Quarto Group reported results for the first half of 2015, with sales increasing slightly (up 1 percent, or $0.6 million) to $66.2 million. Adjusted operating profit fell to $200,000, from $600,000 the prior year, “reflecting an expected shift in seasonality” — and Quarto records almost two-thirds of their sales in the second half of the year — with an operating loss this time around, and a loss before tax of $1.9 million. CEO Marcus Leaver said in the release he was “pleased that we have continued to make good progress in the first half of 2015. This is a solid set […]
Archives for August 2015
“Core” Harper Ends Fourth Quarter and Fiscal Year Down Slightly, News Corp. Takes Big Charge on Amplify
News Corp. reported results for their fourth quarter and full fiscal year, ending June 30, on Wednesday after the close of the market. HarperCollins had sales of $390 million, up 8 percent from $361 million a year ago and EBITDA of $33 million in the fourth quarter, flat compared to the same period last year. But in “adjusted” sales, leaving aside Harlequin’s results, Harper sales fell 9 percent in the final quarter, down $33 million to $328 million, and EBITDA fell 18 percent, down $6 million, to $27 million. Harlequin added $73 million in sales for the quarter, and foreign exchange provided […]
Briefs: Pearson Sells The Economist, Too; GIRL ON THE TRAIN US Sales Reach 3 Million; and More
Following the recent sale of the Financial Times to Nikkei, Pearson has now sold its 50 percent stake in The Economist Group as well, for £469 million (or $731 million). Three-fifths of their stake (or a 30 percent share in the Economist) goes to Exor, the holding company for minority shareholder Agnelli, while the remaining portion (a 20 percent share) has been bought back by the Economist Group itself, funded by the sale of their headquarters, the Economist Complex, which has been the editorial team’s home for more than five decades. Pearson noted the “proposed changes will be put to a shareholder vote next month […]
Family Christian Bankruptcy Reorganization Is Approved
As expected, the revised, final and only viable reorganization plan for the bankrupt and ever-diminishing Family Christian Stores was approved by Bankruptcy Court Judge John Gregg. Per the proposal that was sent to creditors for their approval a month ago, FCS Acquisition is paying between $52.4 million and $55.7 million to acquire the chain, backed by Atlanta businessman Richard Jackson. CEO Chuck Bengochea says he expects they will close a modest 12 to 14 stores from across the 266-store chain. Bengochea credits divine intervention — “We have a sovereign God who has a plan for Family Christian” — rather than the good […]
Sargent Named EVP of Holtzbrinck Publishing Group
The Holtzbrinck Publishing Group formally announced the new management structure for its major operating business, following the formation and restructuring of Springer Nature (in which Holtzbrinck has a controlling 53 percent share). John Sargent has been appointed executive vice president of the parent company Holtzbrinck Publishing Group, continuing to manage the global trade publishing business and also overseeing the US higher education unit. (This was “soft announced” in April with the hiring of Ken Michaels to run Macmillan Higher Education and Macmillan New Ventures, reporting to Sargent.) Managing director of Holtzbrinck Digital Markus Schunk will take over responsibility for the digital business units, as head […]
People, Etc.
Jennifer Ung has joined Simon Pulse as associate editor. Previously she was an assistant editor at Scholastic. Kristen Reach has joined the Kenyon Review as associate editor. Previously she was an editor at Melville House. Bankruptcy Filing Filmed Entertainment Inc. — the parent of DVD direct-seller Columbia House — filed for Chapter 11 bankruptcy protection on Monday, citing $2 million in assets and $62 million in liabilities. The unit was part of Bertelsmann’s once-mighty Direct Group, then part of Direct Brands — purchased, along with the Bertelsmann’s North American book club group Bookspan, by Najafi Companies, which transferred the units to the mysterious […]