Wednesday, August 06, 2008

Harpercollins Closes Year Flat

Harpercollins saw a 18% increase in fourth quarter revenues that helped the company finish the year with operating income flat with 2007. Revenues for the quarter were $350mm versus $295 in the prior period. Full year revenues were $1,388 versus $1,347 in the prior period.

Here is the relevant section from the NewCorp press release:
HarperCollins reported fourth quarter operating income of $28 million and full year operating income of $160 million, an improvement of $7 million and $1 million as compared to the prior year periods, respectively. Current quarter results were led by strong sales of Bright Shiny Morning by James Frey, Stolen Innocence by Elissa Wall and an updated edition of YOU:The Owner's Manual by Michael F. Roizen and Mehmet Oz. During the fourth quarter, HarperCollins had 62 books on The New York Times bestseller list, including Read All About It! by Laura and Jenna Bush which reached number one. For the full year, HarperCollins had 165 books on The New York Times bestseller list, including 14 titles reaching the number one spot.
Thus the company had a margin improvement of 1pp in the final quarter but a slight decline over all. Well reported has been the change in senior management at Harpercollins with Brian Murray replacing Jane Friedman. Murray, in turn, has made changes in the executive suite notably the replacement of Glenn D'Agnes who was the long term COO.

Details on Harpercollins are always sparse in the NewsCorp disclosures and the company is rarely mentioned in the earnings conference calls.

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