Thursday, July 31, 2008

Simon & Schuster Reports

CBS released their half year results with top line revenues and operating income up 1%. The company is re-evaluating their assets portfolio given the general economic environment and has announced the sale of 50 mid-sized radio stations. They are also aggressively managing expenses. How all this impacts Simon & Schuster if at all was not mentioned. Here is the relevant section from the press release on S&S:
Publishing (Simon & Schuster) Publishing revenues for the second quarter of 2008 declined 7% to$186.0 million from $200.3 million for the same prior-year period, as best-selling titles in the second quarter of 2008, including The Broken Window by Jeffery Deaver and Chasing Harry Winston by Lauren Weisberger,did not match contributions from prior year titles which included Blaze by Stephen King writing as Richard Bachman, and The Secret by Rhonda Byrne. Publishing OIBDA and operating income decreased 15% to $17.0 million and 19% to $14.6 million, respectively, with lower revenues partially offset by lower royalty expenses. Publishing results included stock-based compensation expense of $1.2 million and $.9 million for the second quarter of 2008 and 2007, respectively.

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