Wiley reported third quarter earnings for the period ended January 31, with sales down 5 percent to $491 million. They showed an operating loss — of ($67.1) million — compared to profit of $46 million last year, mostly due to a non-cash goodwill impairment charge of $100 million. Adjusted EBITDA fell 2 percent (or 3 percent at constant currency) to $97.7 million. Following the challenging quarter they also reduced their outlook for the fiscal year, “primarily due to increased academic market headwind.” Sales are expected to be $45 million to $55 million lower than forecast, and adjusted EBITDA is expected […]
Earnings Reports
Pearson Restructures Higher Ed Sales, Keeps Australia and Canada Businesses
Pearson released preliminary results for 2022, reporting sales of £3.84 billion, up 12 percent from the previous year (helped considerably by the strong dollar and weak British pound, so up 5 percent on an underlying basis). Operating profit was £271 million, compared to £183 in 2021. The results put in relief how little of a “publishing company” Pearson has become (and should be of note to all of the list-makers and rankers). Higher Education sales were £898 million, up from £849 million a year ago but actually down 4 percent on an underlying basis, “driven by a decline in enrollments […]
Bonnier Books Gains After Record Year
Bonnier released their 2022 earnings, reporting sales at the Bonnier Books division of SEK 7.4 billion ($736 million), growing 13.7 percent over their record 2021 results. EBITDA was SEK 385 million, down from SEK 573 million last year, as “margins were squeezed by, among other things, rising paper prices.” Audio subscription service BookBeat grew to more than 700,000 subscribers. CEO Erik Haegerstrand said, “We can be quite satisfied with the financial results for 2022. The financial results for 2022 exemplified the advantage and security of having diversified operations, which reported relatively stable earnings overall. But our growth and earnings must […]
For the Record: Paramount Still Selling S&S
While Paramount Global did not mention their book publishing division during their investor call on Thursday, the 10-K filed with the SEC later in the day officially reaffirms yet again their plans to sell: “Simon & Schuster remains a noncore asset as it does not fit strategically within our video-based portfolio. We expect to enter into a new agreement to sell Simon & Schuster in 2023. Assuming that we do so, closing would be subject to closing conditions that would include regulatory approval.” The termination fee paid by Bertelsmann and Penguin Random House following the expiration of their original purchase […]
Storytel Gains 22 Percent in 2022, Suspends Guidance
Swedish streaming company Storytel released their official year-end earnings report after a brief quarterly update in January, with net sales up 22 percent in 2022 to SEK3.2 billion ($293 million), due to the acquisition of Audiobooks.com, organic growth, and positive foreign exchange. Operating loss was SEK(389) million compared to SEK(350) million last year. The company said that expenses in the period include the purchase of Audiobooks.com, a strategic shift and reorganization in the beginning of the year “to focus on profitable growth”, and an SEK8.3 million severance payment to former ceo Jonas Tellander. EBITDA was SEK(56.5) million. In personnel news, […]
Simon & Schuster Celebrates Record Year
As was clearly in the works but is now official, Simon & Schuster is celebrating an “extraordinary, stratospheric” and record year — “the greatest year in the history of Simon & Schuster” — far exceeding $1 billion in sales for the first time ever and capping a three-year run of record results. Sales were a big $1.177 billion, up 18.5 percent, and operating income hit $248 million, up 16 percent. Those numbers compare to sales of $993 million in 2021, when operating income was $213 million. In 2020, also a record at the time, sales were $901 million and operating […]