Major Reduction in Earnings Forecast at AMS Advanced Marketing Services continues to suffer from “substantial fees and expenses” related to government investigations of some its accounting practices, plus the company has “changed its sales approach regarding how it handles the disposition of excess inventory.” The latter has resulted in “an increase in reserves taken on non-returnable or partially returnable inventory,” and has led the company to significantly reduce its earnings prediction. A further explanation refers to the company’s “reorganization of its distribution centers” and says that “estimated publisher incentive income declined.” AMS warned investors yesterday that it now expects to […]

In Denial Seymour M. Hersh’s book-length version of his Abu Ghraib investigations CHAIN OF COMMAND releases today, though the NY Times got an early copy. They say the book indicates that “senior military and national security officials in the Bush administration were repeatedly warned by subordinates in 2002 and 2003 that prisoners in military custody were being abused.” The Pentagon was quick to provide a denial on their web site: “Based on media inquiries, it appears that Seymour Hersh’s upcoming book apparently contains many of the numerous unsubstantiated allegations and inaccuracies which he has made in the past based upon […]

WordsWorth in Bankruptcy Filing Cambridge’s renowned independent store WordsWorth Books filed for Chapter 11 bankruptcy protection yesterday. Owners Hillel Stavis and his wife Donna Friedman tell the Boston Globe that revenues have plunged, and the store has been losing money for two years. Court filings indicate the store has $1.5 million in debts, and $1 million in inventory and assets. The owners have “poured $500,000 of their personal savings into WordsWorth in recent years.” Annual revenue of about $5 million is half of what the operation did in “better times.” They once had as many as 110 employees, but now […]

Sterling Makes the List Yesterday at about noon, a press release hit the wire from Barnes & Noble celebrating the appearance of Barry Miles’ HIPPIE on the NYT bestseller list at No. 12. Though Sterling has many titles that have sold huge quantities over time (from many hundreds of thousands to millions), this is their first NYT bestseller. Today, the paper of record (which has had access to the September 12 list for some time now) took the bait and went off and running. The only other news in the piece is that BN has “stealthily produced” their own hardcover […]

Results Rise at Random Random House reported revenues for the first six months of the year of $995 million, up 9.5 percent from a year ago, and earnings almost three times higher at nearly $38 million. Bertelsmann’s statement emphasizes Random’s “especially strong sales and profits in the UK and Australia” and an “impressive increase in its operating results” in Germany, along with “an excellent start” for its joint ventures in Asia, “especially in Korea.” In a letter to employees, Random House CEO Peter Olson celebrates the “very good news to share about our excellent financial performance,” in which the company’s […]

Accusations Against Bush from Kelley and Graham Presidential brother Neil Bush’s ex-wife Sharon still hasn’t gotten any of her own book proposals off the ground (the most recent attempt was scrapped earlier this summer) but it would appear she did serve as a source for Kitty Kelley. In the first pre-release bits from THE FAMILY: The Real Story of the Bush Dynasty, Sharon is quoted as saying President Bush “did coke at Camp David when his father was president, and not just once either.” Another source says he did the same while serving in the National Guard, when he ”liked […]