CBS reported second quarter results on Thursday afternoon, with sales at Simon & Schuster up $1 million to $207 million, as operating income continued its steady, long-term improvement, at $31 million, up $2 million from a year ago, “reflecting the higher revenues and lower production costs.” Embattled ceo Leslie Moonves surprised some by leading the company’s investor call as usual, and he said Simon & Schuster’s “terrific line-up of bestselling authors continues to deliver hits.” (The moderator said at the beginning of the call that “in light of pending litigation” and “on advice of counsel” the discussion would be limited […]
Earnings Reports
Even Trade Sales Fell As HMH Reports A Down Quarter
Houghton Mifflin Harcourt reported sales of $376 million for the second quarter of 2018, down $17 million. Both the operating loss of $9 million and the net loss of $23 million show improvement from a year ago — when they took a big restructuring charge — and was helped by the corporate tax cut. But adjusted EBITDA of $62 million was $11 million lower than a year ago, on the decline in sales. The company reaffirmed its guidance for the year and ceo Jack Lynch said in the announcement, “Despite a trough year in the market, HMH is performing well […]
More Earnings: Pearson Says PRH Sales Fell, Amazon Keeps Growing
Pearson reported modest results for the first half of 2018, with “good progress against strategic priorities” and their “efficiency program on track,” in line with their previous guidance for the year. (Which called for falling overall operating profit, though growth in the “underlying” profit.) The US higher ed business “grew modestly in the first half helped by lower returns, as expected” but is still projected to decline in the more important second half due to “underlying market pressures.” And the US K12 business remains up for sale. Profits from their stake in Penguin Random House declined to £22 million — […]
Lagardere Publishing Down Slightly So Far This Year
Lagardere reported second quarter (and half-year) results on Thursday, with sales at the publishing division down 3.7 in the quarter, at €558 million, versus €579 million a year ago. Last year’s acquisitions — primarily Bookouture, Jessica Kingsley, Summersdale and IsCool Entertainment — added about €6 million to second quarter sales (and €18 million in the first half of the year). Foreign exchange — primarily the weakening US dollar — cost €19 million in the quarter, and €42 million in the first half of the year. First half sales totalled €1 billion, down €19 million, and recurring EBIT was €40 million, […]
Investor Schottenfeld Tries A Little Agitation Again with Barnes & Noble Stock
Investment groups associated with hedge fund manager Richard Schottenfeld acquired holdings in Barnes & Noble sufficiently as of July 12 to file with the SEC, indicating control of more than 5 percent of the company’s stock. In this case they control 4.16 million shares, or 5.68 percent of the bookseller’s shares, and according to the filing they are holding a number of options, hoping for a boost in the share price. Schottenfeld has invested in Barnes & Noble before; back in late 2012 he claimed to have a “significant ownership interest” in the company (but not big enough to declare to […]
Scholastic Has Stable Finish to Soft Year
Scholastic reported results for the fiscal fourth quarter and full year ending May 31, with a stable finish to a year that suffered from comparison to the “prior year’s outstanding success of Harry Potter and the Cursed Child,” as well as some significant one-time charges. Fourth quarter sales of $496.2 million were down $3.4 million, but operating income of $73.9 million gained $9.6 million versus a year ago. Consolidated trade sales were $45.8 million, up $2.5 million (or 6 percent) for the quarter. Operating income in the larger children’s book publishing and distribution segment — which includes book clubs and book fairs […]