Blackwell Powers Good Quarter at Wiley
Wiley announced third quarter sales of $429 million,
up sharply with the addition of Blackwell Publishing and still up 6
percent compared to a year ago even without Blackwell. They reported
adjusted net income of $40 million, and adjusted earnings per share
rose 7 percent for the quarter "excluding certain one-time tax benefits
and Blackwell" and were well ahead of anaylsts' expectations. Blackwell
itself accounted for $115 million in sales and $16 million in operating
income. Based on the strong quarter, the company increased its sales
guidance for the fourth quarter by about $20 million, now projecting
revenue of $470 million and earnings of at least 20 cents a share.
Professional/Trade sales in the US rose two percent in the quarter, to
$103 million, "mainly due to growth in the business and consumer
programs, partially offset by softness in technology and higher sales
returns." They also suffered "lower gross margins due to product mix
and the timing of advertising costs." The company adds, "licensing of
rights worldwide and branded web site content continued to have a
positive effect on results." They recovered $2 million in bad debt from
the estate of the bankrupt AMS after having written off $5 million in
bad debt a year ago.
In Europe Wiley cites "strong sales of indigenous P/T books" with sales
rising 8 percent to $81 million, though much of that growth was due to
currency exchange, moderated by "sluggish sales in
Release
In other financial market news, Amazon announced that they have
purchased 87 percent of shares in Audible.com and according to the AP
"has begun another offering period for remaining Audible shares, again
for $11.50 each. The offering period will end Friday but may be
extended."
Two Veterans Plant New House
Former Avon and Berkley publisher Lou Aronica and agent Peter Miller
are creating The Story Plant, a publishing company focused on
"commercial fiction and author development," intending to "develop
writers over multiple books" and "focus on long-term relationships with
commercial novelists." Distributed by Perseus Distribution, the line
launches this fall with Sienna Skyy's AMERICAN QUEST, a contemporary
romantic fantasy, and Jonathan Javitt's medical thriller CAPITOL
REFLECTIONS.
Miller, who serves as marketing and rights director for the company,
says in the announcement, "When we sign a Story Plant title, we're
specifically looking at the book's film and foreign potential. We think
the books on this list are going to be successful on a number of
platforms." Foreign rights are being sold by Baror International.
The Most News that the Business Uses
Every day, we gather, report, recap and interpret the most publishing
news, deal transactions, and job offers anywhere. Today's Lunch Deluxe
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"Arab Booker" Named
Translation Glass
Tilting to Half Full?
Two More Stores Headed for Closing
Penguin Adds More
"Tastes"
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Personnel News
April Hattori departed Hachette Book Group USA last month after six
months as the company's first vp of communications, and now Little,
Brown associate publisher Sophie Cottrell has been named as the
company's new vp, communications director. Reporting to ceo David
Young, Cottrell will join the company's executive management board,
moving into the new position "as soon as her replacement is in place."
Cottrell's agenda includes managing internal and external
communications, developing clear brand identity and projecting it
internally and externally, overseeing HBG's environmental policy and
philanthropic endeavors, and coordinating with the communications
director at HBG UK and the head of corporate communications of Hachette
Livre in Paris.
At Gotham Books, Patrick Mulligan has been promoted to editor.
Former PW publisher David Nudo is joining book social network
Shelfari.com as director of sales and marketing, still based in New
York.
In the Random House Publishing Group advertising and promotion
department, Elizabeth Fabian has returned to the company as senior
manager, advertising and promotions for the group. She was at Harcourt.
Additionally, Jennie Morel has been promoted to advertising and
promotions coordinator for Ballantine.
The Latest Jobs
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industry-leading Job Board, the latest among about 125 opportunities
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Among the latest:
Project Manager - Online Sales and Marketing [Full Time]
Random House (New York, NY)
Art
Director/Associate Art Director - Random House Publishing Group [Full Time]
Random House (New York, NY)
Production Editor [Full Time]
Kensington Publishing Corp. (New York, NY)
Designer - Random House Publishing Group [Full Time]
Random House (New York, NY)
Associate Production Manager [Full Time]
Henry Holt & Company (New York, NY)
Publishersmarketplace.com/jobs
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