOR IN POSSESSION AS OF JUNE 27, 2011)

CONSOLIDATED BALANCE SHEETS

FEBRUARY 29, 2012


	CONSOLIDATED NBC ACQUIS CORP			ELIMINATIONS			NBC ACQUISITION CORP			NEBRASKA BOOK COMPANY, INC.			NBC TEXTBOOKS, LLC		NET TEXTSTORE, LLC			COLLEGE BOOKSTORES OF AMERICA			SPECIALTY BOOKS, INC.			CAMPUS AUTHENTIC
ASSETS

CURRENT ASSETS:
Cash and cash equivalents	$	100,017,666		$	—		$	—		$	98,339,695		$	—	$	—		$	1,675,417		$	2,554		$	—
Intercompany receivable (payable)		—			(26,241,749	)		26,241,749			(139,236,724	)		176,920,178		5,300,353			(40,751,080	)		(2,190,931	)		(41,796	)
Receivables, net		85,616,203						42			37,273,472			19,577,346		229,696			28,175,701			347,229			12,717
Inventories		126,659,135			—			—			69,577,781			19,426,896		2,551,334			33,286,750			1,816,374			—
Recoverable income taxes		2,669,027			—			—			2,669,027			—		—			—			—			—
Deferred income taxes		9,715,819			—			(45,585	)		3,550,404			4,712,000		139,000			1,335,000			25,000			—
Prepaid expenses and other assets		17,421,049			—			—			8,855,534			3,696,574		—			4,821,530			47,411			—

		342,098,899			(26,241,749	)		26,196,206			81,029,189			224,332,994		8,220,383			28,543,318			47,637			(29,079	)

PROPERTY AND EQUIPMENT, net of depreciation & amortization		37,161,985			—			—			32,006,909			673,145		130,813			4,040,792			310,326			—

GOODWILL		7,599,064			—			—			7,599,064			—		—			—			—			—

IDENTIFIABLE INTANGIBLES, net of amortization		106,162,808			—			—			38,994,323			64,146,366		—			1,816,167			1,205,952			—

DEBT ISSUE COSTS, net of amortization		337,290			—			276,688			60,602			—		—			—			—			—

INVESTMENT IN SUBSIDIARIES		—			(21,975,399	)		(129,315,538	)		151,290,937			—		—			—			—			—

OTHER ASSETS		1,579,669			—			—			1,440,659			—		—			139,010			—			—

	$	494,939,715		$	(48,217,148	)	$	(102,842,644	)	$	312,421,683		$	289,152,505	$	8,351,196		$	34,539,287		$	1,563,915		$	(29,079	)

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

CURRENT LIABILITIES:
Accounts payable	$	21,044,375		$	—		$	—		$	14,009,268		$	2,309,263	$	(188	)	$	4,577,784		$	148,253		$	(5	)
Accrued employee compensation and benefits		7,779,385			—			—			5,522,236			1,345,798		—			873,525			37,826			—
Accrued interest		1,702,574			—			—			1,702,574			—		—			—			—			—
Accrued incentives		4,993,317			—			—			19,880			4,973,437		—			—			—			—
Accrued expenses		5,587,325			—			—			4,238,798			15,535		—			1,326,121			6,871			—
Income taxes payable		—			—			—			(90,981,894	)		86,925,187		2,438,000			1,628,851			(5,511	)		(4,633	)
Deferred revenue		14,559,139			—			—			11,646,997			—		—			2,912,142			—			—
Current maturities of long-term debt		107,505			—			—			107,505			—		—			—			—			—
DIP term loan facility		124,584,470			—			—			124,584,470			—		—			—			—			—

Total current liabilities		180,358,090			—			—			70,849,834			95,569,220		2,437,812			11,318,423			187,439			(4,638	)

LONG-TERM DEBT, net of current maturities		61,513			—			—			61,513			—		—			—			—			—

OTHER LONG-TERM LIABILITIES		41,279			—			—			41,279			—		—			—			—			—

DEFERRED INCOME TAXES		17,136,157			—			(10,292,472	)		3,486,629			24,136,000		41,000			(673,000	)		438,000			—

LIABILITIES SUBJECT TO COMPROMISE		469,283,013			(26,241,749	)		79,390,165			413,991,010			32,486		3,076			2,102,110			5,915			—

COMMITMENTS

REDEEMABLE PREFERRED STOCK
Series A redeemable preferred stock, $.01 par value, 20,000 shares authorized, 10,000 shares outstanding at redemption value		14,076,596			—			14,076,596						—		—			—			—			—

STOCKHOLDERS’ EQUITY (DEFICIT):
Common stock, voting, authorized 5,000,000 shares of $.01 par value;
554,094 shares issued and outstanding		5,541			(100	)		5,541			100			—		—			—			—			—
Additional paid-in capital		111,312,927			(210,486,491	)		111,312,927			148,399,442			59,817,667		—			346,232			1,923,150			—
Note receivable from stockholder		—			—			—						—		—			—			—			—
Retained earnings (Accumulated deficit)		(297,335,401	)		188,511,192			(297,335,401	)		(324,408,124	)		109,597,132		5,869,308			21,445,522			(990,589	)		(24,441	)

Total stockholders’ equity (deficit)		(186,016,933	)		(21,975,399	)		(186,016,933	)		(176,008,582	)		169,414,799		5,869,308			21,791,754			932,561			(24,441	)

	$	494,939,715		$	(48,217,148	)	$	(102,842,644	)	$	312,421,683		$	289,152,505	$	8,351,196		$	34,539,287		$	1,563,915		$	(29,079	)

March 30, 2012

Office of the United States Trustee

Subject: February Monthly Operating Report Attestation Regarding Post-petition Taxes

The Debtor, Nebraska Book Company, Inc. and its affiliated Debtors, hereby submit this attestation regarding post-petition taxes.

All post-petition taxes for the Debtors, which are not subject to dispute or reconciliation, are current. There are no material tax disputes or reconciliations.

/s/ Alexi A. Wellman

Name: Alexi A. Wellman

Position: Chief Financial Officer

Sworn to and Subscribed

before me on this 30^th

day of March, 2012

/s/ Mary A. Lockard

Notary Public

My Commission Expires: March 5, 2013

Nebraska Book Company, Inc., et al.

MOR5

Accounts Reconciliation and Aging

February 2012

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING (1)


Accounts Receivable Reconciliation	Amount
Total Accounts Receivable at the Beginning of the Reporting Period	$	93,517,638

Plus: Amounts billed during the period		12,187,654
Less: Amounts collected during the period		(40,661,938	)
Less: Amounts written off or returned during the period		(3,452,299	)
Less: Customer rebates applied against receivable		(466,535	)
Plus (less): Miscellaneous Other		127,352

Change in accounts receivable, net		(32,265,766	)

Total Accounts Receivable		61,251,872
Less: Allowance for uncollectible accounts		(1,283,360	)

Total Accounts Receivable,net at the End of the Reporting Period	$	59,968,512


Accounts Receivable Aging	2/29/2012
0-30 days old		7,561,842
31-60 days old		34,779,188
61-90 days old		12,031,877
Over 90 days old		6,878,965

Total Aged Accounts Receivable		61,251,872
Less: Allowance for uncollectible accounts		(1,283,360	)

Net Accounts Receivable	$	59,968,512

(1)	“Accounts receivable” in the accompanying Balance Sheet under Form MOR-3 includes certain items which are not included in this table, including receivables for returns to publishers and buy funds receivable.

Nebraska Book Company, Inc., et al.

MOR6

Payments to Professionals

February 2012


Name	Amount
Kirkland & Ellis, LLP	$	377,653
Rothschild, Inc.		345,167
AlixPartners, LLP		220,290
Blackstone Advisory Services L.P.
Mesirow Financial Consulting, LLC		152,692
Lowenstein Sandler PC		36,895
Stevens & Lee, PC		8,673
Kurtzman Carson Consultants, LLC		125,581
Duff & Phelps		21,705
Pachulski Stang Ziehl & Jones LLP		18,442

Total	$	1,307,098

The Professional Fees information is based on the company’s books and records that are maintained and prepared under Generally Accepted Accounting Principles (“GAAP”). The information has not been audited.

In re: Nebraska Book Company, Inc., et al.


		Case No. (Jointly Administered)		11-12005(PJW)
		Reporting Period:		February 29, 2012
				MOR 7
		Federal Tax I.D. #		47-0549819

Debtor Questionnaire


	Must be completed each month. If the answer to any of the questions is “Yes”, provide a detailed explanation of each item. Attach additional sheets if necessary.	Yes	No
1	Have any assets been sold or transferred outside the normal course of business this reporting period?		X
2	Have any funds been disbursed from any account other than a debtor in possession account this reporting period?		X
3	Is the Debtor delinquent in the timely filing of any post-petition tax returns?		X
4	Are workers compensation, general liability or other necessary insurance coverages expired or cancelled, or has the debtor received notice of expiration or cancellation of such policies?		X
5	Is the Debtor delinquent in paying any insurance premium payment?		X
6	Have any payments been made on pre-petition liabilities this reporting period?	X
7	Are any post petition receivables (accounts, notes or loans) due from related parties?		X
8	Are any post petition payroll taxes past due?		X
9	Are any post petition State or Federal income taxes past due?		X
10	Are any post petition real estate taxes past due?		X
11	Are any other post petition taxes past due?		X
12	Have any pre-petition taxes been paid during this reporting period?	X
13	Are any amounts owed to post petition creditors delinquent?		X
14	Are any wage payments past due?		X
15	Have any post petition loans been received by the Debtor from any party?		X
16	Is the Debtor delinquent in paying any U.S. Trustee fees?		X
17	Is the Debtor delinquent with any court ordered payments to attorneys or other professionals?		X
18	Have the owners or shareholders received any compensation outside of the normal course of business?		X

NBC ACQUISITION CORP 8-K