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E-books Up 33% in Down March
Sales fell in all print segments except children’s in March, according to AAP’s Monthly StatShot released Friday morning.
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Earnings Up, Sales Down at Educational Development Corp.
Despite a 3% decline in revenue in the fiscal year ended February 29, to $26.3 million, net earnings at Educational Development Corp. increased to $1.4 million from $1.2 million. At the end of its fiscal year in February, EDC announced that it would no longer sell its titles through Amazon.
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Books-A-Million Says Seven Lawsuits Filed Against Buyout Bid
In its first quarter filing with the Securities & Exchange Commission, Books-A-Million disclosed that seven lawsuits have been filed in connection with the Anderson family offer to acquire all outstanding shares.
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Market Watch: Industry Stocks: May 2012 Performances
The Publishers Weekly Stock Index was unable to overcome a bad month for the stock market in general in May. The PWSI fell 6.9% last month, a slightly worse decline than the 6.2% posted by the Dow Jones Industrial Average.
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Court Approves Nebraska Book Co. Restructuring Plan
After operating for almost one year under Chapter 11 as it worked its way through a prepackaged bankruptcy, Nebraska Book Co. won court approval Wednesday of a restructuring plan that eliminates about $270 million in debt.
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The Tortured History of Houghton Mifflin Harcourt
Born under a mountain of debt in late 2007, Houghton Mifflin Harcourt forced its executives to spend as much time finding ways to keep the company financially afloat as publishing educational materials and trade and reference books.
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HMH Confirmation Hearing Set for June 21
Houghton Mifflin Harcourt’s prepackaged bankruptcy is moving at the rapid pace the publisher had hoped. In an order issued May 22, Judge Robert Gerber set June 21 as the date for a hearing to consider approval of HMH’s disclosure statement.
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The HMH Turnaround Forecast
If its lenders approve its turnaround plan, Houghton Mifflin Harcourt will file for an initial public offering sometime after January 1, 2013, according to one of the many documents filed Monday in association with the publisher’s Chapter 11 filing. Projections show revenue hitting $1.68 billion in 2017 and EBITDA of $441 million.
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Bloomsbury Up in 'Transformational' Year
The sale of its German subsidiary at the end of its fiscal year, plus the £19.2 million pound purchase of Continuum, helped make the fiscal year ended February 29 a "transformational" one for U.K.-based Bloomsbury Publishing.
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The Shrinking of Houghton Mifflin Harcourt
When it filed for Chapter 11 May 21, 2012, Houghton Mifflin Harcourt was roughly the same size as Houghton Mifflin was itself before it was acquired by Riverdeep in 2006 and before the 2007 $4 billion acquisition of the educational and trade publishing assets of Harcourt Brace.
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Houghton Mifflin Files for Bankruptcy
Houghton Mifflin Harcourt officially filed for pre-packaged bankruptcy Monday morning, citing debts and liabilities of over $1 billion. The filing is part of a restructuring of its finances that will cut its debt by $3.1 billion largely by having its lenders exchange debt for equity.
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Hastings Has Mixed Start, Book Sales Dip
Hastings Entertainment had a mixed start to 2012 as revenue fell 7% to $115.5 million in the quarter ended April 30, 2012, but net income improved to $833,000 from $413,000 in the first quarter of 2011. Book comps dipped 0.8% in the period.
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Trade Book Exports Rose 7% in 2011, AAP Says
Exports of trade books rose 7.2% in 2011 to $357.4 million, a new report from the AAP’s BookStats statistical report shows. The sales increase came despite only a 0.9% increase in units. Exports of e-books had the largest increase, 332%, but at $21.5 million, represent only a small portion of the overall export market. Print exports rose 2.3%.
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Large B&N Shareholder to Distribute Shares
In a filing with the U.S. Securities and Exchange Commission made public Thursday, Yucaipa Cos. disclosed that two of the funds under its control would distribute shares of the stock they own in Barnes & Noble.
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March Bookstore Sales Down
Bookstore sales fell 3.7% in March, to $922 million, according to preliminary estimates released Tuesday morning by the Census Bureau. For the first quarter of 2012, bookstore sales fell 2.3%, to $3.94 billion. Store sales fell in every month of the quarter.
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