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Sales, Earnings Up At Intervisual
-- 12/1/97
Intervisual Books Inc. reported sales of $8.7 million for the third quarter ended Sept. 30, 1997, an increase of 50% over the same period in 1996. Although net income increased 165%, to $549,597, company president Norm Sheinman said he was disappointed with earnings. Sheinman said profit growth was kept in check by production problems for a new series of magnetic cloth books that resulted in a loss of $250,000. For the nine months, sales were up 14%, to $14.1 million, while the net loss increased to $287,236 from $195,547.
On the positive side, IBI has sold more than 270,000 copies of Choo Choo Charlie and has received orders for 1.5 million copies of its new Razzle Dazzles holographic foil-board books. Company chairman Waldo Hunt told PW that IBI's agreement with Andrews McMeel to distribute certain titles from IBI's backlist began this fall, but results will not be reflected until the fourth quarter. Hunt said he expects IBI to finish 1997 in the black, and is looking for a big year in 1998.
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