Golden Books reported that total revenues fell 18.5% in the quarter ended September 25, to $42.4 million, although the company trimmed its net loss to $9.3 million from $18.8 million in last year's third quarter. Sales in its book group fell 8.5% to $37.5 million, due mainly to the divestiture of its adult publishing division; children's sales fell just more than 1%. Sales in the children's group were boosted by the release of Golden's Pokemon titles, which generated gross sales of $15.4 million in the third quarter.
Revenues for the nine-month period fell 23% to $109 million, with the net loss cut to $28.6 million from $70.8 million.
Golden has still not consummated its reorganization plan that was approved by the bankruptcy court on September 1. If the company is unable to consummate the reorganization plan within 120 days of the September 1 date, Golden, its creditors and security holders may seek other alternatives for the company. Golden officials said they still expect to have an effective date for emerging out of bankruptcy before the end of the year.
