CBS reported second quarter results on Thursday afternoon, with sales at Simon & Schuster up $1 million to $207 million, as operating income continued its steady, long-term improvement, at $31 million, up $2 million from a year ago, “reflecting the higher revenues and lower production costs.” Embattled ceo Leslie Moonves surprised some by leading the company’s investor call as usual, and he said Simon & Schuster’s “terrific line-up of bestselling authors continues to deliver hits.” (The moderator said at the beginning of the call that “in light of pending litigation” and “on advice of counsel” the discussion would be limited […]
Publishers
Even Trade Sales Fell As HMH Reports A Down Quarter
Houghton Mifflin Harcourt reported sales of $376 million for the second quarter of 2018, down $17 million. Both the operating loss of $9 million and the net loss of $23 million show improvement from a year ago — when they took a big restructuring charge — and was helped by the corporate tax cut. But adjusted EBITDA of $62 million was $11 million lower than a year ago, on the decline in sales. The company reaffirmed its guidance for the year and ceo Jack Lynch said in the announcement, “Despite a trough year in the market, HMH is performing well […]
More Earnings: Pearson Says PRH Sales Fell, Amazon Keeps Growing
Pearson reported modest results for the first half of 2018, with “good progress against strategic priorities” and their “efficiency program on track,” in line with their previous guidance for the year. (Which called for falling overall operating profit, though growth in the “underlying” profit.) The US higher ed business “grew modestly in the first half helped by lower returns, as expected” but is still projected to decline in the more important second half due to “underlying market pressures.” And the US K12 business remains up for sale. Profits from their stake in Penguin Random House declined to £22 million — […]
Lagardere Publishing Down Slightly So Far This Year
Lagardere reported second quarter (and half-year) results on Thursday, with sales at the publishing division down 3.7 in the quarter, at €558 million, versus €579 million a year ago. Last year’s acquisitions — primarily Bookouture, Jessica Kingsley, Summersdale and IsCool Entertainment — added about €6 million to second quarter sales (and €18 million in the first half of the year). Foreign exchange — primarily the weakening US dollar — cost €19 million in the quarter, and €42 million in the first half of the year. First half sales totalled €1 billion, down €19 million, and recurring EBIT was €40 million, […]
Briefs: Bloomsbury In Line with Expectations, Atavist Was Sold
Bloomsbury issued a brief trading update on the first four months of their fiscal year, through June 30, still “in line with its expectations” for the year. Sales were up 3.7 percent with the recently-acquired IB Tauris — and 2.1 percent without two months of Tauris’s sales. The company said they had “a particularly strong result in the adult division.” Catching up on some news from June, we note that Atavist was acquired by Automattic (the owner of WordPress.com owner). The deal included Atavist’s proprietary content management system, along with digital Atavist Magazine. Automattic had acquired digital publisher Longreads in 2014. […]
Barnes & Noble Ends the Year On Further Declines
Barnes & Noble reported fourth quarter and full-year results Thursday morning, and once more the trendline for the company is decidedly downward. Sales for the quarter were $786 million, a decline of 4.3 percent from the prior year, while comparable store sales dropped 4.1 percent. Consolidated EBITDA was $6.7 million in the fourth quarter, as compared to $5.6 million a year ago. The company incurred a fourth quarter net loss of $21.1 million, or $0.29 per share, compared to a loss of $13.4 million, or $0.19 per share, in the prior year, factoring in a $7.7 million charge “associated with […]