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 […]
Publishers
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 […]
Oxford University Press Results Flat On Year of “Structural Change”
Sales were flat Oxford University Press for the fiscal year ending March 31, 2014, at £759 million, and profit before tax from continuing operations declined £9 million, to £107 million. The press was able to transfer £50 million to the university. Digital sales comprised 19 percent of total revenues and grew by 7.5 percent during the year. A press release says that sales actually grew on a constant currency basis, by 7 percent (or by 3.6 percent on a continuing operations basis, before accounting for acquisitions — notably, the integration of educational publisher Nelson Thornes). OUP says it “invested in […]
Wiley Ends Fiscal Year Exceeding Expectations
Wiley announced a strong fourth quarter and a good end to a fiscal year that included multiple restructuring charges as the company has remade itself into a “global provider of knowledge and knowledge-enabled services.” Fourth quarter sales of $457 million were up $16 million and income was significantly higher on a more normalized period, even with another $26 million in restructuring and amortization charges. Full-year sales of $1.775 billion were up $14 million, and earnings per share rose 12 percent. The stock is up in early trading on the better-than-expected report. CEO Stephen Smith says in the announcement, “We exceeded our annual […]
Sales Rise At Bloomsbury, As Profit Softens
Bloomsbury reported results for their fiscal year ending February 28, with sales rising 11 percent of £109.5 million, but profit after tax of £9.5 million was down slightly (from £9.8 million the year before). All three major publishing divisions — adult trade; children’s and educational; and academic & professional — showed gains during the year, which “mitigated a fall in higher-margin rights and services revenues.” Those sales fell 26 percent to £8.5 million, with “fewer [copyright licensing] deals completed and at lower amounts.” Digital sales overall rose by 21 percent to £12.2 million, and now comprise 12.1 percent of revenues […]