LSC Communications reported fourth quarter 2019 earnings on March 2, with more poor results and news that they are on temporary life support with lenders for the next few months while management tries to restructure their debt and find a way to continue operations. In non-technical terms, they are facing potential bankruptcy if they cannot renegotiate their loans or bring in fresh capital. Barely regarded as a going concern by capital markets before the disclosure, the company’s stock fell by more than half on the news, from 29 cents a share down to less than 13 cents a share. The […]
Archives for March 2020
Wiley Reports a Favorable Third Quarter
Wiley reported earnings for the third quarter ended January 31, with overall sales of $467 million, above analysts’ expectations. Operating income was $48.5 million, down from $50.4 million in last year’s quarter. The company had restructuring charges of $3.3 million, and they raised their guidance for full-year adjusted earnings by 10 cents a share. Thirty minutes after open, the stock was up modestly on the news, trading about 2 percent higher than yesterday’s close. What Wiley calls education publishing showed some improvement, with sales of $101 million, up from $95.6 million last year. (They changed their reporting at the beginning […]
People, Etc.
Chad Zimmerman has joined the University of Chicago Press as executive editor for economics, business, and public policy. He was previously at Oxford University Press, where he built OUP’s list in public health. Joseph Calamia has joined the University of Chicago Press as senior editor for the sciences. He was previously at Yale University Press. At Laurence King Publishing, Alex Coumbis has been promoted to publicity manager. Anastasia Scott has been promoted to marketing and publicity manager. Morgan Baden will join Gotham Ghostwriters as creative director. Baden was previously at Scholastic for 11 years, most recently as vice president of corporate […]
London Book Fair Finally Cancels
Reed Exhibitions cancelled London Book Fair on Wednesday morning, “following the escalation of COVID-19 Coronavirus in Europe.” They said in a statement, “The effects, actual and projected, of Coronavirus are becoming evident across all aspects of our lives here in the UK and across the world, with many of our participants facing travel restrictions. We have been following UK government guidelines and working with the rolling advice from the public health authorities and other organisations, and so it is with reluctance that we have taken the decision not to go ahead with this year’s event.” That reluctance has been in […]
Bonnier Books Reports Improved Sales and Profit for 2019
The Bonnier Group released full year 2019 earnings in late February, with Bonnier Books reporting sales of SEK 5.77 billion ($611 million), up from SEK 5.52 billion ($634 million) in 2018. Operating profit (EBITA) improved more, increasing to SEK 250 million from SEK 148 million last year, despite “investments in growth and a declining market for physical book retail in the Nordic countries.” Bonnier Books in Germany had its best results in ten years, and in the UK, the company reported “increased sales and a positive result, following changes that were initiated in 2018,” apparently making good on Bonnier Books […]
Barnes & Noble Education Continues Its Decline
Barnes & Noble reported weak earnings yet again, with third quarter sales of $502.3 million, down 8.3 percent from last year’s period, and a net loss of $(1.7) million, compared to net income of $0.8 million in the prior year period. The company announced another “significant cost reduction program,” the benefits of which aren’t expected until 2021. Next quarter, the program will result in a $10 million to $15 million restructuring charge. Same-store sales fell 7.3 percent in the retail (college bookstores) division, and wholesale sales declined 14.7 percent. The company now expects full year adjusted EBITDA of between $80 […]