Cengage Learning reported sales of $1.71 billion in the fiscal year ended March 31, 2015, down 2.2% from fiscal 2014. Earnings declined in the year with adjusted EBITDA falling to $593.2 million from $622.4 million in fiscal 2014. Fiscal 2015 was the first full year of operations since Cengage emerged from bankruptcy at the end of March 2014.
Revenue in Cengage’s domestic operations slipped 4.5%, to $1.42 billion, while international sales rose 10.7%, to $290 million. Within its U.S. group, digital sales rose 13%, somewhat offsetting the decline of print sales. In fiscal 2015, 51% of revenue came from digital products. Also within the U.S. group, its library division, Gale, had a 4% sales increase.
The company said its priorities remain accelerating development of digital products; transforming its sales and marketing organization; drive sustainable revenue and earnings growth in both its international and Gale businesses; and continue aggressive cost management.
