The educational and library publisher Haights Cross Communications reported that revenue for the second quarter ended June 30 rose 15.4%, to $50.9 million. Sales were up in all segments except Chelsea House, where sales fell 4.9%, to $3.5 million. The weakness at Chelsea, which Haights attributed to soft library funding, resulted in a $2.1 million write-down of obsolete inventory. The write-off was the primary reason behind the 5.4% decline, to $9.1 million, in income from operations at Haights.
Sales at Triumph Learning jumped 56.5%, to $7.4 million, an increase that included $1.8 million from Buckle Down Publishing, which Haights bought in April. Sales were also helped by 25 new titles in its Coach line. Revenue rose 14.9%, to $18.6 million, at Sundance/Newbridge Publishing, led by strong gains of several series including Reading PowerWorks and Ranger Rick Science.
Haights's medical publishing unit, Oakstone Publishing, had a 1.6% sales gain, to $4.4 million. Haights had put Oakstone up for sale earlier this year, but the company said offers did not meet its expectations and Haights has decided to keep Oakstone.
Sales in Haights's Recorded Books subsidiary increased 8.3% in the quarter, to $17 million. The library, school, retail and consumer channels all had sales gains. Among its bestselling audio books were Washington's Crossing and The Lovely Bones.
For the first half of the year, total revenue increased 10% at Haights, to $90.4 million, while income from operations fell 5.9%, to $15.8 million.
