Sales, Earnings Up At HarperCollins
-- Publishers Weekly, 5/10/1999
Although growth slowed somewhat in the third quarter, HarperCollins continues to post solid gains in the year. For the quarter ended March 31, 1999, sales rose 2.4% to $169 million, while operating income increased to $2 million from break-even in the comparable period in fiscal 1998. For the first nine months of the year, operating income was up 61.5% to $42 million on a revenue increase of 8.8% to $595 million.Company CEO Jane Friedman told PW the improvement in the third quarter was led by gains in the children's division and in the Zondervan religious publishing subsidiary. The only weak spot in the period was HC's Australian operations, where the problems in the Asian economy slowed sales. Friedman said that there are signs that things are improving in Australia, and she has "realistic hope" that the division will bounce back soon.
Friedman also remains optimistic that HC will post good results in the fourth quarter as the company turns many of its hardcover bestsellers into paperback hits.
Talkback
Related Content
Related Content
PW PARTNERS
