An updated proxy statement from News Corp. documents once again how well the purchase of Thomas Nelson is paying off for HarperCollins. EBITDA in the second quarter ended December 31, 2012 rose 24%, to $51 million, while sales at HC increased 18%, to $377 million, from $319 million in the comparable period in fiscal 2012.
For the first half of the fiscal year, total HC sales were up 17.5%, to $729 million, while EBITDA rose 26% to $91 million. In the proxy, News Corp said sales and earnings increases for both the second quarter of fiscal 2013 as well as the six month period were primarily due to the addition of Nelson.
News Corp. still expects to spin-off HC as well as News Corp.'s newspaper business by the middle of this year.
