Swedish ebook and audio streaming platform Storytel reported results for the first quarter of 2020, with net sales of SEK 513.2 million ($52.7 million), up 33.5 percent from SEK 385 million. (Announced this quarter, total sales accounting will now include the capitalization of developing its digital catalog, which was formerly reported as an expense and totaled SEK 46.8 million, not reflected above.) The EBITDA loss of SEK (31.1 million) was an improvement from SEK (67.9 million). To continue fueling its growth, the company completed a directed share issue February 20 that raised SEK 948 million before fees “and provided the […]
Earnings Reports
McGraw-Hill Shifts Fiscal Year
On the heels of its cancelled merger with Cengage, McGraw-Hill today issued a limited “preliminary Q4 and full-year report”– or otherwise put, announced that it is delaying full financial reporting for the quarter until mid-June, and changing their fiscal year. The company already reported a fourth quarter, ending December 31, back in early March — but the new report reflects a shift to a fiscal year ending March 31, which they say will better align with seasonal industry cycles. The preliminary report, which lacks full financials, touts their digital growth and provides minor updates on how COVID-19 has affected the […]
Harper Sees Sales Slide, Earnings Gain
Sales at HarperCollins fell modestly in their fiscal third quarter, at $412 million, their fourth straight quarterly decline, $9 million lower than a year ago. The company said the drop was “primarily due to the difficult comparisons to the prior year, which had higher sales of Rachel Hollis’ titles,” along with a $3 million negative effect from foreign exchange. But EBITDA actually gained, at $55 million up $2 milllion, “primarily due to the different mix of titles.” Digital sales rose 3 percent compared to a year ago, “primarily due to growth in downloadable audiobooks,” and comprised 23 percent of consumer […]
Simon & Schuster Gains In First Quarter, Performing Better Than Expected In Crisis
ViacomCBS reported first quarter results on Thursday morning, with publishing division Simon & Schuster recording sales of $170 million, up $6 million from a year ago, “reflecting 16 percent growth in digital sales.” Adjusted OIBDA was flat at $19 million. (A year ago, under the freestanding CBS, they reported the slightly different measure of operating income, which was $17 million.) Across the publisher’s units, ceo Carolyn Reidy notes that adult books were up 8 percent in the quarter and digital audio continued to rise considerably, as children’s publishing “was down a little,” and the international units “took the biggest hit […]
HMH Writes Down Education Division Value; LSC Book Printing Sales Down 21 Percent
HMH reported results for the first quarter ending March 31. At HMH Books and Media, sales were $38.3 million, compared to $40.8 million last year. The decrease was primarily due to licensing revenue from the Carmen Sandiego series on Netflix, which did not repeat in the first quarter, but is expected later in the year. Net loss for Books and Media was $2.8 million, compared to $4.5 million last year. Adjusted EBITDA showed a loss of $680,000, compared to a gain of $4.2 million last year. For HMH overall, sales were $190 million, compared to $195 million a year ago. […]
Corporate: Quad Sales Drop 14.4 Percent in the First Quarter; Lagardere Shareholders Reject Dissident Board Nominees
Quad reported earnings for the first quarter ended March 31, 2020, with net sales from continuing operations — which excludes the book printing business that has been up for sale for over six months — of $822.5 million, down from $961 million last year, or 14.4 percent. The declines largely reflect “ongoing print industry volume and pricing pressures, including the initial impact from COVID-19 pandemic.” Adjusted EBITDA for the quarter was $75.4 million, down from $78.4 million. The book printing business showed a net loss of $(8.6) million for the quarter, compared to a loss of $(12.7) million a year […]