Walter Isaacson has joined Arcadia Publishing in the part-time role of editor-at-large and senior advisor, and he will be an investor in the company as well. Isaacson will acquire, edit and promote books for Arcadia, as well assisting the company in developing new strategies and partnerships. Former president and chief executive of Book-of-the-Month Club and then editor at Viking Books Al Silverman, 92, died at home on March 10. He was the author The Time of Their Lives: The Golden Age of Great American Book Publishers, Their Editors and Authors, as well as the collaborator with football great Gale Sayers on […]
Publishers
Lagardere Publishing Profit Falls
After reporting a slight revenue decline of 1.6 percent for full-year 2018 back in February, at €2.252 billion, Lagardere Publishing has now reported full results in line with the expectation that 2018 would be “a more challenging year.” Profits for the year fell more than sales, at €190 million, down 9.5 percent from recurring EBIT of €210 million in 2017. The company said that the weakness in education sales in France — which were down €49 million — “weighed on profitability, as education has a higher operating margin.” Additionally, under nonrecurring items — which as we have observed in the […]
Quarto Reports Soft Sales, But Predicts Better Days
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 […]
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 […]