Sales gained at HarperCollins for the fifth consecutive quarter, rising $17 million to $418 in their fiscal first quarter. “Robust profit growth” saw EBITDA rise to $68 million in the period, up $20 million for a year ago. Sales gains would have been higher, but were “partially offset by $12 million of lower revenues as a result of the adoption of the new revenue recognition standard.” We explained that standard earlier in the year, in the context of how it lifts Penguin Random House’s ebook sales, but it applies broadly to “revenues from contracts with customers.” A HarperCollins spokesperson confirms […]
Publishers
Bloomsbury Shows Modest Six Month Gains, Lead by Adult Trade
Bloomsbury announced half-year results for the period ended August 31, 2018, with overall revenue up 4.4 percent to £75.3 million, an increase of £3.2 million over the same period last year. Adjusted profit before tax — which excludes a major increase in exceptional costs in the period — was modest at £2.9 million, though up 13 percent from £2.5 million during the period last year. Adult trade was the big performer, with sales rising £2.9 million to £15.9 million, due in part to renewed interest in the late Anthony Bourdain’s Kitchen Confidential. Meanwhile, the bigger Children’s division declined £.6 million to £31.1 […]
Corporate: Pearson Gains On Steady Quarter, Scribd Pairs with NYT
Pearson provided a trading update on the first nine months of 2018. Total revenues were flat, with a 3 percent decline in US higher education courseware offsetting growth in the rest of the company. The company attributed some of the revenue decline to delays caused by the implementation of new enterprise software in the US, which it expects to “largely reverse” in the fourth quarter. That growth elsewhere, along with revised estimates for some one-time tax benefits, helped lift shares in London today. The traditionally terse comment on trade book performance noted, “Penguin Random House is performing in line with […]
Scholastic Q1 Gains On Strong Trade Sales
Scholastic reported results for its fiscal 2019 first quarter ending August 31, 2018 — their lightest quarter since school is not in session — showing gains in both book publishing and distribution and education. Revenues totaled $218.4 million, up 15 percent compared to $189.2 million in the first quarter of 2018. The net loss improved slightly—$61.3 million, compared to $63.7 million in the prior year period. Adjusted EBITDA for the first fiscal quarter of 2019 was a loss of $64.5 million, compared to a loss of $78.1 million in the first quarter of 2018. Scholastic’s shares, up 6.9% so far […]
Quarto Has Better Sales, Still with Big Loss; Bertelsmann to Buy OnCourse Learning
Quarto reported half-year results, with sales showing some improvement, as revenues rose $6 million to $56.2 million. Some of that gain reflects a shift in the “seasonal split of co-edition revenues, with a higher percentage than normal of expected full-year revenues achieved in the first half.” Their operating loss of ($7 million) was slightly improved from last year’s ($7.6 million), though the after tax loss of ($6.7 million) was higher than last year’s ($5.2 million), and is a poor result by any objective measure. The company’s lightly-traded stock is headed towards a new all-time low following the news. Though not […]
Wiley Reports Modest Q1 Decline in Overall Publishing
Wiley reported results for the first fiscal quarter ended July 31, 2018, with GAAP revenue of $411 million, a 1 percent decline versus the prior year, and operating income of $36 million, a $24 million increase from a year ago, when the company had taken a restructuring charge. Overall publishing sales were slightly lower, continuing the trend from last year. STM and professional publishing sales of $66 million were up 3 percent from $63.6 a year ago. Those gains were offset by a decline in educational publishing sales, down 16% to $38.2 million. “First quarter performance was consistent with our […]