Publishing revenue at Thomas Nelson dipped 0.4% in the fiscal year ended March 31, to $187.6 million, the company said in its annual report. Operating income fell 8.1%, to $14.7 million. The decline in publishing was partially offset by an 8.4% increase in sales, to $29.6 million, in Nelson's Women of Faith conferences, which also posted a jump in operating earnings, from $518,000 to $4.2 million. The company said the decline in publishing results was due to the weak retail environment, while the conference segment was aided by an increase in the number of meetings, from 26 to 28, and higher attendance per conference.
The company's decision to cut the number of titles it publishes annually took effect in the last fiscal year, with the number of new books falling to 523 from 699. During the year, Nelson's backlist grew to about 1,000 titles and accounted for 52% of publishing sales in the year.
Nelson will continue to limit the number of frontlist titles it releases in fiscal 2004. The W publishing group in particular will reduce its output, cutting its list by 10%. One division that will up its title count is WND Books, home to the bestselling Savage Nation. WND will publish 12 books this year, up from four in fiscal 2003. Other plans for fiscal 2004 include increasing Nelson's business not only with ABA stores, but with nonbookstores as well. Cool Springs Press has done well selling its gardening books through such outlets as Home Depot, while sales of J. Countryman books through gift stores continues to increase. Countryman's co-publishing agreement with Hallmark—Hallmark Gift Books—netted Nelson $800,000 in royalties last year, and two new books will be added to the line's current roster of 30.
