Overall results were down sharply for fiscal 2008 at Bloomsbury due to comparisons to the launch of Harry Potter and the Deathly Hallows, with sales falling by more than a third to 99.95 million pounds, with pre-tax profits of 11.63 million pounds. But the company offers itself long and hearty congratulations as “it re-balances its business in the wake of the Harry Potter phenomenon and of the demands of a global recession.” Units in both the US and Germany improved during the year, with US sales up 29.4 percent to 17.32 million (essentially all due to the decline of the […]
Earnings Reports
Scholastic Down Slightly, As Loss Grows
Scholastic reported third quarter sales from continuing operations of $425 million, down 3.5 percent, and a bigger loss from continuing operations before taxes of $41.4 million. (That loss, not counting special items, was much larger than forecast by the analyst who covers Scholastic, who was expecting just one cent a share. Sales were about $25 million below the expectation, too.) But they celebrate having “successfully sustained revenues last quarter in our market-leading children’s book and educational technology businesses” and reaffirmed guidance to investors for the fourth quarter and full year. Corporate overhead rose for the quarter, including $4.8 million in […]
Delisting Possible as Borders Prepares to Unveil Strategy Next Week
With Borders set to declare fourth-quarter results next week, expectations are grim: more multi-million dollar losses, store closures, payroll slashings and, with shares currently trading at 64 cents per share, potential de-listing from the NYSE. Shareholders will hear more about the company’s strategy, including plans for a reverse stock split to satisfy NYSE conditions, next Wednesday when CEO Ron Marshall hosts a conference call with analysts and investors. One turnaround expert tells the Detroit Free Press that Borders seems to be one of buying time and hoping economic recovery is just around the corner. “They are figuring their brand name […]
Weak Dollar Pushes Random House Results Further Down
Bertelsmann reported annual results this morning in Germany, with sales at Random House falling 6.3 percent for the year, to 1.721 billion euros, as EBIT fell even more, down 21 percent at 137 million euros. (After the first six months of the year, Random had been down almost 8 percent in sales and nearly 30 percent in EBIT.) The company says the drops are “primarily due to negative exchange rate effects,” insisting that “adjusted for these and for acquisitions, revenues remained stable.” But those sales are the lowest recorded in the past seven years (during which the company has made […]
Hastings Entertainment Q4 Earnings Decline, Book Comps Up
Hastings Entertainment reported a decline in fourth-quarter earnings, with a net income of $4.07 million or $0.41 per share, compared to $5.82 million or $0.54 per share in corresponding period one year earlier. Total revenue for the quarter declined 2.7 percent to $166.88 million, from $171.49 million a year earlier.For the twelve-month period, net earnings fell to $4.1 million or $0.39 per share from $10.2 million or $0.93 per share in the previous year, while total revenues decreased 1.6% to $538.7 million from $547.7 million last year. Comparable store revenues for books, however, rose 1.3 percent for the year ending […]
BAM Sales Off Over 5 Percent
Same-store sales at Books-a-Million fell 5.3 percent in their fiscal fourth quarter (and 2.5 percent overall) at $164 million, as net income fell 4.2 percent to $11.4 million. Sales were off 4.1 percent for the full year, at $513.3 million, for a same-store sales decline of 7.2 percent. Net income suffered more, falling almost 35 percent to $10.8 million. Newly-appointed ceo Clyde Anderson says “The fiscal year closed with an improvement in the negative sales trend we experienced in the third quarter. We remain focused on maintaining discipline in expense control, inventory management and the maintenance of a strong balance […]