Harlequin’s parent company Torstar reported first quarter sales, with the book publishing unit appearing to show mixed results. For some reason the company did not break out the quarter’s book publishing sales but they indicate revenues rose $3.9 million (CA)–which, based on last year’s results, would put them at $116.9 million, still well below first quarter 2009, when sales were $124.5 million. They did break break out EBITDA, which declined $1.2 million to $22 million for the quarter. As usual, currency effects and hedges figure prominently in the group’s results, particularly with the Canadian dollar rising again. Management assures investors […]
Booksellers
Borders Tallies Their Record Losses, Before and After Bankruptcy
In two different statements filed with the SEC, Borders has further cataloged the many ways in which they excel at losing money. Let us count the ways: In the most recent operating month under bankruptcy, between February 27 and March 26, Borders preliminary calculation is that they lost $24.3 million on sales of $91.4 million and “other revenue” of $73.8 million. In the prior month, between January 30 — two weeks before filing for Chapter 11 — and February 26, the company lost $28.3 million, on sales of $127 million (and other revenue of $38.5 million). Yes, that’s a loss […]
Sales Still Climb for Amazon, but Q1 Profits Fall Further
Amazon reported first quarter sales of $9.86 billion, up 38 percent from a year ago, but for the fourth straight quarter–and as guided three months ago–net income fell to $201 million, down by a third, and operating income declined to $322 million, a $72 million drop as compared to last year. Earnings per share of 44 cents were well below analysts’ estimates of 61 cents a share, but sales were higher than predicted. While an earnings shortfall usually leads to a big drop in the stock, Amazon’s shares are rising in this morning’s trading. The company’s margins continue to fall […]
Borders Revises Recent Sales
In Borders’ extensive statement of financial affairs filed with the bankruptcy court last week, already covered here in general, we note that the company appears to have revised downward their estimate of sales prior to declaring bankruptcy. The statement puts fiscal 2010 sales at $2.177 billion, which is 5 percent lower than the sales of “approximately $2.3 billion” the company reported when they filed for Chapter 11 protection in February. That means our initial estimate of the decline in sales during 2010 was too low; by the new figures, Borders’ sales fell at least 17 percent over the past year. […]
Earnings, Comp Sales Slide for BAMM
Fourth quarter sales at Books-A-Million fell 6.7 percent on a same-store basis and 2.6 percent overall to $153.1 million percent, but net income of dropping by nearly half to $6.8 million, compared to $11.9 million a year ago. For the full year sales of $495 million were down 2.7 percent, declining 4.9 percent on a same-store basis, and net income dropping to $8.9 million. The board authorized a quarterly cash dividend of $0.05 per share. Chief Executive and President Clyde Anderson said in a statement that the declining fiscal year results “illustrate a dynamic and rapidly changing retail environment for […]
Briefs: HMV Warns It May Violate Banking Covenants; Debts Owed to REDGroup Creditors; Lewis Sued for Defamation by Asset Manager; and More
As speculation mounts over whether minority stakeholder Alexander Mamut will buy Waterstone’s, the chain’s parent company HMV warned investors this morning that it expects to violate banking covenants as a result of full-year profits falling below expectations. While HMV said it was in talks with lenders to amend its credit loan agreements, which remain available, chief executive Simon Fox admitted in a statement that “trading conditions remain tough, reflecting a difficult consumer environment as well as the changing markets in which we operate.” He added that HMV “is adapting quickly to respond to these external factors, and we are confident […]