With no Harry Potter paperback, full-year sales at Bloomsbury fell 12.7 million pounds at 87 million pounds for the year, as adjusted pre-tax profit dropped 35 percent to 7.71 million pounds. The company finished the year with total cash of 35 million pounds. The company says that profits were “ahead of consensus market forecasts achieved under difficult trading conditions.” US sales rose 1.46 million pounds to 18.78 million, with profit of 450,000 pounds before central cost recharges, but sales fell at Berlin Verlag, down over 2 million pounds at 9.55 million, which had its first operating loss since 2004. Their […]
Finance
First Borders
Call it Psychic April Fool’s week: this is one of those weeks when the two major stories are clear from the beginning, but either narrative is subject to plenty of surprises. First up is Borders, which faces an April 1 deadline on their $42.5 million loan from major shareholder Pershing Square. The company would normally report fourth quarter and full-year earnings on or about that same day, but has yet to announce a release date. Presumably results–and the accompanying SEC filing–won’t be announced until the company can speak authoritatively to its forward plans. While most accounts are focused on the […]
Both BN CEO Lynch and Retail CEO Klipper Get Same Compensation Package: 900K Base Salary, 500K Shares
Two filings with the SEC offer a look both at what CEO William Lynch will earn as Barnes & Noble’s new CEO and how Mitchell Klipper’s promotion gives him a much greater role in the company. Lynch’s three-year-deal with B&N will bring in an annual base pay of $900,000 (with eligibility for bonuses with a target of “not less than” 150% of base pay.) Lynch will also receive 500,000 shares of B&N stock and have options to buy another 500,000 shares. Klipper, however, will get virtually the same compensation package, underscoring that B&N views his new position as CEO of […]
Lulu IPO Moving Ahead for Next Month
Further to our early January report, Lulu.com has filed the preliminary prospectus for their planned April IPO in Canada, with Genuity Capital Markets and CIBC as lead underwriters. According to the filing, 2009 sales were $31.6 million, up only 4 percent over the prior year. The company says they lost $1.9 million last year (and $13.8 million the year before), though they say that become slightly profitable by the fourth quarter. Seeking to raise approximately $50 million, $15 million of the proceeds would pay back a loan from company founder Bob Young–who would still retain majority control of the shares […]
Wiley In Consultation Over Possible STM Job Reductions
The Bookseller reports that Wiley has “begun the consultation process” over a possible change in up to 30 UK-based jobs and another 12 positions elsewhere from their STM division. Spokesperson Susan Spilka says its another step in the integration of Blackwell’s. She emphasized that they will not necessarily eliminate all of the positions that are under discussion, and would try to “redeploy” those people elsewhere in the company. The jobs are within the central marketing services and exhibitions and conference departments, with those functions planned for relocation to the company’s publishing services operations in Singapore.Bookseller
Bloomberg Press to Become Imprint of Wiley
Bloomberg Press, reported last November as slated for closure on an unspecified schedule while the company explored all options for what to do with the line, will become an imprint of Wiley. Wiley says they will work with Bloomberg to “extend the Bloomberg and BusinessWeek brands to long-form content in books and other formats” and they plan to “publish the content using all media platforms including print, e-books and digital.” Wiley president of professional and trade publishing Steve Kippur says, “This is a powerful alliance that leverages Wiley’s vast experience in publishing business and finance books. The relationship takes advantage […]