With Harlequin’s sale to HarperCollins expected to be completed before the end of the week, the publisher’s parent company, Torstar, reported that sales for the second quarter ended June 30, 2014 fell C$6.4 million to C$96.4 million and net income dropped to C$1.6 million from C$5.6 million in last year’s second quarter. The revenue decline was attributed primarily to lower sales in North America.
As part of the earnings announcement, Torstar said that with all regulatory approvals now in, it expects the sale of Harlequin to HC to be completed “on or about” August 1. HC announced its intention to buy the company May 2.
With the sale to close shortly, Harlequin was listed as a discontinued operation by Torstar. For the first half of 2014, revenue was off by C$6.5 million, falling to C$195.6 million, while net income dropped to C$10.3 million from C$16.0 million in the first half of 2013.