Courier reported third quarter earnings, as their publishing business continues to shrink. Sales of $8.5 million were down 4.4 percent, though the operating loss of $493,000 was a small improvement, almost half the operating loss at the same time a year ago. Sales were flat at Dover and their REA line but down at Creative Homeowner, with their REA line growing 2 percent and Dover bolstered by their Creative Haven line of adult coloring books. Operating results improved at both Dover and REA, with REA showing a profit both for the quarter and for the year to date. Companywide, sales […]
Publishers
Amazon Dispute Has “Limited” Or No Effect on Lagardere Publishing Results
Lagardere reported first-half of the year results after the close of the market in France on Thursday. Sales at Lagardere Publishing were 510 million euros in the second quarter (up 12 million euros) — and 903 million euros for the full first half, up 2.5 percent on a like-for-like basis for the quarter but down 1.5 percent (or 14 million euros) in actual results because of foreign exchange. Earnings did fall to 51 million euros, down 28 percent from 71 million euros a year ago, due to an “exceptionally rich” publishing program in the first half of 2013. The company answered the big […]
Sales Slide At Harlequin, With Sale Now Expected Within Days
Harlequin’s current parent company Torstar announced second quarter results on Wednesday morning, and the company said it now “anticipate[s] closing the transaction on or about August 1” to sell Harlequin to HarperCollins. They have “received the regulatory clearances and approvals required,” and “while the transaction remains subject to certain customary closing conditions, the parties continue to work toward satisfying these conditions.” Torstar expects to book a gain of approximately $225 million on the sale. For the second quarter, Harlequin’s sales fell $3.1 million to $96.4 million, and net income fell $4 million, to just $1.6 million. The company had $2.3 million […]
Pearson Steady During Restructuring; PRH “Performed Well”
Pearson reported sales for the first half of the year of £2.047, down 7 percent (but up 2 percent on currency neutral basis). Adjusted operating profit was 75 million pounds, compared to 137 million pounds a year ago, reflecting bigger charges on their continuing restructuring charges (£43 million so far this year), foreign exchange, and “the impact on margins of the phasing of revenues into the second half of 2014.” Those charges were apportioned as: School, £22 million; Higher Education, £10 million; Professional, £4 million, and PRH £7 million. All of Pearson’s sales decline and then some came from the […]
Scholastic Takes $21.4 Charge, Mostly on Storia, Which Will Switch to School Licensing Model
Scholastic reported fourth quarter and full fiscal year earnings on Thursday morning, with sales rising 8 percent to $549 million and operating income increasing more, at $48.6 million. The stock rose in early morning trading on the improved results and positive guidance for next year. But the company disclosed a variety of charges, including a mostly non-cash, pre-tax charge of $21.4 million primarily due to a shift in their Storia ereading platform. Scholastic intends to move the service to a “streaming model,” and as a result they will not support various operating-specific Storia apps. That change and a “settlement charge” […]
Sales Fall 9 Percent at Bloomsbury On Difficult Comp
In a brief “interim statement,” Bloomsbury reported that fiscal first quarter sales (for the period ending May 31) were down 9 percent compared to a year ago — when they had an unusually strong first quarter. All the decline and then some comes from the adult trade division, “as anticipated,” with sales rising in the Academic & Professional and Children’s & Educational divisions (the latter helped by having John Green’s Paper Towns on the backlist). Chief executive Nigel Newton notes in the release, “We continue to develop Bloomsbury as a wholly integrated trade and academic publisher. This is traditionally a quiet quarter […]