Higher than expected returns was one factor in pushing down net income by 3% to $4.3 million at Thomas Nelson for the second quarter ended September 30, 1999. Sales were virtually flat at $70.1 million. In addition to higher returns, Nelson said second-quarter results were hurt by fewer releases in its J. Countryman and Tommy Nelson divisions.
Company chairman Sam Moore commented that during the quarter, Nelson nearly completed the reorganization of its gift division with most operations relocated from Connecticut to Nelson's Nashville headquarters. Nelson has also reorganized the gift unit's field sales force, and Moore said he expects to soon see improved results from the division.
For the six-month period ended September 30, revenues rose 2.2% to $129.2 million, while net income held even at $5.6 million.
