Sales fell 2.5 percent at Simon & Schuster in their fiscal second quarter, down $4.6 million at $181 million for the period, while OIBDA dropped by more than half at $8.1 million, down from $17 million a year ago. Straight operating income was $6.1 million, down from $14.6 million a year ago. The company says the sales decline was “principally reflecting the unfavorable impact of foreign exchange rate changes,” while the earnings hit was “largely driven by higher author royalties and restructuring charges of $2.2 million related to headcount reductions partially offset by lower employee-related expenses resulting from cost-savings initiatives.” […]
