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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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AAP Monthly StatShot, February 2012
The children’s/YA segment was the star in February as sales in the category rose 73.0%, according to the AAP Monthly StatShot, which tabulates results from 1,191 total publishers. Sales were up significantly in hardcover and paperback while e-book sales jumped 177.8%, accounting for about 16% of children’s/YA sales at reporting publishers.
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HMH Restructuring Debt, Will File Prepackaged Bankruptcy
Houghton Mifflin Harcourt, still struggling with a heavy debt burden despite an earlier capital restructuring, is once again looking to rework its debt. As part of the financial restructuring, HMH will file for prepackaged Chapter 11 bankruptcy within 10 days. It hopes to be out of bankruptcy by the end of June.
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Hachette Book Group Sales Up in Quarter
Total sales at Lagardere Publishing rose slightly in the first quarter, up to 394 million euros from 390 million euros.
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Harper Says Results Up in Quarter
HarperCollins appears to have had a good third quarter for the period ended March 31, noting improved contributions from HC, Dow Jones and integrated marketing services.
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Soft Start for Harlequin
Gains in e-book sales were not enough to offset declines in print in the first quarter at Harlequin, parent company Torstar reported Wednesday morning.
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Market Watch: Industry Stocks: April 2012 Performances
Although the stock prices rose at only five companies and fell at nine in April, the Publishers Weekly Stock Index rose 5.0% in the month driven by gains of the country’s two largest booksellers, which posted gains for different reasons. Barnes & Noble’s shares jumped 56.6% in the month following news of its partnership with and investment from Microsoft.
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