Scholastic reported third quarter sales from continuing operations of $425 million, down 3.5 percent, and a bigger loss from continuing operations before taxes of $41.4 million. (That loss, not counting special items, was much larger than forecast by the analyst who covers Scholastic, who was expecting just one cent a share. Sales were about $25 million below the expectation, too.) But they celebrate having “successfully sustained revenues last quarter in our market-leading children’s book and educational technology businesses” and reaffirmed guidance to investors for the fourth quarter and full year. Corporate overhead rose for the quarter, including $4.8 million in […]
Changes to Amazon UK's Advantage Program Provoke Publisher Ire
Amazon UK has unveiled a change in terms for publishers in its Advantage program, offering “early payment” in 15 days with an additional discount of 2 percent, alongside a revision of the “standard” payment period to 60 days. Some publishers have claimed that the consignment-based scheme is “utterly outrageous” and “thuggery” even as others are more sanguine. The changes are effective as of April 1 and members are required to make their choice known to Amazon by that date. The email outlining the new terms arrived this week, giving publishers just days to reply. Said one IPG member contacted by […]
Delisting Possible as Borders Prepares to Unveil Strategy Next Week
With Borders set to declare fourth-quarter results next week, expectations are grim: more multi-million dollar losses, store closures, payroll slashings and, with shares currently trading at 64 cents per share, potential de-listing from the NYSE. Shareholders will hear more about the company’s strategy, including plans for a reverse stock split to satisfy NYSE conditions, next Wednesday when CEO Ron Marshall hosts a conference call with analysts and investors. One turnaround expert tells the Detroit Free Press that Borders seems to be one of buying time and hoping economic recovery is just around the corner. “They are figuring their brand name […]
Former Treasury Secretary Henry Paulson to Write About Economic Meltdown
Grand Central imprint Business Plus will release an account of the economic crisis by Henry Paulson, former Secretary of the Treasury and CEO of Goldman Sachs, this October. According to a statement issued Wednesday by Business Plus, the untitled book will “include Paulson’s personal recollections of key moments and decisions” and “will also include his insights on what has happened since he left office.” In a telephone interview with the AP, Paulson said: “I didn’t come to Washington thinking I was going to leave and write a book, but this period was so significant and there are so many insights […]
People and Announcements
Caroline Sutton has been named Editor-in-Chief of Hudson Street Press, effective May 4. Previously she was an Executive Editor with Collins. At Wiley, svp international development Stephen Smith has been promoted to chief operating officer, effective May 1. He will be “responsible for the overall direction and leadership of the Wiley’s global publishing business,” reporting to CEO William Pesce, and will relocate to the company’s Hoboken headquarters. Guy Raphael, senior non-fiction buyer at Borders UK, is leaving the company just weeks after being promoted to his current position. At Inner Traditions, Bear & Co., John Hays has been appointed Director […]
Yale and Other University Presses Face Dropping Sales
The Yale Daily News says that press YUP director Jon Donatich reports sales over the past year have been down 7 to 8 percent. “Our books are working,” Donatich said. “But the marketplace is very soft.” They are looking at shorter print runs and “an expanded digital platform.” The AAUP confirms that 62 university presses surveyed reported an average drop in sales of 10 percent over the second half of 2008. Director of the University of Pennsylvania Press Eric Halpern confirms their sales are down about 10 percent, too.YDN In related news, nearly half of the 120 print jobs proposed […]