Hastings Results Down
Total revenue fell 6.7%, to $117.2 million, at Hastings Entertainment, and the retailer posted a net loss of $396,000 compared to net earnings of $660,000 in last year's second quarter. Book comps decreased 1.7%, primarily as a result of lower sales of new hardcovers, new trade paperbacks and magazines, partially offset by strong sales of used and value books. For the first half of 2009, book comps slipped 0.1% as used book sales helped to offset declines in new titles. For the entire company, six-month sales were down 5.7%, to $242.9 million, and net income fell to $1.3 million from $3.6 million.
Flat World Growth Soars
Flat World Knowledge expects that 40,000 college students at more than 400 colleges will use its open source digital textbooks this fall compared to 1,000 students from 30 colleges who used its offerings in the spring semester. Students have a variety of options for using Flat World texts, ranging from online textbooks for free to $59.95 for printed color versions. Flat World added five new textbooks to the 11 it currently has and expects to have 25 texts available by next spring and another 38 in the pipeline. By next fall, Flat World predicts between 120,000 and 200,000 students will use its services.
Random Frankfurt Party Kaput
The Random House/Bertelsmann party at the Frankfurt Book Fairhas been canceled. In a statement announcing the decision, RH said the cancellation was consistent with its policy of not hosting any corporate social events this spring at the LBF or BEA. RH will explore other Frankfurt social event opportunities in future years.
