In a brief report on results for its first quarter ended May 31, U.K.-based Bloomsbury said that e-book sales rose 70% in the period, offsetting a 2% decline in print sales. The release highlighted the acquisitions Bloomsbury made in the quarter to expand its academic and professional groups which included the acquisition of New York-based Fairchild Books for $6.1 million. For the year ended 31 December 2011, Bloomsbury said, Fairchild Books generated net profit before tax of $706,000. On July 2, Bloomsbury announced the acquisition of Applied Visual Arts Publishing ("AVA"), creative publishers for the applied digital arts for £1.7 million. For the year ended 31 December 2011, AVA generated turnover of £1.8 million.