Profits rise at S&S in first quarter

Profits rise at S&S in first quarter

Profits at Simon & Schuster have risen in the in the first quarter of 2013, despite a fall in sales.

S&S' parent company CBS did not break out details for S&S in the UK.

The publisher saw profits before depreciation and amortisation rise by 20%, growing to $12m (£7.7m) in the quarter ended 31st March 2013, compared to $10m (£6.4m) in the same quarter last year.

However, revenues declined by 3% compared to last year, slipping from $176m (£113m) to $171 (£109m).

The company attributed the drop to the popularity of titles released in 2011 still selling well in the first quarter of 2012, mentioning Steve Jobs by Walter Isaacson and 11/22/63 by Stephen King as particularly strong sellers.

It also noted a rise in digital sales, with a sales increase of 14%. Digital sales accounted for 30% of total publishing revenues across the period, compared with 26% in the same period in 2012.

The rise in profits was attributed to "lower legal costs and a decrease in operating expenses as a result of the growth in more profitable digital book sales".