Houghton Mifflin Harcourt reported third quarter earnings on Thursday morning, with sales just above flat at $551 million, and net income also just above flat at $107 million. In trade, sales of just above $46 million “increased slightly” compared to a year ago, “reflecting strong tie-in book sales following the release of The Giver by Lois Lowry” as a movie (and inclusion in Kindle Unlimited). “Strong frontlist” sales that also included Randall Munroe’s What If? “were partially offset by a higher reserve for returns.” But adjusted trade EBITDA declined 16% or $1.4 million, to $7.2 million for the period. (HMH […]
Earnings Reports
Harper’s Sales Rebound and Profits Increase Further
HarperCollins reported sales for their fiscal first quarter, ending September 30, with two months worth of Harlequin incorporated — lifting revenues for the period to $406 million (compared to a low $328 million a year ago) and boosting EBITDA to $55 million (compared to $43 million a year ago). On an adjusted basis, leaving aside Harlequin and $5 million of currency fluctuations, Harper’s sales were $343 million (up 6 percent, after weak sales this time a year ago) and EBITDA was $53 million, up 23 percent. Parent company News Corp. credited the increased earnings to “higher revenues coupled with ongoing […]
Simon & Schuster Maintains Strong Profits, Even On Weak Third Quarter Sales
Sales at Simon & Schuster fell noticeably in the third quarter (ending September 30), down $25 million to $199 million. Profits remained strong, however, equal to the record earnings this time a year ago, with OIBDA of $43 million, “as lower inventory and selling costs offset the revenue decline.” (Sales were lower for this quarter than they have been at any point over the past 7 years; the next lowest mark was recorded in 2012, when third quarter sales were $210 million.) CEO Carolyn Reidy attributed the sales shortfall to the timing of their big releases, with Stephen King’s new novel releasing in […]
Corporate: Harlequin Sale Gives Cash Influx to Torstar; Second Consecutive Quarterly Increase for Indigo
Harlequin‘s former parent company Torstar announced third quarter results on Wednesday morning, and as previously indicated, Torstar booked a gain of approximately $225 million (CA) on the $455 million sale of Harlequin to HarperCollins, which closed on August 1. President and ceo David Holland said in a statement the company was “pleased to complete the sale of Harlequin in the third quarter and all outstanding debt was retired using a portion of the sale proceeds.” Reporting Harlequin’s results as revenue from discontinued operations, sales for the quarter up until the sale (for the month of July) were $30.2 million. Canada’s dominant bookseller […]
People
At Little, Brown Children’s, Alvina Ling has been promoted to vp, editor-in-chief, overseeing the publishing program (excluding licensing). Pam Gruber moves up to senior editor; and Allison Moore is now associate editor. Jennifer McClelland-Smith will join group as marketing coordinator on November 10. She was most recently an administrative assistant temp for HBG’s international sales department. Morgan Doremus has joined Sourcebooks as publicity & marketing manager, Sourcebooks Casablanca. Previously she was marketing manager at Hachette’s Forever imprint. Veterans Maha Khalil and Rodger Weinfeld will join Skyhorse Publishing, as part of the publisher’s “strategic restructuring plan to build teams with expertise to support the overall growth and continued success […]
Pearson “On Track,” and PRH “Performed Well”
Pearson released a brief third quarter trading update (free of actual numbers, in the European style), showing sales for the first nine months up 1 percent at constant exchange rates and flat on an underlying basis, while declining on real terms because the pound was strong against the dollar earlier in the year. (Since the close of the third quarter the pound has fallen another 2 percent against the dollar.) Those results are just slightly below where they stood in the more robust half-year report. Chief executive John Fallon says in the release: “We are reiterating our guidance for this […]