Lagardere amplified their earlier report on sales the first six months of their fiscal year with slightly fuller data, with the publishing group registering sales of 908 million euros, up just 1.3 percent, with EBIT of 71 million, flat on a recurring basis from a year ago. The company cites “a respectable performance in the US, the UK and Spain, but there was a further decline in Literature in France. Part-works were affected by a drop in French and Italian sales, partly offset by good performances in the United Kingdom and Japan.” On the profits, they note “good contributions from […]
Publishers
Random Reports Weak First Half
Bertelsmann issued its report on financial results for the first half of the fiscal year, with Random House reporting its lowest recorded sales for the period in years at 766 million euros. That’s nearly an eight percent drop compared to last year, and below results for this period since 2004. Operating EBIT decline even more on a percentage basis, falling almost 30 percent to 31 million euros. The report cites “unfavorable currency exchange rates, a slowdown in consumer spending in some key markets, as well as such ongoing economic pressures as rising shipping and marketing costs.” The company says that […]
US Situation Reflects Quarto's Second Half Losses
For the six months ended June 30, International coedition and publishing group Quarto made a pretax loss of 3.1 million pounds against a 400,000 pound profit last time as revenues rose to 43.8 million pounds from 36.6 million pounds. Revenue increased by 20% to £43.8m on an adjusted basis, with underlying sales growth of 4%. Adjusted operating profit was £2.3m, growth of 33%, or 4% on an underlying basis. The group’s actual operating loss was £1.3m, compared with an operating profit in the same period last year of £1.6m. The loss came after restructuring costs of £2.7m associated with the […]
Profile Books Remains Upbeat in Face of Profit Decline
For the fiscal year ending in March 2008, Profile Books reported a turnover of £7.58m and net assets increased by 18%, down from 2007’s turnover of £9.09m and 23% net asset increase. Pre-tax profit came in at £1.03m euros and operating profits were £770,000, down more than half from 2007. The publisher cited a lack of a number one bestseller for the downturn from last year’s “exceptional” figures. Managing director Andrew Franklin said: “These are very pleasing figures. Some years we publish a runaway bestseller and it’s a fabulous bonus when we do, but even without one these results show […]
S&S Falls Short
CBS reported sales at Simon & Schuster for the second quarter of $186 million, down 7 percent from a year ago. It’s the third straight quarterly decline for the publishing unit and once again the statement says that “bestselling titles…did not match contributions from prior year titles.” OIBDA and operating income decreased 15 percent to $17 million and 19 percent to $14.6 million, respectively, with “lower revenues partially offset by lower royalty expenses.” In additional remarks the company indicated they “are also feeling, as we did the last quarter, the effects of higher freight costs,” and are seeing higher paper […]
Harlequin Turns in Better Quarter
Torstar reported second quarter earnings with sales at their Harlequin unit of $119 million (CA) up 3.5 percent from a year ago, and EBITDA of $19.8 million up 44 percent (for a margin of 16.6 percent). The company says Harlequin “is well on track to deliver solid growth for the year, albeit not at the pace of the second quarter…. After a very strong second quarter, we expect Harlequin’s growth to moderate in the second half of the year resulting in solid growth for the year as a whole. The U.S. economy could have a negative impact on Harlequin’s results, […]