Revenues rose 15% to $501.1 million at Advanced Marketing Services for the fiscal year ended March 31, 1999, while net earnings jumped 37% to $12.5 million. The company attributed the gains to strong demand within its bestseller, mass market paperback and gift-book categories as well as to sales from AMS's Aura Books U.K. subsidiary, which was acquired last March.
AMS president Michael Nicita called fiscal 1999 a "watershed year" and noted that with the company's strong cash position, AMS will continue to search for acquisitions that complement its core business. To date, AMS's acquisitions have been overseas; in addition to Aura Books, the company acquired Metrastock, a distributor of specialty books, in March. AMS expects to complete the integration of the two companies by the end of the summer.