Results Down at McGraw-Hill Ed
Hurt by a 14% decline in revenue in its school group, total revenue at McGraw-Hill Education fell 6% in 2011, to $2.29 billion. Operating income fell 12%, to $320 million. During the year, MHE took a $34 million restructuring charge for severance related to a workforce reduction of about 540 positions made in the fourth quarter.
Amazon Assessed $53M for Back Taxes
In November the state of Arizona issued an assessment to Amazon of approximately $53 million for uncollected sales tax and interest for the period March 1, 2006, through December 31, 2010. Amazon said the “assessment is without merit... and [we] intend to vigorously defend ourselves in this matter.”
RH Will Raise Price of Library E-books
After meeting with ALA leaders, Random House has committed to continue allowing libraries to lend RH e-books, but will change its terms of sale and raise the price of e-books sold to libraries.
BEA Adds Kids’ Day
This year’s BookExpo America (Monday, June 4, to Thursday, June 7, at the Javits Convention Center in New York City) will add a day of children’s programming on Wednesday. BEA also says the show is considering switching to a Thursday to Saturday schedule in 2013 and allowing the public to attend on Saturday.
The End of Dorchester?
Dorchester Publishing’s attempt to transform itself into an e-book and trade paperback publisher may be ending. The last of the editorial staff has left the company and the company said the future of both the e-book and trade paperback lines will be decided by the end of the month.