Following yesterday’s news that HMH Books & Media had temporarily closed its Indiana distribution center as the state is on lockdown, parent HMH issued a business update, announcing a series of cutbacks. The “majority of employees” have been reduced to a four-day work week, at pro-rated pay, while directors and top executives have taken a…
Earnings Reports
Quarto Reports Lower Sales, Marginal Profit in 2019
Quarto reported unaudited results for the year ending December 31, 2019, with sales of $135.8 million, down 9 percent from $149.3 million in 2018, but they returned to a modest after-tax profit of $2.9 million, compared to a loss of $600,000 in 2019. (Full results have not yet been filed with UK regulators, and no…
Penguin Random House Gained On Foreign Exchange, Acquisitions, And A Little Growth
Bertelsmann reported sales for 2019 on Tuesday, with Penguin Random House showing gains in sales and profits, primarily from the stronger US dollar and a continuing string of acquisitions, plus decent “organic growth” of 1.5 percent. Topline sales of €3.636 billion were up €212 million from 2018, rising 6.2 percent. Operating EBITDA of €561 million…
Pearson Pauses Share Buyback, Citing “Prolonged Uncertainty”
Pearson “has decided it is prudent” to pause the rest of their planned £350 million share buyback, the company announced March 23. That repurchase program, under which they have already spend £167 million, was initiated in January as part of a plan to reinvest some of the expected proceeds from selling their remaining stake in Penguin…
Corporate: Scholastic Closes DCs in Cost Cutting, Bloomsbury Acquires Zed, and More
Scholastic reported results for the third quarter ending February 29, and announced cost and service cuts due to the pandemic: “We are taking aggressive actions to reduce operating expenses throughout the company, including the temporary closing of warehousing and distribution centers, and a freeze on hiring, travel and other discretionary spending not directly tied to…
International: Bloomsbury Performance “In Line with Expectations,” Some Orders from China Resume, and More
Bloomsbury offered a brief trading update, in advance of their full annual results May 20. Performance for the fiscal year ended February 29 is “in line with the Board’s expectations,” and “Bloomsbury’s financial position is strong with net cash of £31 million at 29 February 2020,” even after having paid £1.2 million for the acquisition…