Continuities Hurts Scholastic
Total revenue rose 2% at Scholastic for the third quarter ended February 28, to $497 million, and the company cut the net loss from $15.5 million to $7.7 million. Nonetheless, because the continuities program performed below expectations, the company lowered its earnings estimate for the fiscal year. Continuity sales rose 23% in the quarter, but bad debt expense was higher, as was promotion amortization. Elsewhere in Scholastic's children's book publishing and distribution segment, book club revenue fell 5% because of the elimination of two clubs earlier in the fiscal year. Trade sales were flat, at $43 million, while book fair sales rose 4%, due to higher revenue per fair.
B&T Forms New Group
With the completion of the purchase of the wholesale operations of AMS, Baker & Taylor has formed Baker & Taylor Marketing Services to sell titles into the warehouse clubs. The purchase also included AMS's wholesaling operations in the U.K. and Mexico.
Smith to Run AMS
Following the sale of its wholesaling operations to Baker & Taylor, AMS CEO Gary Rautenstrauch stepped down from that post. CFO Curt Smith has been placed in charge of "winding down" the remainder of AMS's businesses.
Boedeker to Chronicle Kids
Bill Boedeker will join Chronicle Books April 2 in the newly created position of children's publishing director. The appointment marks the return to publishing for Boedeker, who has spent the past year traveling in Europe and Africa. Boedeker was v-p of marketing and associate publisher of Little, Brown Books for Young Readers, where he was involved in the launch of the Gossip Girl and A-List teen fiction series.
Sharkey Joins HarperCollins
HarperCollins has named Lisa Sharkey to the newly created position of senior v-p/director of creative development, where she will be charged with acquiring current events- and personality-driven books. Although Sharkey, who had been president of Al Roker Entertainment, is effectively taking over the old role held by Judith Regan, she will not have her own imprint, but will acquire books for all general book imprints. She reports to Michael Morrison, president and group publisher, Harper/Morrow.
Bon Jovi to Headline BEA
Jon Bon Jovi will perform with Amy Grant at Town Hall on June 2 during BEA. The rockers, who both have forthcoming titles from the Doubleday imprint Flying Dolphin Press, will hit the stage as part of the Saturday Night Benefit, raising money for the Book Industry Foundation. Tickets must be purchased in advance via the BEA registration form or on-site at the Jacob K. Javits Center.
