Houghton Mifflin Harcourt reported fourth quarter 2013 sales of $299 million, up 6 percent, though trade sales for the period fell $6 million (or 12 percent) to $46 million, “as revenues normalized following higher Tolkien licensing revenue in 2012.” Trade’s adjusted EBITDA was much lower, down $8 million to $5 million. Companywide, HMH had adjusted EBITDA of $55 million, and an operating loss of $60 million, compared to a loss of $28 million a year ago. For the full year, however, trade sales still reached an all-time high, at $171 million, driven by the expanded culinary line (thanks to the […]