Pearson chief financial officer for the past eight years Robin Freestone has told the board “he would like to step down…before the end of 2015 to explore a range of other interests.” A search is underway for a replacement and Freestone will remain in the job until a successor is named. At Penguin Random House, Christopher Dufault has been promoted to the newly created position of vp, director, Penguin hardcover sales development. At Macmillan Children’s, Molly Brouillette has been promoted to associate director, publicity while Mary Van Akin moves up to senior publicist. At HarperCollins Children’s, Christopher Hernandez and Stephanie Stein […]
Archives for October 2014
Pearson “On Track,” and PRH “Performed Well”
Pearson released a brief third quarter trading update (free of actual numbers, in the European style), showing sales for the first nine months up 1 percent at constant exchange rates and flat on an underlying basis, while declining on real terms because the pound was strong against the dollar earlier in the year. (Since the close of the third quarter the pound has fallen another 2 percent against the dollar.) Those results are just slightly below where they stood in the more robust half-year report. Chief executive John Fallon says in the release: “We are reiterating our guidance for this […]
Kirkus Prize Winners, and More Awards
The winners of the inaugural Kirkus Prize were announced Thursday evening at a private ceremony in Austin, TX. EUPHORIA by Lily King won the fiction prize (we featured it as a spring/summer Publishers Lunch Buzz Book). The nonfiction winner is CAN WE TALK ABOUT SOMETHING MORE PLEASANT? by Roz Chast, already shortlisted for the National Book Award in nonfiction. Finally, the Young Readers’ Prize was awarded to AVIARY WONDERS INC. by Kate Samworth. Each of the winners will receive $50,000. In other awards, the Heartland Prizes honored THE MAID’S VERSION by Daniel Woodrell for fiction, and MEN WE REAPED by Jesmyn […]
Amazon Misses Wall Street’s Expectations On Bigger Loss; Shares Decline
Amazon announced third quarter sales after the close of the market on Thursday afternoon, missing analysts’ expectations on both sales and earnings and disappointing on guidance for the next quarter as well. The stock dropped sharply in after-market trading Thursday, down over 11 percent (or $35 a share), though in regular Friday morning trades the decline has been less severe — down about 7 percent or $21.50 a share. Amazon’s sales still grew by 20 percent, to $20.58 billion (though as we reported earlier in the day, analysts were looking for $20.84 billion) and the net loss of $437 million (or 95 cents […]
Oral Arguments For Apple’s Appeal Set For December 15
After a period of quiet, the 2nd Circuit Court of Appeals has set a December 15 date for oral arguments on Apple’s appeal of Judge Denise Cote’s 2013 ruling in the federal ebook antitrust trial. The settlement reached earlier this year between Apple and the plaintiff states and consumers hinges on how the appeals court eventually rules. Apple could pay as much as $450 million if their appeal is denied, or as little as nothing if the appeal is completely reversed. Judge Cote granted preliminary approval to the settlement on August 1 and scheduled a final fairness hearing for November 21.
Bloomsbury Declines In First Half on Lower Adult Trade Sales
Bloomsbury reported weak sales and earnings for the first half of 2014, with revenues down 5 percent (or £2.6 million) to £46.6 million, and pre-tax profit down 26% (or £.6 million) to £1.7 million. The company blamed the comparison to an “exceptional” first half last year on the release of Khaled Hosseini’s And the Mountains Echoed, and said their sales will be “significantly second half weighted.” At the same time, however, the company tried to persuade investors to get excited about the new trilogy of Harry Potter movies due in 2016 through 2020 to balance out the current declines. All […]