Scholastic reported fourth quarter and full-year results for the period ended May 31. For the quarter, sales were $528 million, up 3 percent over last year’s record, and operating income rose 40 percent to $92 million. Earnings before tax were up 78 percent to $95.6 million. That put earnings per share at $2.26, well ahead of last year’s $1.46 per share and of analyst expectations of $1.70 per share. With higher earnings, good sales, and a forecast of more sales growth in the year ahead, the publisher’s stock rose approximately 13 percent in the first hour of trading on Friday. […]
Archives for July 2023
Libro.fm to Launch Internationally
Audiobook platform Libro.fm will launch internationally in the UK, New Zealand and Australia on July 26. Independent bookstores around the world will now be able to partner with the platform to sell audiobooks. The launch includes 132 new international stores (bringing the total of participating bookstores to 2,200+); access to 400,000 audiobooks; and a customer membership model as well as the option to buy à la carte in one of six currencies. Co-founder and ceo of Libro.fm Mark Pearson says in the release, “As an employee-owned company with just 18 employees in the U.S. and U.K., we have experienced firsthand […]
McGraw Hill Stops Business Book Acquisitions
According to an email to affected authors, McGraw Hill Professional “has made the strategic decision to cease frontlist acquisitions in the business category.” Upcoming titles have been canceled, though authors can keep their first advance. As a result, the business editorial team is being laid off. The company did not cite a total number of eliminated positions, though associate editor Jonathan Sperling is among them. A spokesperson told PL, “As part of a realignment within McGraw Hill’s Global Professional group, we will be ramping down frontlist acquisition and publication of new business titles. However, to be clear, McGraw Hill Global […]
Sandstone Press Sold in Liquidation to Vertebrate
Scottish publisher Sandstone Press went into bankruptcy liquidation earlier this week, with its assets offered for sale by Hilco Valuation Services. The assets of the fiction-focused publisher have been acquired by Vertebrate, an adventure publisher, the Bookseller reports. Vertebrate hopes to retain ongoing rights to the list of about 230 titles, though at least one agent indicates to the Bookseller she has asked for a reversion of her author’s rights.
People 7/20
At the ABA, Ryan Quinn has been promoted to director of membership, succeeding Daniel O'Brien, who will depart on August 4. Mariana Calderón will join on July 25 as member relations and DEIA manager.
Harper to Close Inkyard Press
Amidst a steadily declining market for children’s books, particularly in hardcover, Harlequin Trade Publishing said it “has made the difficult, strategic decision to close the Inkyard Press imprint and transition the titles to Harper Collins Children’s Books.” They note: “Current market conditions have posed a variety of challenges for the business, which has been acutely felt in the YA/middle grade space with a shifting retail landscape, reduced distribution, and higher production costs in a price-sensitive segment.” Inkyard Press employees will be leaving the company August 1, including at least 5 people named in an internal memo. With the move, they […]