Earnings Jump Despite Flat Sales at Zondervan
by Jim Milliot -- Publishers Weekly, 10/8/2001
Operating profit rose 25% in the fiscal year ended June 30, 2001, at Zondervan, despite a dip in revenues from $166 million to $165 million. The religion publisher accounted for approximately 16% of parent company HarperCollins's total revenues in the last fiscal year.
Zondervan attributed its jump in profits to an increase in the number of retail accounts as well as to a 28% increase in new product introductions. The company released more than 500 new book, Bible, gift, children's and Spanish- and Portuguese-language products last year. The NIV Study Bible, with nearly 600,000 copies sold, was Zondervan's top seller in the fiscal year, followed by The Case for Christ, which sold more than 500,000 copies.
Technology highlights last year included the launch of its business-to-business Web online initiative, which can be found at www.zondervan.com. The site allows customers to place orders online and to monitor orders and accounts. More than 500 customers signed on to use zBusiness in the last fiscal year. In the fall, Zondervan launched its first e-book list, a list that included an original e-book. Zondervan president Bruce Ryskamp said the company has "a long-term commitment to new media."
