Exhibit 99.1

Hastings Entertainment, Inc. Reports Results for the Third Quarter of Fiscal 2012

AMARILLO, Texas, November 19, 2012—Hastings Entertainment, Inc. (NASDAQ: HAST), a leading multimedia entertainment retailer, today reported results for the three and nine months ended October 31, 2012. Net loss was approximately $8.0 million, or $0.98 per diluted share, for the three months ended October 31, 2012 compared to a net loss of approximately $5.5 million, or $0.65 per diluted share, for the three months ended October 31, 2011. Net loss was approximately $10.5 million, or $1.28 per diluted share, for the nine months ended October 31, 2012 compared to net loss of $9.2 million, or $1.07 per diluted share, for the nine months ended October 31, 2011.

Fiscal year 2011 net loss numbers included tax benefits of $3.9 million for the three months ended October 31, 2011 and $4.7 million for the nine months ended October 31, 2011. There were no tax benefits for the current quarter and current year to date due to the valuation allowance that was established in the fourth quarter of fiscal 2011. For further details on the valuation allowance, see the comment on income tax expense in the section covering financial results for the nine months ended October 31, 2012. Pre-tax loss decreased approximately $1.4 million to $8.0 million for the three months ended October 31, 2012, compared to a pre-tax loss of $9.4 million for the three months ended October 31, 2011. Pre-tax loss decreased approximately $3.5 million to $10.4 million for the nine months ended October 31, 2012, compared to a pre-tax loss of $13.9 million for the nine months ended October 31, 2011.

Reconciliations of non-GAAP financial measures to comparable GAAP financial measures are included in the tables following the financial statements in this release.

“Our revenues continue to be impacted by the increasing popularity of digital delivery, rental kiosks and subscription-based services. We also saw a significant negative impact on rental revenues during the early part of the current third quarter due to the Olympic Games. Additionally, the November elections negatively impacted fall revenues,” said John Marmaduke, Chief Executive Officer and Chairman. “In spite of lower revenues, we continue to reduce pre-tax losses which were $1.4 million less than last year for the third quarter and $3.5 million, or 25%, lower for the nine months ended October 31, 2012 when compared to the prior year.

“As of the end of the third quarter, we have introduced our new product categories in forty-four stores. These categories include consumer electronics, sports, exercise, vinyl and tablets and resulted in increases in comparable revenues of 16.7% and 11.9% for the quarter and nine months, respectively, in our Electronics Department. By the end of the year we will have added these products in sixty-seven stores and look forward to a full year’s performance, as well as continued expansion in the remaining stores.

“With respect to games, the industry as a whole continues to struggle and is down significantly due to a lack of new game platforms and game releases.

“Call of Duty-Black Ops 2, which launched midnight, November 5^th is performing well for us and we expect that it will be the largest entertainment title for the year. Halo 4 is also performing well and Assassins Creed 3 is exceeding our expectations. We expect sales for these three titles will continue to be strong throughout the holiday season. Additionally, we expect the launch of Wii U will drive game revenues for the holiday season.

“We continue to improve margin rates, improve store execution and reduce SG&A expenses. Finally, by managing working capital, we were able to reduce debt by $9.8 million during the first nine months of our current fiscal year.”

Financial Results for the Third Quarter of Fiscal Year 2012

Revenues. Total revenues for the third quarter decreased approximately $7.3 million, or 6.7%, to $101.3 million compared to $108.6 million for the third quarter of fiscal 2011. As of October 31, 2012, we operated six fewer Hastings superstores, as compared to October 31, 2011. The following is a summary of our revenues results (dollars in thousands):

Comparable-store revenues (“Comp”)

Below is a summary of the Comp results for our major merchandise categories:

Electronics Comps increased 16.7% for the quarter primarily due to increased sales in electronics hardware items, such as refurbished DVD players, tablet accessories and musical instrument accessories. Hardback Café Comps increased 15.2% for the quarter primarily due to increased sales of blended, iced and hot specialty café drinks. Trends Comps increased 6.6% for the quarter primarily due to increased sales of boutique apparel, comics and recreational sporting equipment. Consumables Comps increased 1.2% for the quarter primarily due to increased sales of popcorn and candies. Movie Comps increased 0.4% for the quarter primarily due to increased sales of Blu-ray movies and DVD boxed-sets, partially offset by a decrease in previously viewed films. Book Comps decreased 1.4% for the quarter primarily due to book signings and promotional events taking place during the same quarter of the prior fiscal year, partially offset by continued strong sales of the 50 Shades series. Book Comps, excluding Nextbook sales, digital books and accessories decreased 2.4% for the quarter. Music Comps decreased 14.1% primarily due to lower sales of new CDs and the increasing popularity of digital delivery. Video Game Comps decreased 20.8% during the quarter, primarily due to a weaker release schedule and lower sales of video game consoles. Video game hardware sales have decreased during the period due to anticipation of the new WiiU system being released by Nintendo in November 2012 and the likelihood of other consoles being released in 2013.

Rental Comps decreased 13.7% for the third quarter, primarily resulting from fewer rentals of DVDs and video games, partially offset by an increase in rentals of Blu-ray movies. Rental Movie Comps decreased 11.4% for the quarter primarily due to competition from rental kiosks and subscription-based rental services and a significant negative impact on rentals from the Olympic Games during the early part of the quarter. Rental Video Game Comps decreased 30.4% due to a weak release schedule and low demand in anticipation of new game platform releases.

Gross Profit – Merchandise. For the third quarter, total merchandise gross profit dollars decreased approximately $0.2 million, or 0.7%, to $27.3 million from $27.5 million for the same period in the prior year, primarily due to a decrease in revenue, partially offset by increased margin rates. As a percentage of total merchandise revenue, merchandise gross profit increased to 31.1% for the quarter compared to 29.6% for the same period in the prior year, resulting primarily from a continued shift in mix of revenues by category and lower shrink expense.

Gross Profit – Rental. For the third quarter, total rental gross profit dollars decreased approximately $0.7 million, or 7.4%, to $8.8 million from $9.5 million for the same period in the prior year, primarily due to a decrease in revenue, partially offset by increased margin rates. As a percentage of total rental revenue, rental gross profit increased to 66.4% for the quarter compared to 60.2% for the same period in the prior year, primarily due to a significant reduction in rental asset purchases based on lower anticipated rental revenues which, in turn, resulted in lower depreciation.

Selling, General and Administrative Expenses (“SG&A”). As a percentage of total revenue, SG&A increased to 43.4% for the third quarter compared to 42.5% for the same period in the prior year due to deleveraging resulting from lower revenues. SG&A decreased approximately $2.2 million during the quarter, or 4.8%, to $44.0 million compared to $46.2 million for the same quarter last year. The decrease results primarily from a decrease of $1.2 million in store labor costs, a $1.1 million decrease in occupancy costs, including depreciation, and a $0.6 million decrease in store advertising expense, partially offset by a $0.8 million increase in estimated bonuses under our corporate officer and management bonus incentive programs, resulting from the fact that minimal bonuses were estimated during the third quarter of 2011. The decrease in occupancy expense and, to a certain extent, the decrease in store labor costs, are primarily a result of operating six fewer superstores this quarter compared to the same quarter in the prior year.

Interest Expense. For the third quarter, interest expense decreased $0.1 million to $0.3 million compared to $0.4 million for the same quarter last year, primarily due to lower average debt levels during the current quarter. The average rate of interest charged for the third quarter decreased to 2.5% compared to 2.7% for the same period in the prior year.

Income Tax Expense. The effective tax rate for the third quarter was -0.5% primarily due to Texas state income tax, which is based primarily on gross margin. For further details, see the Income Tax Expense notes in the section covering Financial Results for the Nine Months Ended October 31, 2012.

Financial Results for the Nine Months Ended October 31, 2012

Revenues. Total revenues for the nine months ended October 31, 2012 decreased approximately $22.4 million, or 6.5%, to $320.9 million compared to $343.3 million for the nine months ended October 31, 2011. The following is a summary of our revenues results (dollars in thousands):

Comparable-store revenues (“Comp”)

Below is a summary of the Comp results for our major merchandise categories:

Electronics Comps increased 11.9% for the period primarily due to increased sales in electronics accessories, such as headphones, wireless phone accessories, tablet and iPhone accessories. Hardback Café Comps increased 10.9% for the period primarily due to increased sales of blended, iced and hot specialty café drinks. Trends Comps increased 9.7% for the period primarily due to increased sales of boutique apparel, comics and recreational sporting equipment. Consumables Comps increased 2.6% for the period primarily due to increased sales of licensed novelty candy items and soft drinks. Book Comps decreased 0.3% for the period primarily due to book signings and promotional events taking place during the same period of the prior fiscal year, partially offset by continued strong sales of the 50 Shades series. Book Comps, excluding Nextbook sales, digital books and accessories decreased 1.6% for the period. Movie Comps decreased 1.5% for the period primarily due to decreased sales in previously viewed films. Music Comps decreased 12.0% primarily due to lower sales of new CDs and the increasing popularity of digital delivery. According to Nielsen SoundScan numbers for the first nine calendar months of 2012, physical unit sales of the CD album format were down 14.5% while unit sales of the digital album format were up 15.3%. Our physical unit sales of CDs continue to outperform the industry, as they were only down 10.0% for the nine months ended October 31, 2012. Video Game Comps decreased 21.8% during the period, primarily due to lower sales of new and used video games and lower sales of video game consoles. Video game hardware sales have decreased during the period due to anticipation of the new WiiU system being released by Nintendo in November 2012 and the likelihood of other consoles being released in 2013.

Rental Comps decreased 14.0% during the period primarily due to fewer rentals of movies and video games, partially offset by an increase in rentals of Blu-ray movies. Rental Movie Comps decreased 11.6% primarily due to competition from rental kiosks and subscription-based services and a significant negative impact on rentals from the Olympic Games during the period. Rental Video Game Comps decreased 28.9% primarily due to a weak release schedule and low demand in anticipation of new game platform releases.

Gross Profit – Merchandise. For the current nine months, total merchandise gross profit dollars increased approximately $0.9 million, or 1.0%, to $89.6 million from $88.7 million for the same period in the prior year, primarily due to an increase in margin rates, partially offset by a decrease in revenues. As a percentage of total merchandise revenue, merchandise gross profit increased to 32.4% for the current nine months, compared to 30.6% for the same period in the prior year, primarily due to a shift in mix of revenues by category and lower shrink expenses, partially offset by an increase in freight expense.

Gross Profit – Rental. For the current nine months, total rental gross profit dollars decreased approximately $3.1 million, or 9.6%, to $29.2 million from $32.3 million for the same period in the prior year primarily due to a decrease in revenue, partially offset by an increase in margin rates. As a percentage of total rental revenue, rental gross profit increased to 66.0% for the current nine month period compared to 61.2% for the same period in the prior year, primarily as a result of lower depreciation and shrink expense.

Selling, General and Administrative Expenses (“SG&A”). As a percentage of total revenue, SG&A increased to 40.0% for the current nine months compared to 39.2% for the same period in the prior year primarily due to deleveraging resulting from lower revenues. SG&A decreased approximately $6.3 million, or 4.7%, to $128.3 million compared to $134.6 million for the same period last year. The main drivers of the decrease in SG&A included a $4.0 million decrease in store labor costs, a $2.4 million decrease in occupancy costs, including depreciation, and a $0.8 million decrease in advertising expense, partially offset by a $1.9 million increase in earned and estimated bonuses under our corporate officer and management bonus incentive programs, resulting from the fact that minimal bonuses were earned and estimated during the same period of 2011. The decrease in occupancy expense and, to a certain extent, the decrease in store labor costs, are primarily a result of operating six fewer superstores during the first nine months of fiscal year 2012 compared to the same period in the prior year.

Interest Expense. For the current nine months, interest expense remained consistent at $0.9 million for the current nine month compared to the same period in the prior year. The average rate of interest charged for the current nine months decreased to 2.5% compared to 2.6% for the same period in the prior year.

Income Tax Expense. The effective tax rate for the first nine months of fiscal 2012 was -1.7% primarily due to Texas state income tax, which is based primarily on gross margin. During the fourth quarter of fiscal 2011, we established a valuation allowance. A valuation allowance is required if it is more likely than not that a deferred tax asset will not be realized. In assessing the need for a valuation allowance, we considered all available positive and negative evidence, including our ability to carry back operating losses to prior periods, projected future taxable income, tax planning strategies and the reversal of deferred tax liabilities. Based on this analysis, we determined that it was more likely than not that our deferred tax assets will not be realized and continue to believe that it is more likely than not that these assets will not be realized. As such, we evaluated and increased the valuation allowance to approximately $11.5 million at October 31, 2012. Our effective rate is significantly lower than statutory rates due to the valuation allowance. We will reassess the valuation quarterly, and if future evidence allows for a partial or full release of the valuation allowance, a tax benefit will be recorded accordingly.

Stock Repurchases

On September 18, 2001, we announced a stock repurchase program of up to $5.0 million of our common stock. As of April 30, 2011, the Board of Directors had approved increases in the program totaling $32.5 million. During the third quarter of fiscal 2012, we purchased a total of 73,000 shares of common stock at a cost of $143,692, or $1.97 per share. As of October 31, 2012, a total of 5,509,449 shares had been repurchased under the program at a cost of approximately $31.6 million, for an average cost of approximately $5.73 per share. As of October 31, 2012 a total of $5.9 million remained available under the stock repurchase program.

Store Activity

Since September 11, 2012, which was the last date we reported store activity, we have not had any store openings or closings.

Safe Harbor Statement

This press release contains “forward-looking statements.” Hastings Entertainment, Inc. is including this statement for the express purpose of availing itself of the protections of the safe harbor provided by the Private Securities Litigation Reform Act of 1995 with respect to all such forward-looking statements. These forward-looking statements are based on currently available information and represent the beliefs of the management of the Company. These statements are subject to risks and uncertainties that could cause actual results to differ materially. These risks include, but are not limited to, consumer appeal of our existing and planned product offerings, and the related impact of competitor pricing and product offerings; overall industry performance and the accuracy of our estimates and judgments regarding trends; our ability to obtain favorable terms from suppliers; our ability to respond to changing consumer preferences, including with respect to new technologies and alternative methods of content delivery, and to effectively adjust our offerings if and as necessary; the application and impact of future accounting policies or interpretations of existing accounting policies; unanticipated adverse litigation results or effects; the effects of a continued deterioration in economic conditions in the U.S. or the markets in which we operate our stores; the effect of inclement weather on the ability of consumers to reach our stores; and other factors which may be outside of the company’s control. We undertake no obligation to affirm, publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Please refer to the company’s annual, quarterly, and periodic reports on file with the Securities and Exchange Commission for a more detailed discussion of these and other risks that could cause results to differ materially.

About Hastings

Founded in 1968, Hastings Entertainment, Inc. is a leading multimedia entertainment retailer that combines the sale of new and used books, videos, video games and CDs, and trends and consumer electronics merchandise, with the rental of videos and video games in a superstore format. We currently operate 137 superstores, averaging approximately 24,000 square feet, primarily in medium-sized markets throughout the United States. We also operate three concept stores, Sun Adventure Sports, with locations in Amarillo, Texas and Lubbock, Texas, and TRADESMART, in Littleton, Colorado.

We operate www.goHastings.com, an e-commerce Internet web site that makes available to our customers new and used entertainment products and unique, contemporary gifts and toys. The site features exceptional product and pricing offers. The Investor Relations section of our web site contains press releases, a link to request financial and other literature and access to our filings with the Securities and Exchange Commission.

Consolidated Balance Sheets

(Dollars in thousands)

Consolidated Statements of Operations

(In thousands, except per share data)

Consolidated Statements of Cash Flows

(Dollars in thousands)

Balance Sheet and Other Ratios ( A )

(Dollars in thousands, except per share amounts)

Use of Non-GAAP Financial Measures

The Company is providing free cash flow, EBITDA and adjusted EBITDA as supplemental non-GAAP financial measures regarding the Company’s operational performance. The Company evaluates its historical and prospective financial performance, and its performance relative to its competitors, by using such non-GAAP financial measures. Specifically, management uses these items to further its own understanding of the Company’s core operating performance, which management believes represents the Company’s performance in the ordinary, ongoing and customary course of its operations. Therefore, management excludes from core operating performance those items, such as those relating to restructuring, investing, stock-based compensation expense and non-cash activities that management does not believe are reflective of such ordinary, ongoing and customary activities.

The Company believes that providing this information to its investors, in addition to the presentation of GAAP financial measures, allows investors to see the Company’s financial results “through the eyes” of management. The Company further believes that providing this information allows investors to both better understand the Company’s financial performance and to evaluate the efficacy of the methodology and information used by management to evaluate and measure such performance.

Free Cash Flow

Management defines free cash flow as net cash provided by operating activities for the period less purchases of property, equipment and improvements during the period. Purchases of property, equipment and improvements during the period are netted with any proceeds received from insurance on casualty loss that are directly related to the reinvestment of new capital expenditures. The following table reconciles net cash provided by operating activities, a GAAP financial measure, to free cash flow, a non-GAAP financial measure (in thousands):

EBITDA and Adjusted EBITDA

EBITDA is defined as net income (loss) before interest expense (net), income tax expense (benefit), property and equipment depreciation expense and amortization. Adjusted EBITDA, as presented herein, is EBITDA excluding gift card breakage revenue, stock-based compensation expense and abandoned lease expense. The following table reconciles net income (loss), a GAAP financial measure, to EBITDA and adjusted EBITDA, non-GAAP financial measures (in thousands):