Houghton Mifflin Harcourt reported fourth quarter 2013 sales of $299 million, up 6 percent, though trade sales for the period fell $6 million (or 12 percent) to $46 million, “as revenues normalized following higher Tolkien licensing revenue in 2012.” Trade’s adjusted EBITDA was much lower, down $8 million to $5 million. Companywide, HMH had adjusted EBITDA of $55 million, and an operating loss of $60 million, compared to a loss of $28 million a year ago. For the full year, however, trade sales still reached an all-time high, at $171 million, driven by the expanded culinary line (thanks to the […]
Earnings Reports
Harlequin Results Fall Again
Sales and earnings fell again in the fourth quarter for Harlequin, continuing a pattern of quarterly and annual declines. Sales of $95 million (CA) for the fourth quarter were down $10 million from a year ago, with EBITDA of $11.5 million (compared to $16.8 million last year). Most of the sales drop was in North America, blamed on ebook price wars, as “digital revenues in North America were believed to be negatively affected by increased discounts being offered on digital sales of other publishers’ bestselling titles.” For the full year, sales of $398 million were down 6.75 percent and EBITDA […]
Pearson Warns of Lower Profits for 2014, Records Gain On Penguin
Pearson reported full-year results for 2013, with sales from continuing operations rising 2 percent to £5.177 billion and adjusted operating profit of £736 million, down 21 percent on significant restructuring charges of £135 million and 6% lower margins. The headline for investors is that the company expects another £50 million in restructuring charges in 2014 and warned that adjusted earnings for the coming year will be lower — ranging from 62 to 67 pence per share, compared to 70 pence per share in 2013. As a result, Pearson’s shares are down about 7.5 percent in today’s trading. CEO John Fallon […]
Quarto Rebrands Publishing Divisions and Forecasts Better 2014
Quarto Group announced a series of changes alongside their full-year 2013 results, including a rebrand of its publishing divisions; a joint venture agreement in Brazil with Grupo Nobel; and the consolidation of their challenged display marketing businesses in Australia and New Zealand, into the single Books & Gifts Direct unit. As part of the company’s ongoing “strategic review” and simplification of their organization, both of their publishing divisions will carry the Quarto name. So the Aurum Publishing Group will now be known as Quarto Publishing Group UK, and the Quayside Publishing Group will go forward as Quarto Publishing Group US. Sydney-based creative studio […]
People, Etc.
At William Morrow, Kate Nintzel has been promoted to executive editor. At Candlewick, Mary Lee Donovan has been promoted to editorial director. At becker&mayer!, Dana Youlin has been promoted to editorial manager, Delia Greve has been promoted to senior editor, and Nicole Burns Ascue is now associate editor. In the UK, Anna Valentine will re-join Orion in May as publishing director, non-fiction, reporting to Amanda Harris, newly promoted to deputy publisher. Valentine was most recently publishing director at HarperCollins UK. Mavis Gallant, 91, one of Canada’s most distinguished short story writers and literary figures, died Tuesday morning in Paris, where […]
Simon & Schuster Finishes with Record Profits
Simon & Schuster reported fourth quarter sales of $225 million, up $10 million from a year ago, helping the publisher to finish the year with sales rising $19 million, at $809 million in all. Parent company CBS said in their announcement that year-end results “reflect growth in print book sales.” Once again, margins rose more than sales, and S&S had record profits for the year. Fourth quarter OIBDA was $37 million for the quarter, compared to $31 million a year ago. For the full year, OIBDA of $113 million was up $24 million, and operating income of $106 million was […]