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Simon & Schuster saw profits grow 64% for the three months to the end of June, parent company CBS has revealed, with sales up 5%.
The publishing arm of the business saw adjusted OIBDA (operating income before depreciation and amortisation) rise to $16.9m (£10.6m) from $10.3m, thanks to a combination of top line growth and "cost containment measures". This figure excludes restructuring charges of $200,000 for the second quarter of 2010 and $2.2m for the same prior-year period.
Simon & Schuster's profits increased at a higher rate than the wider group, although this also saw impressive growth of 46% to $580m.
The publisher's revenues also increased by 5% for the second quarter of 2010, to $189.7 from $181.4m for the same period in 2009, which was put down to an increase "in digital content sales and the strength of bestselling titles in the second quarter of 2010". CBS' revenues grew at a higher rate of 11% overall, to $3.3bn.
Chief executive Carolyn Reidy told http://www.publishersmarketplace.com/lunch/archives/006768.php" target="_blank" title="Publishers">http://www.publishersmarketplace.com/lunch/archives/006768.php">Publ... Marketplace that the business was "seeing some real recovery and strength in the second quarter". Reidy echoed other US publishers in indicating that ebook sales "right now" were approximately 8% of adult sales, but added that the exact percentage has been changing every month. With a nod to the Odyssey Editions flap, Reidy estimated that the number of titles it had available digitally would double if they were able to agree upon royalty rates with rightsholders for titles not yet available electronically. Reidy said they were "clearing those royalty rates piece by piece".