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. […]
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 […]
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.
AAP Trade Sales Were Flat in May, Despite Losses in Children’s
The AAP released sales data for May from their participating StatShot publishers, reporting flat trade sales at $601 million. In adult books, sales were $426.5 million, up from $403.4 last year. Hardcovers grew by 12 percent to $137.9 million and paperbacks were up 3 percent to $143.5 million. Digital audio was up 17 percent to $59 million. Children’s and YA books have been on a down trend all year, and sales in May fell 14 percent to $174.9 million. Hardcovers were down 12 percent to $62.4 million and paperbacks fell 14 percent to $84 million. Digital formats were the only […]
People 7/19
Emma Kupor has been promoted to associate editor for Harper and Harper Perennial.
People 7/18
At Candlewick, Nancy Bruckman has been promoted to subrights & royalties senior manager.