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Sales, Earnings Jump at HC
-- 5/15/00

HarperCollins has tacked on another strong quarter to what is shaping up to be a solid year. Sales in the period ended March 31, 2000, increased 43%, to $242 million, and operating income soared to $12 million from $2 million in last year's third quarter. The sales gain was led by HC's worldwide trade, religious and children's businesses.

While the Morrow/Avon purchase made an important contribution to growth, Jane Friedman, HC president, told PW she was "very pleased with the performance of our core publishing program," noting that profits at Zondervan were ahead 40% through the first nine months of the year, and earnings in the U.K. were up 30%. "It's been a fantastic combination of companies," Friedman said.

Friedman expects another good performance in the fourth quarter, although she d sn't anticipate the intense growth posted in the third quarter. "We'll finish the year in good shape," Friedman said. For the first nine months of the year, operating profit was up 95%, to $82 million, on a 37% increase in revenues, to $813 million.
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