Friday, October 31, 2008

Simon & Schuster Report Higher Quarter

S&S saw revenues increase for the quarter by 5% over the same period last year although the performance was not enough to push them into positive growth for the year. Year to date revenues are $612mm vs $643mm in the period last year and Operating Income was $59.9 vs $67.7mm last year. Summary details from the CBS press release as follows:
Publishing revenues for the third quarter of 2008 increased 5% to $225.0 million from $214.2 million for the same prior-year period reflecting the success of best-selling titles in the third quarter of 2008, including The War Within by Bob Woodward and Real Life: Preparing For the 7 Most Challenging Days of Your Life by Dr. Phil McGraw. Publishing OIBDA and operating income both increased 8% to $25.8 million and $23.4 million, respectively, driven by the revenue growth partially offset by higher royalty expenses and selling and advertising costs. Publishing results included stock-based compensation expense of $1.2 million and
$.9 million for the third quarter of 2008 and 2007, respectively.

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