News Corp’s annual report provided a few more nonspecific clues about HarperCollins’ performance in the 2011 fiscal year, following on last week’s release highlighting the strength of its children’s book division and how ebooks accounted for approximately 12 percent of total sales. A 10-K filing released Monday showed that HarperCollins sales fell from the previous fiscal year (when the division’s earnings increased by approximately $128 million, or 11 percent, on fiscal 2009) due to lower book sales due to fewer new releases and lower licensing fees resulting from a settlement received at HarperCollins in fiscal 2010.” HarperCollins also had 166 […]
Publishers
Losses Widen For Hastings In Second Quarter
Hastings Entertainment reported results for its second quarter early Monday morning and the losses continue to mount. The company reported a net loss of $4.1 million (or 47 cents a share) compared to a loss of just $100,000 a year ago, with a negative EBITDA of almost $500,000 for the quarter (compared to a positive EBITDA of $4.3 million at this time last year.) Overall book comps decreased 9.4 percent for the quarter, affected by “a weaker slate of titles released during the current quarter and the increasing popularity of e-readers”; new book sales fell 8.1 percent and used book […]
Harper Praises Children’s Results; US eBooks Were 12 Percent for the Year
News Corp. reported fourth quarter earnings after the close of the market on Wednesday, and per the new standard there was no specific mention of either HarperCollins or book publishing. The larger publishing division–which is dominated by the company’s newspapers–had a good performance despite public controversy, with sales up $225 million and segment operating income rising $74 million. Harper said in a brief statement that it “ended the year with a profitable quarter and exceeded its plan for the year.” They say the children’s division enjoyed “its second best ever” year. eBook sales were “approximately 12 percent of sales in […]
Simon & Schuster Balances Profit Gain with Sales Drop
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 […]
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 […]