Quarto reported earnings for the year ended December 31, 2021, with sales of $151.5 million, up from $127 million in 2020, a 19 percent increase. US sales of $93.4 million were up by $17 million. UK sales were $20.2 million, up $2 million, and non-UK sales in Europe were $21.2 million, up from $17.4 million last year. The company said a release the gains were due to “Clear focus on maximizing the group’s core strengths, retaining a disciplined business model, further debt reduction and developing future growth opportunities.” Operating profit was $16 million, up from $9.3 million. The company lists […]
Publishers
BNED Reduces Earnings Expectations; Wiley Reports “Strong” Earnings
Barnes & Noble Education reported third quarter earnings for the period ended January 29, with sales of $403 million, down 2 percent from $412 million last year. Net loss was $(36.8) million, down from $(48.3) million last year, and adjusted EBITDA was $(13.1) million, compared to $(20.8) million last year. The Omicron surge caused campuses to delay the start of spring semester classes and/or hold them virtually, leading to lost or delayed sales in the quarter. That led to a reduction in guidance as well: For fiscal 2023 the company expects adjusted EBITDA “to be lower than pre-COVID levels, as […]
Pearson Expects Growth Despite Higher Ed Losses
Pearson published their full year-end report for 2021, after a brief update in January, with results “ahead of expectations.” Sales were £3.438 billion, an underlying growth of 8 percent over 2020, “reflecting underlying performance, portfolio changes and currency movements.” Operating profit was £183, down significantly from £411, due to the 2020 sale of shares in PRH and restructuring costs in 2021. Adjusted operating profit was £385 million, compared to £313 million last year, a 33 percent increase, “driven by operating leverage on revenue growth and cost savings offsetting cost inflation and investment to accelerate future growth.” Providing more details about […]
HMH Gains for the Year
Houghton Mifflin Harcourt announced results for the fourth quarter and full year 2021. Sales in the quarter were $179 million, up 26.7 percent from $141 million the year before. For the year, sales were $1.051 billion, a 25 percent increase from $840 million in 2020. Operating income was $48.2 million, up from a loss of $(447.9) million the year before (when they took a large goodwill impairment charge). Net income was $2.1 million, compared to a loss of $(470.7) million last year. The company canceled its earnings call due to the recent announcement of a pending sale to Veritas Capital. […]
Storytel CEO Steps Down; Company Expects Growth of 30 Percent or More in 2022
Swedish ebook streaming service and publisher Storytel issued their formal 2021 annual report. But the bigger parallel news was the announcement that founder Jonas Tellander is stepping down as ceo, effective immediately, while remaining on the board. Ingrid Bojner takes over as interim ceo as the board searches for a permanent successor. “It’s time for new leadership at Storytel, 17 years of full focus on Storytel has taken its toll. The team is now stronger than ever and will, under Ingrid’s leadership, take big steps this year,” Tellander said. “Personally, after a little time off, I look forward to continuing to […]
Lagardere Publishing Reports Record Profits
Lagardere reported fourth quarter and full year results, with publishing division sales of €772 million in Q4, up 10.3 percent from €700 million last year. These results were driven by €24 million from the acquisition of Workman, and €16 million in foreign exchange as the British pound depreciated. For the full year, publishing sales were €2.598 billion, up 9.4 percent from €2.375 billion a year ago. Recurring EBIT rose substantially, to a record of €351 million, up €105 million over last year. The company said the higher margin “was driven by business growth, a favorable sales mix and disciplined cost […]