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Agency lawsuit hits S&S profits
03.08.12 | Benedicte Page
Simon & Schuster's sales rose 3% year-on-year to $189m in the second quarter ending 30th June ($183m in same quarter 2011). The company said the rise reflected continued growth in digital book sales, which leaped 44% from the same prior-year period and now stood at "approximately 21%" of total publishing revenues. Digital sales were partially offset by lower print book sales.
However operating income before depreciation and amortization dropped $10m to $9m from the same prior-year period, as lawsuits related to "a legal matter", thought to be the DoJ agency model action, "more than offset the revenue increase".