HarperCollins appears to have had a good third quarter for the period ended March 31, with parent company News Corp. noting that improved contributions from HC, Dow Jones and integrated marketing services offset declines in operating profits in other parts of the conglomerate’s publishing group. In its own statement, HC said it had a “terrific quarter across the board,” with lower returns and higher e-book sales in most areas. E-book sales accounted for almost 18% of worldwide sales in the period.
In its quarterly filing with the Securities & Exchange Commission, News Corp. reported the various agreements Harper has reached to settle litigation tied to the agency model. The note mentioned that while "the Proposed Final Judgment" with the DOJ has not been entered and the memorandum of understanding agreed upon with states Attorney Generals is still subject to finalization and court approval, News believes "that these proposed settlements, as currently drafted, will not have a material impact on the results of operations or the financial position of the Company. However, the Company can make no assurances that these proposed settlements will be finalized or that they will receive court approval." Although the agreements are expected to cost HC millions of dollars, News Corp. had sales through the first nine months of fiscal 2012 of $25 billion.
