Harcourt General reported that sales in its Harcourt Brace publishing businesses rose 25.7%, to $1.86 billion, in the fiscal year ended October 31, while operating earnings rose 50%, to $125.4 million before nonrecurring items. HG attributed the strong gains to a full year's results from NEC, which it acquired in June 1997, as well as to internal growth.
The most rapid growth in the year came from HB's Lifelong Learning &Assessment Group, which includes the majority of the former NEC properties. Sales in the group increased 51.6% to $619.5 million. The group had an operating profit of $6.9 million, compared to an operating loss of $64.6 million in fiscal 1997.
The company's Worldwide STM Group had a 17% sales increase, to $527.5 million, with operating income up 6.5%, to $100.3 million. Results in the unit were given a boost by HB's acquisition of Churchill Livingstone.
HB's largest operating unit, the Education Group, reported a 14.9% sales increase, to $714.9 million, and a 50.7% increase in operating profit, to $125.4 million. According to the company, every business in the group increased its sales and earnings in the year, led by the college division, which recorded "significantly higher earnings."
