Home
PW in Print
Newsletters
Reviews
- Audio
- Children's
- Comics
- Fiction
- Nonfiction
- Religion
- Web Exclusives
- See All Reviews
Bookselling
- Indie News
- Retailing
Book News
Book Life
Bestseller Lists
- Audio
- Children's
- Comics
- Fiction
- Paperback
- Nonfiction
- Religion
Commentary
Job Zone
Tools

PW: HM Posts Mixed 2nd-Qtr. Results

-- Publishers Weekly, 8/3/1998

[ PW Home ] [ Bestsellers ] [ Subscribe ] [ Search ]

News

HM Posts Mixed 2nd-Qtr. Results
-- 8/3/98

Higher product development costs, plus an after-tax charge of $600,000 related to its unsuccessful bid to acquire a portion of Simon &Schuster, resulted in a 35% decline in second-quarter net income at Houghton Mifflin, to $7.2 million. Sales in the period were nearly flat, $202.7 million in 1998, compared to $202.3 million in 1997. During the quarter, educational sales increased to $182.6 million from $180 million, led by double-digit gains in HM's McDougal Littell, Great Source Education Group and Riverside Publishing Company divisions. College sales were up modestly, while school group sales fell. Sales in the general publishing group dropped to $20.2 million from $22.5 million, largely due to the expiration of the Insight Travel Guide distribution arrangement and a smaller spring list.

For the first six months of 1998, sales were up 1.2%, to $274.4 million, while the net loss increased to $30 million from $16 million. Company chairman Nader Darehshori called the results better than expected, and said the company may exceed its revenue goal for the full year and should meet its earnings expectations.

HM also announced last week that it had bought Computer Adaptive Technologies. CAT specializes in certification and credentialing tests, a new market for HM.

Back To News--->

Talkback

We would love your feedback!

PW PARTNERS

More Content

Blogs
Podcasts
Photos

Blogs

Sorry, no blogs are active for this topic.

» VIEW ALL BLOGS

Podcasts

PW Exclusive: Sara Nelson

» VIEW ALL PODCASTS

Photos

Romantic Times BookLovers Convention 2008
Images from Barbary Vey's trip to the 2008 Romantic Times BookLovers Convention.
New York Anime Festival December 2007
Here are some photos from the New York Anime Festival
S&S CEO Jack Romanos' Retirement Party
At the retirement party for S&S CEO Jack Romanos, notables in attendance included Steve Riggio, John Ingram, Jane Friedman, Barbara Marcus, Larry Kirshbaum, Robert Gottlieb, Mel Berger and Irwyn Applebaum. Photos © Lisa Berg