In Barnes & Noble’s quarterly SEC filings, the company included a severance agreement with executive vice president, Operations and Customer Service, Dan Gilbert, who was terminated effective February 1. Gilbert was based in their Palto Alto, CA office. The company has not announced a replacement for Gilbert, and told us in response to a query that “his responsibilities have been divided among other executives.” Hired in 2010 from Cisco, he reported directly to ceo William Lynch and was responsible for “supply and demand planning, sourcing, manufacturing, operations, distribution and logistics related to digital devices including management of the Digital Products Operations […]
Earnings Reports
At Lagardere, Profits Rise Less Than Sales
In the European style, a month after reporting 2012 sales, Lagardere added a second report on their earnings. As noted previously, sales rose slightly at Lagardere Publishing to 2.077 billion euros (up 39 million euros), but EBIT nudged up less, gaining just 2 million euros at 223 million euros for the year. The company says that, “as expected, the second half of the year was marked by a substantial rise in profitability, enabling to maintain a high operating margin level of 10.7 percent throughout 2012.” Profits were “significantly higher” in the UK “thanks to commercial successes, the dramatic growth of […]
Results Rise at Wiley, But Restructuring Will Cut Jobs, With $25 Million Charge This Quarter
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 […]
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. […]