In what in all likelihood was its last quarter as an independent company, Hungry Minds reported that sales for the third period ended June 30, 2001, fell 25.2%, to $41.3 million, and that it had a net loss of $930,000, compared to net income of $2.5 million in last year's third period.
Revenues in its technology segment continued their downward spiral in the quarter, dropping 37.0%, to $17.0 million. Consumer group revenues were down 13.8%, to $24.3 million. In the technology group, sales of the tech-oriented For Dummies books and the Visual and Bible series fell $3.2 million, $2 million and $900,000, respectively. In the consumer group, sales of Frommer's books fell by $1 million, while sales fell by $900,000 in both the Howell Book House and Cliffs Notes lines. Weight Watchers sales increased by $900,000 in the quarter, and the Betty Crocker and For Dummies brands had sales gains of $800,000 each. Returns were up in both the technology and consumer groups.
For the nine-month period, total revenues declined 23.2%, to $136.4 million, and the company had a net loss of $10.4 million, compared to net income of $10.5 million last year. Revenues in the technology segment were off 29.2%, to $64.6 million, while consumer group revenues were down 16.9%, to $71.7 million.
John Wiley's acquisition of Hungry Minds is expected to close within a few weeks.
