In other corporate earnings reports, Courier finished a tough year down 10 percent in sales in the fourth quarter. Their publishing unit–comprising Dover, the recession-struck Creative Homeowner, and Research & Education Association–dropped another 28 percent in sales for the quarter, at $11.9 million, though much of gap is due to Creative Homeowner discontinuing its distribution operation earlier in the year. The group had operating income of $928,000 for the period, down from $1.3 million a year ago. For the full year, the publishing group’s sales were $46.8 million, down 24 percent from $61.9. The company says Dover and REA were […]
Publishers
Harper Back in Black As Sales Slide Diminishes
Sales continued to fall at HarperCollins for the fifth consecutive quarter though the declines have mitigated considerably, this time sliding $5 million to $310 million for their fiscal first quarter. More importantly, operating income improved considerably, breaking a string of two straight losses, at $20 million–compared to income of just $3 million this time a year ago. The company cites “higher sales at the children’s and general books divisions, as well as reduced operating expenses from restructuring efforts in the prior year” as the major contributing factors. (Harper’s results loosely mirrored parent company News Corp., where overall sales fell more […]
Another Good Quarter for Harlequin
Harlequin continues to outshine parent company Torstar’s other assets as the book publisher turned in another positive quarter even as overall results at Torstar declined. Harlequin reported sales of $122.5 million (Ca), up 3.7 percent from a year ago, though most of the growth was due to a stronger Canadian dollar. The company says “growth in North America direct-to-consumer and overseas revenues more than offset declines in North America retail.” Operating profits rose 22 percent to $22.9 million, with almost half the gain coming from foreign exchange. Torstar says “at Harlequin, we anticipate stable results in the fourth quarter including […]
Market News: K-12 Down Sharply at McGraw-Hill; Market Kicks BN
McGraw-Hill reported third quarter sales, with their education division dropping 11.6 percent to $1 billion compared, as operating profit fell 16 percent to $298 million. The decline came entirely from the K-12 line, which fell almost 20 percent, “in a 2009 state new adoption market that deteriorated all year as budgetary pressures led a growing number of school districts to postpone purchases.”Release Meanwhile, Barnes & Noble can’t catch a break from Wall Street analysts no matter what they do. On Friday Credit Suisse reduced their target price for the company to $16 per share (about two dollars below its current […]
Pearson OK at Q3
In one of those UK “trading updates” that doesn’t disclose actual data, Pearson tells investors the company is “trading ahead of expectations” so far this fiscal year and raised its earnings guidance a few pence, to “at or above 60 pence a share” for the full year. Primarily, the pound has stayed weak enough against the dollar and the company has “outperformed the US schools market.” At Penguin, currency neutral sales are down 4 percent, but with the weak pound actual sales are up 12 percent “as the expected tough retail market conditions were largely offset by a good publishing […]
Trade and Education Sales Have Big Gains for Scholastic
Scholastic reported a 14 percent increase in sales from continuing operations for their fiscal first quarter, at $315.6 million, with an improved net loss of $23 million (compared to a loss of $49.1 million a year ago.) The company says revenues were boosted by “higher sales of educational technology to schools and of children’s books in retail channels during the quarter.” CEO Dick Robinson cites “the arrival of Federal stimulus funds in local districts” as one factor in boosting education sales. In their children’s book publishing and distribution division, sales rose almost $15 million, to $76.2 million, though they had […]