Simon & Schuster managed to grow both sales and income in their fiscal third quarter, albeit modestly, as sales rose 2 percent to 230.4 million, OIBDA was up 10 percent to $28.4 million, and operating income rose 14 percent of 26.6 million. The sales gain is attributed to “the timing of the release of titles” while the rise in profits was “primarily due to revenue growth, partially offset by higher write-offs of advances for author royalties.” As CEO Carolyn Reidy noted, “we paid for these books in a different environment” and “when sales are down, royalty writeoffs are up–it’s a […]
