Perseus Books Group ceo David Steinberger dispatched his annual letter to the company’s 675 employees celebrating the milestones of the privately-owned company’s fiscal year (which ends June 30). ” I am struck by the power of the independent publishing model that we represent. In a year when much of the talk in the industry seemed to be about corporate consolidation, The Perseus Books Group generated strong financial results and surpassed our budgeted goals again thanks to great independent publishing by our in-house imprints, by our joint venture partners and by the clients we serve.” Initiatives during the year included the […]
Publishers
Soft College Sales Hold Down Pearson Profits
Pearson issue a third-quarter overview, reiterating guidance for the full year that anticipates lower profits than in 2012. While sales are up compared to a year, the third quarter was soft (sales were up 7 percent at the end of June; now “continuing sales” are up 4 percent for the first nine months). North American education margins are lower due to “a weak trading environment for college textbook publishing,” as well as “start-up costs associated with new services contracts and by product investment ahead of the implementation of new Common Core standards.” The Penguin Random House merger also “reduces Pearson’s […]
Education and Trade Both Grow for Houghton In Third Quarter
Houghton Mifflin Harcourt has reported third quarter 2013 sales as part of revised SEC documents related to the company’s planned IPO. Trade sales were $45.6 million for the quarter, up $3 million (or 6.8 percent) compared to a year ago, and education sales were $504.6 million, in what the company notes is their most important period (“our business is dependent on our results of operations for the third quarter”). Those education sales were $53 million higher than last year, up 11.8 percent, and powered operating income of $107.5 million for the quarter, and net income of $105 million. The increase in […]
Hosseini and Acquisitions Help Bloomsbury to Increased Sales
Bloomsbury reported preliminary results for the first half of 2013, with sales up 13 percent to £49.2 million and pre-tax profit up £200,000, to a still-modest £1.1 million. Sales were driven by trade hits such as Khaled Hosseini’s And the Mountains Echoed (in the UK) and the company’s string of academic and professional publishing acquisitions. They are also the UK publisher for Jumpha Lahiri, Margaret Atwood and Colum McCann. The adult trade division had sales of £23.2 million (up 16 percent), as adjusted operating profit of £1.1 million rose 77 percent compared to a year ago. Adult digital sales were […]
Faber Rebounds In Record Year
The UK’s Faber and Faber reported strong results for the fiscal year ending March 2013, with sales of £20 million and operating profit of a robust £2.24 million. CEO Stephen Page said in a statement: “This record result for the company is very pleasing, and is the result of the company’s long-term plan to thrive in this new era for the industry. Across the publishing, creative writing, digital and service businesses, we saw development and success.” A year ago, sales had declined from £19.1 million to £17.5 million, and after tax profit had fallen to £537,000. On Canongate’s results noted […]
Profits Rebound at Canongate
Independent publisher Canongate definitely had a better year in fiscal 2012, after a disastrous experience the previous year with Julian Assange. It was their iconic hit, the 2002 Booker winner LIFE OF PI, the led the revitalized results, thanks to the success of the film version. After an operating loss for 2011 and pre-tax profit of just £300,000, Canongate reported a pre-tax gain of nearly £1 million for 2012. Reporting their sales is a little confusing, however. The company says in a brief statement that 2012 sales were £9.6 million — and asserts that was an increase of £1.7 million […]