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:		March 1 – March 31, 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				May 15, 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

March 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		18,114,854
Specialty Books, Inc.		11-12007		75-3044807		16
NBC Textbooks, LLC		11-12004		20-1831425		5,598,733
College Bookstores of America, Inc.		11-12009		36-3309518		3,648,052
Campus Authentic, LLC		11-12003		90-0439156		—
Net Textstore, LLC		11-12002		14-1996469		60,000

Total					$	27,421,655

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

March 2012


Last 4 digits of Account Number	Book Balance March 31, 2012
Main Corporate Accounts
7107	$	98,240,985
3259		785,077
0248		350,000
5099		50,132
9988		4,066
7131		2,005
8027		(4,551	)
7107		(1,864,374	)
Change Fund		4,137,976
Aggregate individual bookstore accounts		6,773,274	(1)

	$	108,474,590

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

May 15, 2012

Office of the United States Trustee

Subject: March 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 15^th

day of May, 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 YEAR ENDED MARCH 31, 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	$	524,952,516	A	$	(39,632,891	)		—		$	287,278,507		$	129,651,357	$	11,372,694	$	129,970,313		$	6,132,099		$	180,437

COSTS OF SALES (exclusive of depreciation shown below)		334,246,266			(39,810,053	)		—			187,650,237			83,518,721		5,070,301		93,245,665			4,422,211			149,184

Gross profit		190,706,250	A		177,162			—			99,628,270			46,132,636		6,302,393		36,724,648			1,709,888			31,253

OPERATING EXPENSES:
Selling, general and administrative		168,538,283			177,162			—			115,838,526			17,821,673		3,929,406		29,256,253			1,474,952			40,311
Depreciation		7,424,551			—			—			5,597,216			651,994		13,769		1,134,158			27,414			—
Amortization		8,127,923			—			—			1,760,947			5,362,280		—		900,200			104,496			—
Impairment		122,638,927			—			—			106,726,035			—		—		15,912,892			—			—
Stock-based compensation		34,455			—			—			34,455			—		—		—			—			—
Intercompany administrative charge		—			—			—			(8,755,800	)		2,865,600		212,400		5,550,000			127,800			—

		306,764,139			177,162			—			221,201,379			26,701,547		4,155,575		52,753,503			1,734,662			40,311

INCOME (LOSS) FROM OPERATIONS		(116,057,889	)		—			—			(121,573,109	)		19,431,089		2,146,818		(16,028,855	)		(24,774	)		(9,058	)

OTHER EXPENSES (INCOME)
Interest expense		39,464,046			—			2,274,270			37,189,482			158		130		—			6			—
Interest income		(64,695	)		—			—			(44,962	)		—		—		(19,092	)		(641	)		—

		39,399,351			—			2,274,270			37,144,520			158		130		(19,092	)		(635	)		—

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE REORGANIZATION ITEMS AND INCOME TAXES		(155,457,240	)		—			(2,274,270	)		(158,717,629	)		19,430,931		2,146,688		(16,009,763	)		(24,139	)		(9,058	)

REORGANIZATION ITEMS		30,300,583			—			—			30,300,753			—		—		(170	)		—			—

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(185,757,823	)		—			(2,274,270	)		(189,018,382	)		19,430,931		2,146,688		(16,009,593	)		(24,139	)		(9,058	)

INCOME TAX EXPENSE (BENEFIT)		(35,235,000	)		—			(88,000	)		(35,147,000	)		—		—		—			—			—

INCOME (LOSS) FROM CONTINUING OPERATIONS		(150,522,823	)		—			(2,186,270	)		(153,871,382	)		19,430,931		2,146,688		(16,009,593	)		(24,139	)		(9,058	)

DISCONTINUED OPERATIONS		(7,842,683	)		—			—			(7,402,993	)		—		—		(439,690	)		—			—

NET INCOME (LOSS)	$	(158,365,506	)	$	—		$	(2,186,270	)	$	(161,274,375	)	$	19,430,931	$	2,146,688	$	(16,449,283	)	$	(24,139	)	$	(9,058	)

A	Deferred rental revenue and gross profit as of March 31, 2012 are $7.5 million and $3.6 million, respectively.

**	Adjustments are still being determined. Results are subject to change during the annual audit process. An updated Monthly Operating Report will be filed once the annual audit process is complete.

NOTE TO MOR-2

Nebraska Book Company, Inc. and its affiliated debtors and debtors in possession (collectively, the “Debtors”) submit this supplement to MOR-2 for the March 2012 monthly operating report.

The Debtors have completed their preliminary year-end financial closing process for the year ended March 31, 2012; however, amounts are subject to change for the year-end audit process. Preliminary results indicate that, while revenue was in-line with forecasts, the Debtors’ EBITDA for the fiscal year ended March 31, 2012 will fall short of forecasts. The Debtors initially projected EBITDA of approximately $40 million to $43 million for the fiscal year, and the Debtors currently anticipate that their adjusted EBITDA (after adjusting for approximately $17 million in non recurring charges related to shut-down costs at approximately 50 unprofitable off-campus stores) will be approximately $39 million over that period.

The Debtors anticipate the causes of the EBITDA shortfall will have only a minor negative effect on their go-forward business plan, will not materially affect long term prospects for growth, nor will result in any material modifications to the Debtors’ Third Amended Joint Plan of Reorganization of Nebraska Book Company, Inc., et al. Pursuant to Chapter 11 of the Bankruptcy Code [Docket No. 1086]. Notwithstanding the adjusted EBITDA shortfall, growth at the Debtors’ wholesale rental program is overall exceeding expectations and the Debtors remain confident in the strength of their business model going forward.

As noted in the “Risk Factors” contained in Article XIII.C of the Disclosure Statement Relating to the Third Amended Joint Plan of Reorganization of Nebraska Book Company, Inc., et al., Pursuant to Chapter 11 of the Bankruptcy Code [Docket No. 1087] (the “Disclosure Statement”), the Debtors’ financial projections attached to the Disclosure Statement (the “Financial Projections”) represent management’s best estimate of the Debtors’ future financial performance based on then-known facts and assumptions, and the Debtors’ actual financial results may differ significantly from the Financial Projections based on these or other factors.

Nebraska Book Company, Inc., et al.

MOR 3

(DEBTOR IN POSSESSION AS OF JUNE 27, 2011)

CONSOLIDATED BALANCE SHEETS **

MARCH 31, 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	$	108,474,590		$	—		$	—		$	102,241,051		$	3,252,000	$	—	$	2,978,994		$	2,545		$	—
Intercompany receivable (payable)		—			(26,191,749	)		26,191,749			(143,754,080	)		172,673,154		5,439,182		(32,230,410	)		(2,086,864	)		(40,982	)
Receivables, net		75,213,560						42			34,758,478			14,396,499		294,892		25,069,700			692,966			983
Inventories		94,663,107			—			—			46,305,848			23,901,259		2,048,504		21,430,541			976,955			—
Recoverable income taxes		11,888,376			—			—			11,888,376			—		—		—			—			—
Deferred income taxes		7,227,819			—			(45,585	)		2,770,404			3,896,000		—		506,000			101,000			—
Prepaid expenses and other assets		8,201,741			—			—			3,677,490			4,054,519		—		458,662			11,070			—

		305,669,193			(26,191,749	)		26,146,206			57,887,567			222,173,431		7,782,578		18,213,487			(302,328	)		(39,999	)
PROPERTY AND EQUIPMENT, net of depreciation & amortization		35,947,087			—			—			30,478,124			656,748		128,943		4,375,111			308,161			—
GOODWILL		7,599,064			—			—			7,599,064			—		—		—			—			—

IDENTIFIABLE INTANGIBLES, net of amortization		106,031,364			—			—			39,266,594			63,709,199		—		1,858,452			1,197,119			—
DEBT ISSUE COSTS, net of amortization		255,405			—			255,405			—			—		—		—			—			—
INVESTMENT IN SUBSIDIARIES		—			3,637,556			(154,928,493	)		151,290,937			—		—		—			—			—
OTHER ASSETS		2,239,852			—			—			1,849,308			26,285		57,074		307,185			—			—

	$	457,741,965		$	(22,554,193	)	$	(128,526,882	)	$	288,371,594		$	286,565,663	$	7,968,595	$	24,754,235		$	1,202,952		$	(39,999	)

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts payable	$	13,402,667		$	—		$	—		$	5,959,545		$	5,176,151	$	—	$	2,177,867		$	89,068		$	36
Accrued employee compensation and benefits		8,370,545			—			—			5,966,428			1,467,199		—		894,646			42,272			—
Accrued interest		1,781,889			—			—			1,781,889			—		—		—			—			—
Accrued incentives		4,813,182			—			—			19,880			4,793,302		—		—			—			—
Accrued expenses		5,311,390			—			—			4,094,323			9,568		194		1,204,419			2,886			—
Income taxes payable		—			—			—			(78,181,652	)		73,784,187		1,455,000		3,042,609			(95,511	)		(4,633	)
Deferred revenue		9,089,160			—			—			7,354,945			—		—		1,734,215			—			—
Current maturities of long-term debt		119,348			—			—			119,348			—		—		—			—			—
DIP term loan facility		124,690,056			—			—			124,690,056			—		—		—			—			—

Total current liabilities		167,578,237			—			—			71,804,762			85,230,407		1,455,194		9,053,756			38,715			(4,597	)
LONG-TERM DEBT, net of current maturities		49,670			—			—			49,670			—		—		—			—			—

OTHER LONG-TERM LIABILITIES		53,868			—			—			53,868			—		—		—			—			—

DEFERRED INCOME TAXES		18,722,157			—			(10,292,472	)		(150,371	)		27,651,000		7,000		1,033,000			474,000			—

LIABILITIES SUBJECT TO COMPROMISE		468,962,608			(26,191,749	)		79,390,165			413,812,654			31,177		3,198		1,911,248			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		111,315,744			(210,489,308	)		111,315,744			148,402,259			59,817,667		—		346,232			1,923,150			—
Note receivable from stockholder		—			—			—						—		—		—			—			—
Retained earnings (Accumulated deficit)		(323,022,456	)		214,126,964			(323,022,456	)		(345,601,348	)		113,835,412		6,503,203		12,409,999			(1,238,828	)		(35,402	)

Total stockholders’ equity (deficit)		(211,701,171	)		3,637,556			(211,701,171	)		(197,198,989	)		173,653,079		6,503,203		12,756,231			684,322			(35,402	)

	$	457,741,965		$	(22,554,193	)	$	(128,526,882	)	$	288,371,594		$	286,565,663	$	7,968,595	$	24,754,235		$	1,202,952		$	(39,999	)

**	Adjustments are still being determined. Results are subject to change during the annual audit process. An updated Monthly Operating Report will be filed once the annual audit process is complete.

May 15, 2012

Office of the United States Trustee

Subject: March 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 15^th

day of May, 2012

/s/ Mary A. Lockard

Notary Public

My Commission Expires: March 5, 2013

Nebraska Book Company, Inc., et al.

MOR5

Accounts Reconciliation and Aging

March 2012

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING (1)


Accounts Receivable Reconciliation	Amount
Total Accounts Receivable at the Beginning of the Reporting Period	$	61,251,872

Plus: Amounts billed during the period		9,310,400
Less: Amounts collected during the period		(22,612,896	)
Less: Amounts written off or returned during the period		(6,771,283	)
Less: Customer rebates applied against receivable		(285,751	)
Plus (less): Miscellaneous Other		337,884

Change in accounts receivable, net		(20,021,646	)

Total Accounts Receivable		41,230,226
Less: Allowance for uncollectible accounts		(1,002,512	)

Total Accounts Receivable,net at the End of the Reporting Period	$	40,227,714


Accounts Receivable Aging	3/31/2012
0-30 days old		5,127,196
31-60 days old		4,782,024
61-90 days old		20,301,245
Over 90 days old		11,019,761

Total Aged Accounts Receivable		41,230,226
Less: Allowance for uncollectible accounts		(1,002,512	)

Net Accounts Receivable	$	40,227,714

(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

March 2012


Name	Amount
Kirkland & Ellis, LLP	$	260,510
Rothschild, Inc.		150,695
AlixPartners, LLP		488,548
Mesirow Financial Consulting, LLC		161,032
Lowenstein Sandler PC		55,256
Stevens & Lee, PC		11,450
Brown Rudnick LLP		74,031
Pachulski Stang Ziehl & Jones LLP		39,862
Young, Conaway, Stargatt & Taylor, LLP		969

Total	$	1,242,353

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

Case No. (Jointly Administered) 11-12005(PJW)

Reporting Period: March 31, 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/A