A strong fourth quarter—in which sales rose 18.6% and operating income increased 33%—allowed HarperCollins to overcome an awful first quarter to post a 3% increase in sales, to just under $1.39 billion, in the fiscal year ended June 30. Earnings inched up to $160 million from $159 million. Despite the gains, HC's operating margin of 11.5% was its lowest since 2003 and was a full percentage point below its top margin of 12.7%, achieved in fiscal 2006. The release of the fiscal 2008 figures put a cap on Jane Friedman's 10-year tenure as CEO of the company, during which revenue rose 47% and income jumped 900%.

Year Revenue Op. income Margin
2008 $1.388 $160 11.5%
2007 1.347 159 11.8
2006 1.312 167 12.7
2005 1.327 164 12.3
2004 1.276 157 12.3