Third quarter sales at Wiley rose 5 percent to $472 million, as operating income of $83.6 million rose 7 percent and adjusted net income of $55.9 million (or 93 cents a share) was up 4.3 percent. (Adjusted results reflect the trade publishing properties sold to Google and Houghton Mifflin Harcourt, which comprised $12 million of sales in the quarter.) That performance beat analysts’ expectations of $456 million in sales of 83 cents per share of profits. At the same time, Wiley advised that they expect to take a $25 million restructuring charge in the current quarter, and “at least one […]
Earnings Reports
Harlequin Finishes Year with Weak Quarter
Harlequin’s parent company Torstar reported fourth quarter and full year results Wednesday. For the quarter, the book publishing unit had sales of $105 million (CA), down by $13 million, while EBITDA dropped $4.5 million to $16.8 million, which Torstar attributed to a decrease in North American and overseas revenues where digital growth could not compensate. Digital sales comprised for 21.4 percent of worldwide revenue in the fourth quarter, and 20.7 percent of revenues for the full year (compared to 15.5 percent of sales in 2011). Total sales for year were $426.5 million, down 7 percent from $459 million a year […]
Barnes & Noble Reports Big Q3 Nook Device Losses, Plans “Cost Reduction Program” To Curttail Expenses
Barnes & Noble’s third quarter financial report for the period ending January 26 was not expected to deliver much in the way of good news, Thursday morning’s report was in line with those meager expectations. CEO William Lynch reiterated in the investor conference call “we’re obviously disappointed that our Nook tablets didn’t perform better over the holiday.” Following heavier losses on that device sales shortfall, Lynch said the company is “taking significant actions to begin a rightsizing of the Nook costs.” He said the company concluded that “larger technology brands have more resonance in that multifunction tablet world than we do” […]
Profits Fall at Penguin On Flat Sales, Rising Digital
Pearson reported full-year 2012 results in Monday morning in London, with Penguin’s adjusted operating profit falling by £13 million (12 percent on an actual basis, and 14 percent on a comparative underlying basis) to £98 million for the year. Actual operating profit was £32 million lower, however, due to “costs associated with the formation of Penguin Random House.” The company has included “a provision for the settlement of litigation” over agency ebook pricing within that £32 million charge, without breaking it out further, though Penguin ceo John Makinson told us “a fairly substantial amount” is set aside for settlement costs. […]
Results Fall at France’s Fnac, As A Spin-Off Is Underway
PPR Group, the parent of France’s largest bookselling chain Fnac, reported 2012 financial results. Fnac’s story has been similar to that of big booksellers in other major territories–sales have declined (though they are still substantial, in the billions of euros) and margins have fallen as well, and the owners have been looking for someone else to take over. Last year PPR tried to sell Fnac and following what the FT called “a dearth of buyers,” they decided to spin Fnac off as a separate, standalone public company. That plan will be presented to shareholders for approval at their annual meeting […]
S&S Finishes with Soft Sales But Growing Profits; Denies Sale Rumors
CBS reported fourth quarter earnings after the close of the market on Thursday, with Simon & Schuster recording a 6 percent decrease in sales, down $14 million to $215 million. Consistent with their recent pattern, however, profits rose even with lower sales. Adjusted OIBDA gained $3 million (or 11 percent) to $31 million, and adjusted operating income rose $2 million, at $27 million. S&S took a $3 million restructuring charge this quarter related to their realignment into new “publishing groups” and the elimination of some positions. (This time a year ago they took a $2 million charge.) As usual, CBS […]