Perseus Books Group ceo David Steinberger dispatched his annual letter to the company’s 675 employees celebrating the milestones of the privately-owned company’s fiscal year (which ends June 30). ” I am struck by the power of the independent publishing model that we represent. In a year when much of the talk in the industry seemed to be about corporate consolidation, The Perseus Books Group generated strong financial results and surpassed our budgeted goals again thanks to great independent publishing by our in-house imprints, by our joint venture partners and by the clients we serve.” Initiatives during the year included the […]
Earnings Reports
Soft College Sales Hold Down Pearson Profits
Pearson issue a third-quarter overview, reiterating guidance for the full year that anticipates lower profits than in 2012. While sales are up compared to a year, the third quarter was soft (sales were up 7 percent at the end of June; now “continuing sales” are up 4 percent for the first nine months). North American education margins are lower due to “a weak trading environment for college textbook publishing,” as well as “start-up costs associated with new services contracts and by product investment ahead of the implementation of new Common Core standards.” The Penguin Random House merger also “reduces Pearson’s […]
Corporate: Apple, AudioNoGo, and Lagardere
Apple reported fiscal fourth quarter results for the period ending September 28 after the close of the market on Monday. The company sold 14.1 million iPads in the period, just barely ahead of sales in the same quarter a year ago, with strong iPhone sales of almost 34 million units. They have sold approximately 172 million iPads since the launch of the line in 2010. Sales rose to $37.5 billion, as net profit fell $700 million to $7.5 billion. Lagardere has concluded a long-running dispute with Vivendi over the valuation of their stake in Canal+ France. In a compromise, Lagardere will […]
Once Again Amazon Sales Grow On Modest Loss — And Shares Take Off
Amazon reported third quarter sales after the close of the market on Thursday that were consistent with the company’s recent pattern, growing sales significantly and continuing to lose a little bit of money along the way. With shares already trading near record levels, the stock was buoyant in after-market trading Thursday and on Friday morning it was up roughly 10 percent, at a new all-time high of approximately $365 a share. As usual, internet-fueled theories that minor changes in shipping charges were related to some extraordinary impairment to the company’s p&l were completely wrong. Sales grew 24 percent to $17.1 […]
Education and Trade Both Grow for Houghton In Third Quarter
Houghton Mifflin Harcourt has reported third quarter 2013 sales as part of revised SEC documents related to the company’s planned IPO. Trade sales were $45.6 million for the quarter, up $3 million (or 6.8 percent) compared to a year ago, and education sales were $504.6 million, in what the company notes is their most important period (“our business is dependent on our results of operations for the third quarter”). Those education sales were $53 million higher than last year, up 11.8 percent, and powered operating income of $107.5 million for the quarter, and net income of $105 million. The increase in […]
Hosseini and Acquisitions Help Bloomsbury to Increased Sales
Bloomsbury reported preliminary results for the first half of 2013, with sales up 13 percent to £49.2 million and pre-tax profit up £200,000, to a still-modest £1.1 million. Sales were driven by trade hits such as Khaled Hosseini’s And the Mountains Echoed (in the UK) and the company’s string of academic and professional publishing acquisitions. They are also the UK publisher for Jumpha Lahiri, Margaret Atwood and Colum McCann. The adult trade division had sales of £23.2 million (up 16 percent), as adjusted operating profit of £1.1 million rose 77 percent compared to a year ago. Adult digital sales were […]