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 […]
Publishers
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 […]
Earnings Are Down at Scholastic, But They Forecast Rise In Next Year
Trade book sales were down slightly at Scholastic, by 2 percent, in their fourth quarter, at $38.5 million, though the segment finished the year up almost 15 percent at $189.4 million. Companywide, sales were $545.8 million for the last quarter, up 1 percent from a year ago, and earnings from continuing operations before taxes were down 21 percent at $43.2 million. But after-tax net income declined less, down 15 percent at $24.8 million–and because of the company’s stock repurchase program, net income of 78 cents a share were almost level with a year ago–and they were ahead of analysts’ expectations […]
Borders Is “A Major Thorn” In Courier’s Results
In other quarterly results, Courier Corporation reported sales of $61.9 million for their third quarter, down 5 percent from a year ago, “helped by solid gains in textbook sales but hurt by the continuing fallout from the bankruptcy proceedings” at Borders.”The situation at Borders continued to be a major thorn in our side,” said ceo James F. Conway III in the release. “The resulting shrinkage in trade demand affected both our own publishing segment and the publishing customers we serve as a manufacturer.” They say Borders was a “key customer” for their Research & Education Association imprint and as result, […]