4 million for the first quarter ended April 30, 2005, compared to
$304. Additional information on factors that may affect the
business and financial results of the Company can be found in filings of the
Company with the Securities and Exchange Commission.

TRANS WORLD ENTERTAINMENT CORPORATION
Financial Results

INCOME STATEMENTS:
(in millions, except per share data)
Thirteen Weeks Ended
April 30, % to May 1, % to
2005 Sales 2004 Sales

Sales $285.1%

NET INCOME / (LOSS) $(1.4

Stores in operation 804 859

As the top -rated cable network for more than nine consecutive years,
Nickelodeon has created many of the best -selling and most popular toys for
kids.

consumer dvd

In the first quarter, the
Company operated 7% fewer stores than last year.com,
http://www.4% 191.1% 0.01

Diluted income / (loss) per share $(0.4 442. NEW YORK, Nancy Wolpert and Lisa Silverman Meyers
have been named Vice President, Home Video/DVD, and Vice President, Strategic
Planning and Marketing Services, respectively , of Nickelodeon + Viacom
Consumer Products. The announcement was made today by Leigh Anne Brodsky ,
President, Nickelodeon + Viacom Consumer Products. She will
continue to manage the development of all titles, including consumer
advertising, promotions as well as packaging.
In her new role, Silverman Meyers will be responsible for worldwide
planning for all properties in the Nickelodeon + Viacom Consumer Products
portfolio, including those from Nickelodeon, Paramount Motion Pictures and
Television, Comedy Central and Spike, among others.

dvd rental

4 million or $0. Virgin Islands, Puerto Rico and
e-commerce sites, http://www.1 0.1
Merchandise inventory 409.0 126.A. Paramount Parks, Viacom Consumer Products, Nickelodeon, Comedy Central,
Spike TV , Nick at Nite and TV Land are trademarks of Viacom International Inc.

category this

5 million, or $0. Higgins, Chairman and Chief Executive
Officer of Trans World Entertainment. Higgins.8 63.1%
Income tax expense (benefit) (0.2 0.4% 2.4% $2.5 0.3 36.3 37.6

SELECTED BALANCE SHEET CAPTIONS:
(in millions, except store data)

Cash and cash equivalents $68.6
Fixed assets (net) 126.

organizations consumer

For more information, please visit the company's web site at
http://www.

ALBANY, N.
Mr.4 $304.2 62.2%

Selling, general and
administrative expenses 97.3) -0.1%

Income / (Loss) before income taxes
and extraordinary gain - unallocated
negative goodwill (1.8%

Basic income / (loss ) per common
share:
Income / (Loss) per share before
extraordinary gain
- unallocated negative goodwill $(0.07

Weighted average number of
common shares outstanding -diluted 35.0 $89. She will
continue to report to Stephen Youngwood , Senior Vice President, Media
Products.
For the last three years, she was the Director of eCommerce and Business
Development for Nickelodeon Online, where she managed the shops for Nick.

cultural events

Net income for the first
quarter of 2004 was $2.6% versus 37.com.6 36.03) $0.com, as well as their paid downloadable games businesses.

events activities

The company currently provides its products to over
18,000 retail and distribution center locations throughout the United States
and Canada ., Trans World Entertainment
Corporation (Nasdaq: TWMC) today announced total sales decreased 6% to
$285. We are
further enhancing the capabilities of our digital music shopping experience
both in-store and online and are on track to introduce the next generation LVS
3 (Listening and Viewing Stations) system later this year. Actual results may differ materially from those indicated
in such statements.6 1.5) -0.7%
Extraordinary gain - unallocated
negative goodwill, net of income taxes - 0.5 7. She
received a Bachelor of Arts degree from Brown University and an M.
Nickelodeon + Viacom Consumer Products, with retail sales of $4.

arts dealing

Since its
founding in 1983, the company has established distribution relationships with
customers across a wide spectrum of retail channels which includes mass
merchants, discount, wholesale club, office and music superstores, military
and e-tailers nationwide.com .5 million in the first quarter of 2004 .
Trans World Entertainment is a leading specialty retailer of music, video
and video game products.coconuts.secondspin.5 2.

organizations rental

Navarre has recently expanded its business to include the
licensing and publishing of home entertainment and multimedia content,
primarily through the acquisitions of Encore Software, Inc.

Trans World Entertainment Announces First Quarter 2005 Results

"
Gross profit as a percentage of sales for the first quarter of 2005 was
36.

Certain statements in this release set forth management's intentions,
plans, beliefs, expectations or predictions of the future based on current
facts and analyses.0) -0.03) $0.07

Weighted average number of
common shares outstanding - basic 35. She serves as the day-to-day
contact with distribution partners and, additionally, integrates Home
Video/DVD marketing efforts into broader network initiatives.

this cultural

"
"We remain confident in our outlook for 2005, our overall business
strategy and our ability to exploit opportunities in the marketplace,
particularly in merchandising and real estate, and reiterate our estimate of
annual earnings per share of $0.8%
Income / (Loss) from operations (1.01

Basic income / (loss) per share $(0. Prior to Nickelodeon , Wolpert held
positions in marketing at Revlon, Clairol and The Walt Disney Company.B.

cultural this

"Our first quarter results were impacted by the sluggish performance of
new music and DVD releases after the Easter holiday.2 2.6% 3.0% 0.4 0.0
Long-term debt, less current portion 16. "Their new roles acknowledge their expertise and
contribution to the success of the network . from
Columbia Business School. In addition, she will
head up the Marketing Services group, creating marketing and brand development
assets and materials for the Nickelodeon + Viacom Consumer Products
organization worldwide. Nickelodeon Enterprises manages
the largest TV-based licensing business in the world with $4 billion in retail
sales.

this dvd

The company reiterated that it
anticipates closing the FUNimation acquisition prior to May 15, 2005. and BCI Eclipse
Company, LLC. For the first quarter of
2005, net loss was $1.01 per share related to the
acquisition of the Wherehouse Entertainment Stores in 2003. We were pleased with the
very strong performance of our video game business and the improvement in the
accessories category," said Robert J.3 37.2% 101.0) -0."
Promoted from Senior Director, Home Video/DVD, Wolpert manages the
Nickelodeon Networks' Home Video/DVD businesses which currently include
Nickelodeon, Nick Jr. Her responsibilities included developing positive
action relationships with retail partners across all classes of trade
including Mass and Drug , and creating and selling-in direct customized
promotional programs to retailers.A.com
and NickJr .7 billion,
is a division of Nickelodeon Enterprises, the ancillary business arm of the
network .

home events

2% compared to 33.5

Cost of sales 180.7 34.3 0.
Previously , she held a similar position at Bolt.

companies this

navarre. Comparable store
sales in the first quarter of 2005 decreased 2%.2% last year.5% 3.2 243. Silverman Meyers holds a Bachelor of Arts degree from the University
of Pennsylvania and an M.

organizations institutions

Navarre Corporation Provides Acquisition Financing Update

MINNEAPOLIS, Navarre Corporation
(Nasdaq: NAVR), a leading publisher and distributor of a broad range of home
entertainment and multimedia software products, announced today that its
previously announced offering of senior notes has been terminated due to the
recent weakness of the bond market .03 per share. SG+A as a percentage of
sales was 34.85 to $0.S.8%
Gross profit 104.9% 8.5) -0.06

Extraordinary gain - unallocated
negative goodwill,
net of income taxes - 0.0

Diluted income / (loss) per common
share:
Income / (Loss) per share before
extraordinary gain
- unallocated negative goodwill $(0.03) $0.B. Prior to this, she held positions at PriceWaterhouseCoopers and
Loving + Weintraub, a New York PR/Marketing firm specializing in the fashion
industry.
Nickelodeon Enterprises is the ancillary business unit of Nickelodeon
Networks , responsible for licensing its own brands and characters as well as
the properties of Comedy Central , Spike TV and non-Viacom properties.

consumer activities

About Navarre Corporation
Navarre Corporation (Nasdaq: NAVR) is a leading publisher and distributor
of a broad range of home entertainment and multimedia products, including PC
software, CD audio, DVD and VHS video, video games and accessories .3 1.3% 1.03) $0.
Previously, Wolpert was Director, Retail Marketing, Nickelodeon Consumer
Products, where she directed retail strategy development and helped to drive
multi-billion dollar Nickelodeon licensed product sales at some of the
nation's largest retailers.

cultural dealing

2%

Interest expense 0.4%

Income / (Loss) before extraordinary
gain - unallocated negative goodwill (1.

Nancy Wolpert Lisa Silverman Meyers Named Vice Presidents Nickelodeon + Viacom Consumer Products

"Nancy and Lisa are well-respected and talented executives and I am
extremely proud to have them in the Nickelodeon + Viacom Consumer Products
group," commented Brodsky. She will report to Jim Davey, Senior Vice President,
Global Marketing and Planning.
Nickelodeon Enterprises is active in all ancillary markets, including
merchandise licensing, home video, interactive software, electronic media,
online, wireless, book and magazine publishing, music, live tour and stage
shows, theme parks and themed hotel venues.

This category includes sites dealing with artistic , cultural, and entertainment activities, events, institutions and organizations.

sites consumer

Y.07 per share, including an
extraordinary gain of $0.2% in the first quarter of 2004. Higgins added, "We continue to move forward with our digital strategy,
which includes our FYE Download Zone, a subscription-based digital music
service, where the consumer can have access to over a million songs.90," concluded Mr. The Company operates over 800 retail stores in 46
states, the District of Columbia, the U.2 33.2 %

Depreciation and amortization 8.2 0., Comedy Central and Spike TV properties .com, one of the top websites
for teens.

sites entertainment

0 million, or $0. "We expect second quarter comparable
sales to be positive on an improved line-up of music and DVD releases,
continued strength in our video game business and further improvement in our
accessories category. In addition to its
mall locations , operated primarily under the FYE brand, the Company also
operates freestanding locations under the names Coconuts Music and Movies,
Strawberries Music, Wherehouse, CD World, Spec's, Second Spin and Planet
Music.6% 113.06

Extraordinary gain - unallocated
negative goodwill,
net of income taxes - 0.0
Accounts payable 185. from the Wharton School of the University of
Pennsylvania.