Houghton Mifflin Harcourt reported Q2 earnings, with net sales of $389 million, up from $357 million last quarter. “Billings” increased more dramatically, reflecting orders for their new core programs, at $489 million, up from $371 million a year ago, a new record for the company. As a result, the company increased its billings guidance modestly, with a new range of $1.53 billion to $1.61 billion. Sales at the HMH Books & Media trade division rose $3 million in the quarter, to $39.1 million. Most of the gain, $2 million, was licensing income from the animated series Carmen Sandiego on Netflix […]
LSC Closes Plant in Torrance, Says More to Come
Troubled printer LSC Communications announced second quarter results on Thursday morning, with net sales of $869 million, down 7.8 percent from $943 million in the same period last year. As expected, they had a net loss of $24 million, which included after-tax charges of $26 million, “primarily due to the impairment of intangible assets in the magazines, catalogs and logistics segment and other restructuring costs.” With the planned Quad exit door slammed shut, ceo Thomas J. Quinlan III is now proceeding with a two-part plan to improve margins and free cash flow, and lower debt: First, using consultants to poll […]
Quad’s Stock Soars Thanks to Less-Than-Expected Loss
On July 31, printer Quad reported Q2 sales of $1 billion, down from $1.02 in last year’s period, despite being boosted by the company’s acquisition of Periscope. Adjusted EBITDA was down to $75.3 million, from $89.6 million, right in the middle of guidance. For the half year, sales were up slightly, to $2 billion from $1.98 billion; adjusted EBITDA was $145.2 million, down from $200.1 million. (The company doesn’t break out numbers specific to its book publishing, a very small segment of the overall business.) Nevertheless, the stock surged on the news that loss per share was $0.09, down from […]
Pearson Focuses Hopes on 2020 for Return to Growth, While Amazon Disappoints
Pearson reported half-year results for 2019 on July 26, with sales down to £1.83 billion, from £1.87 billion the first half of last year. The sale of their US K-12 company reduced sales by £141 million, with the strengthening dollar adding £69 million. Adjusted operating profit was up to £144 million from £107 million last year. Penguin Random House, in which Pearson has a 25 percent stake, “performed in line with our expectations with revenue growth on an underlying basis due to a rise in print and audio sales, which were partially offset by lower ebook sales.” As for specific […]
Scholastic’s 2019 Trade Sales Boom While Operating Income Drops as Expected
Scholastic reported 4th quarter and full year earnings on July 25. As the company warned when it revised guidance at the end of May, Q4 operating income dropped precipitously, to $32 million, compared to $73.9 million a year ago, mostly due to sales tax collection issues, as well as ASC 606 accounting changes and increased promotional spend at book fairs. Sales were also down in Q4, to $470.7 million, compared to $496.2 million in fiscal 2018. For the full year, sales increased 2 percent to $1.65 billion, thanks to “a great year for trade publishing globally,” according to chairman Dick […]
AAP April Stats Include Another $38 Million Gap
The AAP released its monthly StatShot report for April, most notable for featuring yet another large restatement of the prior year’s adult trade sales. The final version of the April 2018 adult trade total now stands at $392, or $38 million lower than when first reported a year ago. Hardcovers and trade paperbacks were both lowered by $16 million, and ebook sales were restated as $6 million lower. As we have been reporting (as the only voice in this particular forest), monthly adult sales for 2018 were restated as $30 million lower in March, $33.5 million in February, and $36 […]