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HC earnings even in Q3

08.05.08

Revenue at HarperCollins rose in the third quarter (ended 31st March 2008) to $302m, from $291m in the same period last year, while reported operating income remained in line with last year at $29m.

However, figures for the nine months ended 31st March dipped from $1.05bn in 2007 to $1.04bn this year, and operating income for the same period dipped from $138m in 2007 to $132m in 2008.

In a statement, parent company News Corporation said the current quarter included strong sales of Naughty Neighbor by Janet Evanovich, Stop Whining, Start Living by Dr Laura Schlessinger, Lady Killer by Lisa Scottoline, Fancy Nancy, Bonjour Butterfly by Jane OíConnor and The Chronicles of Narnia: Prince Caspian by C S Lewis. During the quarter, HarperCollins had 54 books on The New York Times bestseller list, including four titles that reached the number one spot.

According to Publishers Weekly, HC c.e.o. Jane Friedman said that after a few difficult quarters due to tough comparisons, the children’s division had a strong period with sales up 50% and profits jumping by nearly 500%. She attributed the flat profit performance mainly to softness in the CBA market, but even with softness in the CBA market, Friedman said HC is poised for a strong finish to fiscal 2008.

Financial HarperCollins

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