Cengage has a new ceo, Michael Hansen (Ron Dunn is now executive chairman), who had the unpleasant task of announcing “very disappointing” results for the quarter ending September 30 last Friday: Sales fell 22 percent to $538 million, down from $692 million a year, and operating income declined 49 percent, to $122.7 million, less than debt service for the quarter of $131 million. Among the problems cited, “a significant reduction in the level of purchases by one channel partner contributed to the decline in revenues.” Net debt stood at $5.47 billion at the end of the quarter, and all of […]
