Courier Corporation announced an improved first fiscal quarter: For the period ending December 29, sales rose 3 percent to $64.8 million and profits of $2.4 million were up considerably from $1.5 million a year ago. Digital printing sales rose “on continued growth of customized versions of college textbooks as well as increased use of digital printing among specialty trade publishers.” Their publishing division continues to suffer, as sales fell 3 percent to $9.1 million. The unit’s operating loss was $1.1 million, an improvement only by comparison to the loss of $1.3 million a year ago. The company expects sales to […]
Publishers
Pearson Falls On Modest Profit Warning
In a trading update ahead of their full late-February earnings report, Pearson said to expect profits slightly short of what analysts had been expecting. Forecast operating profit of approximately £935 million and adjusted earnings of approximately 84 pence per share is only nine-tenths of a pence below expectations–but Pearson generally outperforms those expectations, and the stock has fallen in London on the news, down 4.5 percent over the past two days of trading. The release itself is disarmingly pleasant and polite. Penguin “benefited from a good fourth-quarter publishing performance and traded in line with our expectations,” and “will report revenues in […]
People, Etc.
Grand Central publisher Jamie Raab has been promoted to president (from executive vice president). CEO David Young wrote to staff: “In Jamie’s two and a half decades with the company, she and her team have created a diverse publishing program that spans just about every genre – commercial fiction and literary novels, celebrity bios and serious politics, business, romance, humor, and lifestyle – putting real muscle behind the campaigns and making GCP a fixture on bestseller lists.” He added, “Jamie is a brave and brilliant publisher, a trusted leader in the company, and an impassioned champion of authors. Here superb […]
HarperCollins Financials Revealed As Part of News Corp Spinoff Procedure
With News Corp.’s proposed spinoff of its publishing unit, aka New News Corp (the other division will be renamed Fox Group) moving forward, the company filed proxy documents with the SEC late Thursday outlining the scope of the proposed spinoff and revealing financial performance data for HarperCollins, after holding back on numbers ever since the close of fiscal 201o. For the most recent quarter, which ended September 30 (their fiscal first quarter), Harper reported sales of $352 million, up 17 percent from $301 million in 2011–largely because of the acqusition of Thomas Nelson in July, at the beginning of the […]
Scholastic Sales and Profits Fall, As Forecasted
Scholastic reported results for the second quarter ending November 30, and as the company warned a month ago, overall sales fell 10 percent to $616.2 million, and profits declined further. The company reported a net profit of $61.8 million (or $1.89 a share) as compared to $82.8 million (or $2.62 a share) a year ago, in part because of declining Hunger Games trilogy sales as well as declining book club revenues and lower sales of higher margin educational technology products. Revenue in the children’s book publishing and distribution division was also down almost 11 percent to $350.1 million, and trade […]
Wiley Takes Writedown On Weak Interest In Trade Assets; Reduces Earnings Guidance
Wiley’s second quarter earnings report comes clean about the weakness of the trade publishing assets they have been trying to sell. The second deal–in which Houghton Mifflin Harcourt bought their culinary line and the CliffsNotes and Webster’s New World Dictionary businesses–yielded just $11 million. Wiley has taken a writedown of “approximately $16 million,” reflecting a reduced value for both the assets bought by HMH as well as the “realizable value” of the grab-bag of other trade books still up for sale, which includes titles on pets, crafts, nautical and general interest. That loss is balanced by a $10 million gain […]