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 […]
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 […]
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 […]
Barnes & Noble Aims to Settle with Age Discrimination Plaintiff
Barbara Tavres and Barnes & Noble, which Tavres sued for age discrimination, have agreed on an intention to participate in private mediation through Judicial Arbitration and Mediation Services (JAMS). Together, the parties requested that the court allow them to enter mediation and asked to postpone scheduling for 90 days to continue to explore settlement. According to a separate joint case management statement, “The Parties have been informally sharing information with one another in an effort to explore potentially narrowing the issues and causes of action, and also to explore the possibility of early settlement, and they will continue to do […]
Lagardere Publishing Reports a Strong 4th Quarter
Lagardere reported fourth quarter and full-year year results Thursday. For the quarter, sales at Lagardere Publishing were €677 million, up from €645 million. For the year, publishing sales were €2.384 billion, up €132 million from €2.252 billion last year, up 2.8 percent, like for like, and company attributed the growth to “a good performance in Education – particularly in France and Spain, the success of the new Asterix album, and sustained growth in Partworks and Mobile Games.” Annual revenue rose in France, but US sales were down 1 percent for the year, and UK sales were down 1.4 percent. E-books accounted […]