Analysts had exercised caution about second quarter results for Borders, pointing to increased stock prices and much shuffling among the management, but the released results point to Borders still losing money, even having more or less eliminated capital expenditures entirely this year. Consolidated sales were $616.8 million, down 17.7% from a year ago. On an operating basis, Borders Group generated a second quarter loss of $12.7 million, compared to a loss of $10.5 million for the same period last year. On a GAAP basis, the second quarter loss was $45.6 million, compared to $11.3 million a year ago. The second […]
Archives for August 2009
Borders Earnings Preview is Somewhat Neutral
Borders is set to report its quarterly earnings later today and analysts aren’t expecting much in the way of good news, considering the retailer has spent much of the year reshuffling management and facing “intense competition” from other retailers. One analyst pointed to Borders’ inability to keep pace on selling electronic books, but added “it could not reasonably have been expected to invest in an alternative given its financial distress.” Still, stock prices, which have risen 33 percent since May 3, are “mostly undervalued” based on high-term cash flow.Earnings Preview
Next Oprah Book Club Pick Revealed on September 18
It’s been almost a full year since Oprah made her most recent book club pick of The Story of Edgar Sawtelle by David Wroblewski, and according to the Newtonville Books Community Blog, #63 will be a Little, Brown trade paperback title priced at $14.99, with an announced first printing of 500,000 and ISBN # 978-0-316-08637-0. Amazon reports differing metadata, listing the Oprah #63 pick as a $23.99 hardcover with an ISBN of 978-0-316-08636-3. Neither listing includes an approximate page count. On Twitter, Oprah implored viewers to tune in on Friday, September 18, saying she’d “never made a selection like ‘this.'” […]
New Four-Book Deal for Lemony Snicket
Egmont acquired UK and Commonwealth rights for a new four-book series by Lemony Snicket (aka Daniel Handler), whose 13-book “Series of Unfortunate Events” have sold over 60 million copies worldwide and been translated into 39 languages. The first book in the new, untitled series will be published in 2012. No US publisher has been announced, and when reached for comment, HarperCollins Children’s Executive Director of Publicity Sandee Roston said “I am not aware of a deal at this time.” Snicket’s agent, Charlotte Sheedy, is away on vacation and couldn’t be reached for comment.Guardian
President Obama's Summer Reading Choices
As reported widely, President Obama has taken the following books on his vacation on Martha’s Vineyard: The Way Home by George Pelecanos Lush Life by Richard Price Hot, Flat, and Crowded by Tom Friedman John Adams by David McCulloughPlainsong by Kent HarufLAT
People and Announcements
Jim Joseph has officially been named president and publisher of Globe Pequot Press after serving in that capacity on an interim basis for the last month. Previously he was COO of the company. Lawrence Dorfman has also been promoted to vice president, sales. Previously he was executive director of national accounts. Rob McMenemy has been appointed regional manager for Egmont’s Central Europe Area and Egmont Holding, Germany. He will continue as senior vice president and managing director of Egmont UK. Teresa Fogarty has been named partner in the new media and marketing strategy company BookstoFilm.tv. Erzsi Deà k has joined Editions […]