TODAY'S NEWS

Harlequin Earnings Rise Despite Sales Decline
Revenue at Harlequin fell 2% in 2007, to C$462.7 million ($513 million), while operating income rose 7%, to C$60.6 million ($67 million). Parent company Torstar said that all but C$1 million of the revenue decline was due to the strengthening of the Canadian dollar (Harlequin's results were converted at C$1.11 to $1).

Harlequin's North American retail group had the strongest year, with sales and earnings both up. Mid-year price increases helped to boost sales with units holding even in both the series and single-title segments. A more profitable mix of titles, lower overhead resulting from Harlequin’s cost cutting program in 2006 plus lower promotional costs contributed to an increase in earnings. The direct-to-consumer group profits rose despite a sales decline. The segment benefited from higher sales over the Internet, lower promotional spending and the positive impact of price increases which offset a decline in units. Overseas, growth in the Nordic group more than offset declines in the U.K., Japan and Holland. Read on »

Office Manager Plunders 'Oxford American' Magazine
By Edward Nawotka
The saga of the Oxford American magazine, which has twice ceased publication after financial setbacks, added yet another episode when earlier this month the magazine's office manager was arrested after being accused of embezzling $30,000. The woman, Renae Maxwell, may face as much as 30 years in prison; she has been released on $15,000 bail and awaits trial.

"We've now found out she may have taken as much as $70,000," said founder and editor Marc Smirnoff. "She's left us with just $3,000 in the bank." Read on »

Siman Out as Virgin USA Publisher
A little more than one year after being named publisher of Virgin Books USA, Ken Siman is stepping down from that role and will serve as a consultant. Since Siman's appointment in November 2006, the Virgin Book Group has been acquired by Random House Group, RH's U.K. subsidiary, which also has responsibility for the U.S. office. Richard Cable, chairman of Virgin Books, said RH is "absolutely committed to Virgin Books USA," and said the company is considering "how to best structure the U.S. business." Siman will continue to edit and publicize the titles he has acquired.

Lambda Rising to Close Baltimore Store
by Kevin Howell
Deacon Maccubbin, owner of the chain of independent gay/lesbian bookstores Lambda Rising, has announced that he will be closing the Baltimore location sometime this spring. The two remaining locations in Washington DC and Rehoboth Beach, Del. will remain open.

"More than half of independent bookstores in the country have closed in the last 10 years," Maccubbin told his local newspaper, City Paper. "It's not just bookstores. It's retail in general. Everybody is hurting, especially now in this recession." Read on »

Newmarket Moving to Perseus
Perseus Distribution has added another major independent house, reaching an agreement with Newmarket Press to handle sales and distribution for the U.S. and Canada. The new agreement will go into effect on May 1, 2008. Newmarket had been distributed by W.W. Norton & Company since 1999.

Newmarket was founded in 1999 by Esther Margolis and publishes about 30 titles per year; it has a backlist of 300 titles. Its fall list includes maverick billionaire Sam Wyly's business memoir $1,000 Dollars and an Idea and the sequel to Ping: A Frog in Search of a New Pond, an international bestseller with translations in 20 languages.

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Kate Braestrup and Joshua Ferris Win Barnes & Noble Discover Prize
Two Little, Brown authors took the top prize yesterday in Barnes & Noble’s 15th annual Discover Great New Writers Awards, which, according to B&N, "honor the works of exceptionally talented writers featured in the Barnes & Noble 'Discover Great New Writers' program during the previous year.”

Kate Braestrup, author of the memoir Here If You Need Me (Little, Brown) and Joshua Ferris, author of the novel Then We Came To The End (Little, Brown), were each awarded $10,000 and promised a year of promotion from B&N. Read on »

PW FALL ANNOUNCEMENTS, JUNE 16 - REMINDER
Letters requesting publisher submissions for our June 16 Adult Fall Announcement listings were sent out on February 12. If you have not received a letter, contact Dick Donahue, ddonahue@reedbusiness.com.

AUTHORS ON THE AIR

Authors on the Air: Marianne Williamson on Oprah; Jimmy Breslin's Rat tale; Today Launches a Segment
Today, Marianne Williamson visits Oprah with The Age of Miracles: Embracing the New Midlife (Hay House, $22.95; Hay House unabridged CD, $23.95).This morning, in the first installment of Today's new monthly series where booksellers talk about their favorite new title, Roberta Rubin from the Book Stall in Winnetka, Il. discussed The Best of Ogden Nash, edited by Linell Nash Smith (Ivan R. Dee, $28.95). Read on »

PICTURE OF THE DAY

Riggio Aids New Orleans
At a press conference earlier this week, Barnes & Noble chairman Len Riggio announced the creation of Project Home Again, a $20 million foundation that will build new homes New Orleans' Gentilly neighborhood. The homes will be made available to residents who lived in the city at least two years prior to Hurricane Katrina and own a home that was damaged in the storm and that can be swapped for a house built by Project Home Again. Submit your pictures here »

JOB OF THE DAY

PW VIRTUAL EDITION

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