Thomas Nelson saw its net revenue increase to $49 million in the three months up to June 30, compared to 2003's $41.8 million, the company announced today in its financial results for the first quarter of fiscal 2005.

In addition, net income grew to $1.9 million compared to $1.1 million in the same quarter a year ago, a 77% increase.

The company carries a total debt of $3.5 million and a cash and cash-equivalent balance of $23.6 million as of June 30, 2004, compared to $7.1 million and $8.9 million as of June 30, 2003, respectively.

Chairman and CEO Sam Moore noted that Breaking the DaVinci Code by Darrell L. Bock and Refuel, a new "Biblezine" from Nelson Bibles, helped drive sales in the first quarter.

"Our financial results for the period demonstrate continued progress and reflect growth, although the year-to-year percentage increases are obviously affected by smallness of the absolute numbers," Moore said.

"We believe there are signs that business is starting to rebound in the religious bookstore market after several years of pressure," he added. "Our share of this market has increased in recent years, and we expect to benefit from any sustained recovery in this channel. Additionally, our categories Christian and Inspirational are amongst the fastest growing at general bookstores, and, here, too, we are benefiting from the market trend."

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