With regular sales relationships re-established with Barnes & Noble in August, Simon & Schuster turned in a strong third quarter. Sales of $224 million were up 7 percent from an unusually soft $210 million a year, and OIBDA hit a new third-quarter record high of $43 million, up from $39 million in 2012. Simon & Schuster ceo Carolyn Reidy notes that “we had a lot of wind behind our back going into the quarter” from a variety of established books (including the Cassandra Clare City of Bones movie tie-in) plus “some nice strong titles that did even better than we […]
Publishers
Harlequin Continues To Slide
Canada’s Torstar reported results for the third quarter, with both sales and profits down again to book publisher Harlequin. Sales of $100.6 million (CA) were down $7.2 million (-6.7%) and operating profit of $13.3 million was $5.2 million lower than a year ago (-28%). The book unit has modest “restructuring and other charges” in the period of about $750,000. Digital comprised 25.2 percent of third quarter sales, compared to 20.3 percent a year ago, “largely reflecting growth in overseas digital revenues.” Looking forward, the company says “with revenues weaker than anticipated through the first nine months of the year, Harlequin’s […]
Perseus Books Group Reports “Strong Financial Results”
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 […]
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 […]