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Scholastic Settles Down In Fiscal 2011
After selling or closing a number of businesses in the previous three years, fiscal 2011, ended May 31, was relatively quiet for Scholastic with no significant changes to its portfolio. The biggest deal in the year was the $24.3 million the company paid to acquire the land under its New York City headquarters, according to the publisher's recently released 10-k filing (it also paid $8.2 million to buy Math Solutions). The just concluded fiscal year also saw Scholastic post its second consecutive year of net income after reporting net losses in fiscal 2009 and 2008.
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Earnings Up, Sales Slip at Simon & Schuster
Adjusted operating profit at Simon & Schuster rose 13% in the second quarter ended June 30, to $17 million, despite a 3% decline in sales, which fell to $183 million.
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Earnings Up at Educational Development Corp.
Educational Development Corp. reported that earnings for the first quarter of fiscal 2012 ended May 31 rose to $300,200 from $188,200 in the comparable period in fiscal 2011.
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Greenleaf Book Group Gets New Investor
Austin-based Greenleaf Book Group has received a new investment from the private equity firm Noson Lawen Partners.
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Second-Quarter Scorecard (in millions)
Retail print book sales fell C$10.8 million in the quarter, offsetting a C$7.3 million increase in e-book sales. In addition to lower sales, profits were hurt by higher returns, due in part to the bankruptcy of Borders. E-book sales accounted for 15% of revenue in the quarter, up from 7% in last year's second period. Harlequin expects profit to improve in the second half as return rates fall.
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Second Quarter Results Down at McGraw-Hill Education
Sales and earnings both fell at McGraw-Hill Education in the second period ended June 30 with revenue down 5%, to $536.6 million, and operating profits off 18.3%, to $42.2 million.
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Amazon Sales Soar, But Earnings Fall
Led by sales in its electronics and general merchandise segment (home to Kindle), total revenue at Amazon jumped 51% in the second quarter ended June 30, to $9.91 billion, though increased investments lowered net income to $191 million from $207 million in last year’s second quarter.
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Hurt by Borders, Courier Has Weak Third Quarter
Borders's bankruptcy and soft demand for el-hi textbooks combined to drop revenue by 5% at Courier Corp. in the third quarter ended June 25, to $61.9 million.
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Scholastic Announces Fiscal 2011 Results
Scholastic today reported fourth quarter earnings of $545.8 million, up 1% from 2010, and overall annual revenue for the fiscal year, which ended May 31, of $1.91 billion, roughly level with last year.
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Is Follett in Play?
According to a report in the financial news service dealReporter, Follett Corp. has hired Credit Suisse to advise the college textbook wholesaler and bookstore operator to explore the possibility of selling the company or some of its divisions.
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Print Units Drop 10% In First Half of 2011
Unit sales of print books sold through outlets measured by Nielsen BookScan fell 10.2%, to 307.1 million, in the first six months of 2011 ended July 3. The decline comes as no surprise as e-book sales continued to eat into sales of physical books, and the weak economy limited consumer purchases of discretionary items.
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Print Units Fall 10% in Six Months, According to Nielsen BookScan
Total unit sales of print books sold through the outlets whose sales are captured by Nielsen BookScan dropped 10.2% in the six month period ended July 3, falling to 307.1 million.
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Industry Stocks Up for Six Months
The Publishers Weekly Stock Index rose 9.5% in the first six months of 2011, beating the 7.3% increase posted by the Dow Jones Industrial Average.
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Nebraska Book Co. Files for Chapter 11
NBC Acquisition Corp., parent company of Nebraska Book Company, the country’s third largest operator of college bookstores as well as a major wholesaler of college texts, filed for Chapter 11 bankruptcy protection Monday morning in what it says is part of a plan to recapitalize its debt.
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AAP April Sales Report
Number of reporting companies Hurt by Borders's going-out-of-business events, sales in the adult trade segments had steep declines in April, according to monthly estimates from the AAP. The children's segments fared better, but print sales of trade titles from the houses that report to the AAP fell 21.9% in the month, to $313.8 million.
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B&N Waits for the Digital Payoff
Although Barnes & Noble lost $74 million in the fiscal year ended April 30 and BN.com had negative EBITDA (earnings before interest, taxes, depreciation, and amortization) of $204.6 million, executives said they remain confident that the company's online/digital arm is on track to become a solidly profitable business.
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Digital Jumps, Print Plunges in AAP Monthly Sales Report
E-book sales had another strong month in April, with sales up 157.5%, to $72.8 million from the 22 companies that report results to the Association of American Publishers.
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Osprey Gets Additional Funding; Seeks Acquisitions
Osprey Group said Monday morning that it has completed “a major refinancing” agreement with the London-based private equity firm Alcuin Capital Partners.
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Wiley Posts Gains in Sales and Earnings in Fiscal 2011
With all three of its major operating groups posting at least some gains in the fiscal year ended April 30, John Wiley & Sons reported a 3% increase in revenue, to $1.74 billion, with net income rising 20%, to $171.9 million. Results include the impact of foreign exchange which curtailed gains slightly. Wiley benefited, however, from increasing digital sales as noted by Stephen Smith who took over as CEO earlier this spring following the retirement of Will Pesce. “The shift to digital continues to enhance all of our businesses, resulting in new revenue models, new opportunities in emerging markets, and margin and working capital improvements,” Smith said in a prepared statement.
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Sales, Earnings Dip at Educational Development Corp.
Sales at Educational Development Corp. fell to $27.2 million in the fiscal year ended February 28 from $28.7 million in fiscal 2010. Earnings declined to $1.2 million from $1.9 million. The sales declined came in EDC's Usborne Books and More division where sales fell to $17.4 million from $19.2 million. Sales in the publishing division rose 3.4%, to $9.8 million.
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