Haights Cross Posts Solid Gains
by Jim Milliot -- Publishers Weekly, 4/8/2002
Revenues from the core educational and professional publishing businesses at White Plains, N.Y.-based Haights Cross Communications rose 11% in 2001, to more than $162 million, while EBITDA increased 9%. The gains were led by the company's Recorded Books, Newbridge Educational Publishers and Triumph Learning divisions. Results exclude the Coriolis Group, which Haights Cross closed last month (News, Apr. 1), plus the development-stage businesses of Triumph State Software and Triumph College Admissions.
"I am delighted with the performance of our core businesses during a recessionary 2001," said Haights Cross chairman and CEO Peter Quandt. Approximately 85% of the company's revenues and profits are generated by its supplemental educational and library businesses, with the remaining 15% coming from its medical and legal units.
Recorded Books, publisher of unabridged spoken-word audiobooks, had double-digit sales growth in the library, retail and e-commerce markets last year, plus strong gains in the U.K. and Canada. The Lord of the Rings, narrated by Rob Inglis, was the company's top seller. Haights Cross added to its audio operations last year with the purchase of Audio Adventures, an audio retailer divided into two divisions, Travel Centers and Landmark. The company is in the process of being relocated from Boulder, Colo., to Prince Frederick, Md.
Growth at Newbridge Educational was led by sales at its Sundance Publishing unit, which had double-digit increases. Sundance did well with its guided reading programs for grades k-8, including the AlphaKids series and the new Second Chance reluctant reader series. Newbridge's growth was headed by the Discovery Links and Ranger Rick science series.
Triumph Learning, publisher of test preparation materials for state-specific and national k-12 achievement tests, tripled its sales force during the year. The company added five new states to its offerings and filled in the gaps in its Coach test preparation workbook series.
At Haights Cross's other major supplementary educational publisher, Chelsea House, revenues fell slightly in the year. Harold Bloom's literary criticism series was Chelsea's top-selling line.
Oakstone Publishing, which houses Haights Cross's medical and legal publishing units, had double-digit profit growth on modest sales gains. Among the highlights in the medical unit was the launch of the journalbytes.com Web-based information service, while the legal division formed a partnership with the West Group and implemented its OpenNet database system.
