Quarto released full-year results for the year ended December 31, 2018, with revenue of $149 million, down from $153 million in 2017, or 2 percent, “in a time of continued softness in the marketplace and of considerable transition for the group,” according to ceo C.K. Lau, alluding to last year’s dramatic boardroom coup and ensuing reorganizations. The company still isn’t making money, with a pre-tax loss of $100,000, but that’s a lot better than the heavy losses in 2017. Exceptional items were more modest, but still cost $5.2 million for the year — with $2.9 million in reorganization costs, $0.8 […]
Publishers
Wiley Reports Significant Decline in Publishing for Q3
Wiley reported fiscal third quarter earnings Tuesday morning, with overall sales down slightly, to $449 million from $456 million, representing “favorable underlying growth throughout, except in book publishing,” according to president and ceo Brian Napack. Operating income dropped more significantly, however, to $50 million from $65 million a year ago, or 23 percent. The results include $13 million in sales from the recent acquisition of Learning House, and -$6 million in operating income. Just after 11 a.m., the stock was trading down about 15 percent from the prior day’s close. STM and professional publishing sales fell $16.2 million or 20 […]
HMH Stock Drops Sharply on Earnings Report
Houghton Mifflin Harcourt reported full year and 4th quarter earnings for 2018 Thursday morning — and despite closing sales ahead of expectations, and within the company’s 2018 guidance, the market reacted sharply. Shares were down more than 11 percent in the first hour of trading, with a higher-than-expected fourth quarter loss from continuing operations and a looming refinancing of their big debt load. Net sales for the year from continuing operations (given the fall sale of the Riverside Assessments division) were just below flat, to $1.32 billion from $1.33 billion in 2017; the $24 million sales decrease in the company’s […]
Pearson Reports Overall Decline as Expected, With Better “Underlying” PRH Profit
In line with their muted January “trading update,” Pearson released its full 2018 results, reinforcing the continuing trend: Their major division, the US higher education courseware business, continues to decline as they continue its “digital transformation,” weighing down stable performance in the rest of the company’s continuing operations. Sales were £4.13 billion, down from £4.51 billion in 2017, with underlying sales down 1 percent. As indicated in January, to the surprise of analysts, US higher ed sales fell 5 percent. Adjusted operating profit was £546m for 2018, in the upper half of their guidance. As for Penguin Random House, in which […]
Simon & Schuster Finishes with Softer Sales, But Sets New Profit Record
CBS reported fourth quarter and full year 2018 results on Thursday, with sales at Simon & Schuster moderating in the final quarter to $218 million (down from $235 million a year ago), even as operating income continued to grow, at $46 million (up $1 million from a year ago). As ceo Carolyn Reidy underscored, it marks the company’s sixteenth consecutive quarter of growth in profits. Full year sales fell $5 million short of last year’s mark, at $825 million, as the company registered record operating income yet again, at $144 million. That’s up from an official $136 million for 2017 […]
Harper Reports Strong Holiday Quarter
HarperCollins’ parent company News Corp. reported fiscal second quarter sales, through December, with the publisher registering “record revenue and segment EBITDA in the quarter.” Sales of $496 million were $27 million higher than a year ago, up 6 percent — and on a comparable basis improved even more, since the company said the new revenue recognition standards lowered revenues by $18 million. Foreign exchange cost the unit $7 million in the quarter. EBITDA of $88 million was $10 million higher than a year ago, up 13 percent. Digital sales comprised 17 percent of consumer revenues, rising 12 percent over a year […]