Swedish audiobook streaming service and publisher Storytel reported preliminary results for the third quarter ended September 30, with streaming sales of SEK742 million ($70.4 million), up 27 percent from last year and just above their forecast of SEK 724-731 million. Excluding Russia, where the company ceased operations at the end of September due to the war with Ukraine, sales were SEK732 million, up 29 percent. Streaming sales in the Nordic segment were SEK492 million, up from SEK447 million last year. In the non-Nordic segment, streaming sales were SEK249 million, a leap from SEK135 million in Q3 2021. Incoming ceo Johannes […]
Publishers
Bertelsmann Touts Growth Investments
Penguin Random House senior management is in Gutersloh, Germany now, joining over 500 Bertelsmann colleagues from around the world, for a management meeting. Bertelsmann’s leaders are touting their “Boost” growth plans, expecting to invest between €5 and €7 billion euros across the company’s divisions by 2025. The objective, chief executive Thomas Rabe said, is to raise their results to sales of €24 billion and group profits of €2 billion.
Scholastic “On Plan” for First Quarter, with Bigger Seasonal Loss
Scholastic announced earnings for the first quarter of 2023, ended August 31, with sales of $263 million, up 1 percent from last year. The company said results were “on plan” for the quarter, which usually reports an operating loss, with a typical dip in the summer when kids are out of school and investments in Education Solutions. That operating loss this quarter was $(58.1) million, compared to $(32.0) million last year. The greater loss was due to increased freight costs and lower sales in Education Solutions. Last year results also benefited from “the timing of shipments related to the pandemic.” […]
Wiley Reports Flat Sales, Operating Loss
In the first quarter of fiscal 2023, Wiley reported sales of $488 million, flat with the same period last year and up from the past several years (Q1 2021: $431 million; Q1 2020: $423.5 million; Q1 2019: $411 million). Operating loss was $(17) million, compared to a $41 million gain last year. The company also reported a net loss of $(18) million, down from net income of $14 million in 2021. Adjusted EBITDA was $64 million, down (34) percent, “due to investments in Research, higher employee costs, increased T&E spend related to the resumption of in-person activities, and market-related challenges […]
Penguin Random House Sales Fall Organically, Gain On Foreign Exchange, As Earnings Declined
Bertelsmann reported results for the first six months of the year, with Penguin Random House declining on an organic basis by 1.8 percent — though topline sales still rose by 6.3 percent, due to the weakness of the euro. Sales for the period were €1.916 billion, compared to €1.804 billion a year ago. Earnings were down by both measures, with EBITDA of €257 million, compared to €324 million a year ago. The company noted, “Adjusted for exchange-rate effects, revenue and earnings declined, given the inflationary pressure and supply-chain challenges.” You can see the dual effect on PRH US sales — […]
Quarto to Sell Smart Lab, Close Distribution Service
In reporting results for the first six months of 2022, Quarto followed the classic corporate move of burying the most interesting developments at the very bottom of their announcement. They will sell the toy imprint Smart Lab (acquired as part of Becker & Mayer), “in order to focus on our core publishing business.” The will also close their distribution service, “which will start to impact our sales from July 2022.” They have “received a non-binding offer” for Smart Lab and “a sale is expected to be completed by September 2022.” The business is carried at an asset value of $2.36 […]