It turns out Judge Valerie Caproni really meant it when she told Audible and the litigating publishers that the only redaction of their settlement agreement she was inclined to allow was the settlement amount(s). In her new order, filed February 27 after reviewing the proposed redactions, Caproni gave the parties until March 4 to make one of two choices: either “(1) redact only the settlement amount(s) and file the redacted agreement on the public docket, in which case the Court will approve the parties’ proposed injunction order and retain enforcement jurisdiction over the entirety of the settlement agreement, or (2) […]
HMH Fourth Quarter Shows Another Big Loss
Houghton Mifflin Harcourt reported fourth quarter and full year earnings for 2019, with overall sales for the quarter of $241 million, down $8 million from a year ago, and another big net loss of ($125 million), more than double the loss of ($56 million) last year. The stock traded down 6 percent on the news, to approximately $5.40 a share. In the company’s modest trade business, sales for the quarter were $52.1 million, down from $60.3 million in 2018. For the year, sales of $180 million were down $19.7 million from $199.7 million in 2018 — or 9.9 percent, just […]
Netflix Slaps Back At Choose Your Own Adventure
Netflix has answered ChooseCo’s complaint in a Vermont Federal Court, denying all claims that it violated trademark law by referencing the company’s Choose Your Own Adventure brand during its movie Bandersnatch. Further, Netflix claims that ChooseCo’s trademark should be cancelled. “Netflix has been and will continue to be damaged if the registrations of Chooseco’s alleged marks are not cancelled,” says the counterclaim, and because the “marks are generic and incapable of source identification…they cannot qualify for trademark protection.” Netflix asserts that Chooseco failed to protect its trademark, resulting in “Choose your own adventure” having become a generic phrase widely used […]
Pearson’s Profits Down By Half
Pearson released 2019 preliminary results February 21, with sales decreasing to £3.87 billion from £4.13 billion in 2018. The bigger headline was operating profit, which fell by more than half, to £275 million from £553 million in 2018. Earnings per share fell even more, due to a one-time tax benefit the year before and higher net interest payable. The decline included £159 million in restructuring charges. Pearson’s stock traded fell over 5 percent today on the poor news, down to its lowest level in many years. Pearson had already reduced their 2020 guidance in an understated — and unrealistic — […]
Storytel 2019 Earnings Reflect Continued Global Expansion
Audiobook streaming service Storytel reported 4th quarter and full-year 2019 results along with 2020 guidance on February 20, showing continued double-digit growth powered by aggressive investment in new markets. Net sales for Q4 2019 totaled 565 million SEK ($57.7 million), up from 436.6 million SEK ($44.6 million). Meanwhile, the company’s quarterly loss before tax was (104.4 million SEK/$10.7 million), compared to a (79.4 million SEK/$8.1 million) loss in Q4 2018. For the year, sales were 1.8 billion SEK ($183.7 million), up from 1.5 billion SEK ($153.1 million) in 2018. Loss before tax was (360.6 million SEK), compared to a (246.9 […]
Quad Continues Sales and EBITDA Decline, But Exceeds Expectations
Quad announced Q4 2019 earnings February 18, with net sales of $1.1 billion, down 4.9 percent from a year ago–or 5.9 percent excluding sales from the Periscope acquisition. Adjusted EBITDA was also down, to $96 million from $118 million in 2018. Previously announced plans to sell the increasingly unprofitable book printing business are “progressing as expected,” according to ceo Joel Quadracci. That business is reported as discontinued operations, and that segment recorded a $100 million loss for 2019, though it was just above break-even in the fourth quarter. Assets are listed at $56.5 million. “In 2020, we will continue to […]