S&S 2010 Earnings Rise
Simon & Schuster finished 2010 with sales of $790.8 million, slightly down from $793.5 million in 2009. Adjusted OIBDA rose 33%, to $71.8 million, and operating income increased to $60.9 million from $42.5 million. Adjusted OIBDA includes a charge for Borders, which was offset by higher margins due to a change in product mix as e-books accounted for 8% of U.S. revenue in the year. E-book sales doubled in 2010, but that was not enough to offset the decline in print books. S&S expects e-book sales to account for 15% of U.S. revenue in 2011.
Quarto Posts Sales, Earnings Gains
Total revenue at Quarto, a U.K.-based publisher and packager, rose 7% in 2010, to 113.8 million euros ($155 million), and operating profit increased 17%, to 8.2 million euros. Quarto also took an undisclosed provision for the Borders bankruptcy. In its publishing segment, sales rose 7%, to 75.1 million euros, led by backlist sales and its display marketing businesses. Publishing sales in the U.S. fell 1%. In its packaging segment, sales rose 6%, to 38.7 million euros. Chairman Laurence Orbach said the company will be on the lookout for acquisitions in the year.
McEvoy Group Buys Princeton Architectural Press
The McEvoy Group has acquired Princeton Architectural Press from owner Kevin Lippert for an undisclosed price. PAP joins San Francisco–based McEvoy Group's other media holdings, including Chronicle Books and packager/publisher becker & mayer! PAP will continue to be run as a stand-alone press and will remain in New York City under the direction of Lippert. Chronicle Books will continue to handle sales and distribution.