In a mixed second quarter report, Harlequin parent Torstar said book sales rose 8.7 percent to $249 million (CA), though the increase was due almost entirely to the weaker Canadian dollar. Currency exchange comprised most of the profit gains as well, up $2.4 million at $19.7 million for the period. “Underlying results were up in the overseas and North America direct-to-consumer divisions and down in North America retail.” And the company expects weaker results in the second half of their year. They expect to grow “but not at the rate realized in the first half.” The company notes: “Harlequin continues […]
Publishers
Sales Rise at Penguin on Currency; Profits Decline, But Education Powers Pearson Gain
Sales rose 22 percent at Pearson for the first half of their fiscal year, at 2.398 billion pounds, with earnings of 28 million pounds, compared to a loss of 62 million pounds this time a year ago. Education, which comprises over 60 percent of the total revenues, was up 29 percent for the period. Penguin sales of 452 million pounds were up 11 percent from a year ago, or 44 million pounds, though operating profit for the division fell 19 percent to 21 million pounds, down from 26 million pounds a year ago. The sales gain was due entirely to […]
Lagardere's Publishing Continues to Grow, With a "Slowdown" In June
Lagardere released a brief summary of sales (but not profits) for the first half of their fiscal year. The publishing division recorded revenues of 546 million euros for the quarter, up 10.4 percent compared to a year ago, with sales for the first half of the year at 1.009 billion euros. “The success of the Stephenie Meyer saga was unabated,” they report, though there was a “slowdown in growth in the month of June due to robust sales in June 2008 when two novels by James Patterson were published.” Similarly, comps for the second half of the year will have […]
Scholastic "Approximately Level" with Last Year Except for Foreign Exchange
Scholastic reported sales from continuing operations in their fourth quarter of $496 million with the decline of 5.4 percent attributed primarily to foreign exchange. Earnings from continuing operations of $32.2 million were up 7 cents a share (at 88 cents) while net income improved considerably, at $27.7 million, compared to a loss of $10.7 million a year ago. In their children’s book publishing and distribution division, sales fell $13.3 million to $249.3 million, on “lower revenue from clearance sales in School Book Fairs, as well as lower Harry Potter sales in trade compared to a year ago.” Segment operating income […]
Despite Steep Q3 Drops, Courier Stays Optimistic About Future
For the quarter ending June 27, Courier Corporation’s consolidated third-quarter revenues were $61.4 million, down from $73.4 million. Book publishing sales declined, but “less so than earlier in the year,” with an 8 percent drop at the Dover unit. “While Creative Homeowner sales were down 38%, most of that decline was the result of the winding-down of its book distribution services earlier in the year.” Total publishing sales of $11.3 million were down 15.7 percent from $13.4 million a year ago. Operating loss for the division improvted to $624,000, versus a loss of $2.5 million last year. Company CEO James […]
Economy and Currency Pull Down Wiley Results
Sales fell 6.7 percent at Wiley in their fourth quarter, at $403 million and earnings per share decline 14.3 percent, with “continued softness in professional/trade and a decline in higher education.” The company says results rose on a currency-neutral basis. For the coming year, the company says “we anticipate revenue growth on a currency neutral basis” but “top-line results will be highly dependent on economic conditions around the world.” For the full fiscal year, revenue fell 3.7 percent to $1.6 billion reflecting a $120 million negative effect from foreign exchange (principally the declining British pound), and earnings per share declined […]