News Corp. reported fourth quarter earnings after the close of the market on Wednesday, and per the new standard there was no specific mention of either HarperCollins or book publishing. The larger publishing division–which is dominated by the company’s newspapers–had a good performance despite public controversy, with sales up $225 million and segment operating income rising $74 million. Harper said in a brief statement that it “ended the year with a profitable quarter and exceeded its plan for the year.” They say the children’s division enjoyed “its second best ever” year. eBook sales were “approximately 12 percent of sales in […]
Earnings Reports
Indigo Store Comps Fall and Net Losses Mount in FirstQuarter
For their fiscal first quarter ending July 2, Indigo reported sales of C$202 million, down 1.1 percent from a year ago, with an EBITDA loss of C$19.9 million (compared to a loss of just $800,000 a year ago). Physical book sales fell, as superstore comps dropped 5.4 per cent in the quarter, while their smaller-format stores were down 5.2 per cent. They also took a $3.2 million charge for their annual summer clearance sales of unsold books and other merchandise. The company’s digital business increased by 170 percent compared to last year, helped by the June launch of the Kobo Touch […]
Simon & Schuster Balances Profit Gain with Sales Drop
CBS reported second quarter earnings after the close of the market on Tuesday, with their Simon & Schuster unit recording a 3 percent decline in sales, down $6 million to $183 million, as both profitability improved, with adjusted OIBDA rising $2 million (or 12 percent) to $19 million, and adjusted operating income rose $2 million to $17 million. CBS said that “strong growth in the sale of more profitable digital content was offset by lower print book sales,” indicating that improved profits were “driven by lower expenses resulting from cost-savings initiatives, as well as the significant increase in more profitable […]
Penguin Profits Rise As Pearson Gains On All Fronts
Pearson released results for the first half of their year on Friday, reporting sales for Penguin that are both up and down. On the pure numbers, sales of £457 million were down £36 million, or 7 percent (and down less on a constant-exchange basis), and operating profit of £42 million fell £2 million. But an organizational change at Pearson late last year realigned the units that are reported as part of Penguin, and when the “underlying” results are adjusted to compare the ongoing pieces of Penguin, sales were flat and profits actually rose 13 percent. Penguin ceo John Makinson says […]
Results Fall At Harlequin As Print Declines Exceed Digital Gains
Harlequin’s parent company Torstar also reported second quarter results today. The book publishing unit had sales of $110.3 million (CA), down by $7.3 million, or 6 percent. EBITDA was down $4.7 million in the quarter, or 21.5 percent, at $17.2 million. In a familiar refrain for many, “declines in print retail revenues more than offset digital revenue growth.” Digital sales were up $7.3 million the quarter, but retail print sales were down $10.8 million. Overall, digital comprised 15 percent of revenue for the quarter–more than double the 7 percent it comprised in the second quarter a year ago, at roughly […]
Sales and Profits Grow at Oxford University Press
The Oxford University Press issued their annual report for the fiscal year ending in March 2011. Sales of £649 million were up £37 million from the prior year, a 6 percent gain. Margin gained as well, as “a successful sales year combined with effective cost management led to an exceptional surplus of £125 million.” Pre-tax profit for the year was £122.6 million, compared to £98.5 million a year go. They were helped in part by the weak British pound as well, since OUP makes 85 percent of their sales outside the UK. That makes their UK revenues £97.35 million, and […]