Friday, August 03, 2012

Simon & Schuster revenues up 3%, but operating income down 47% in Q2

The Wall Street Journal reports that CBS issued its Q2 financial results yesterday, including Simon & Schuster. The publisher's revenues increased by 3% year-over-year to $189 million, with a 44% increase in eBook sales offsetting a decline in print sales. eBooks now represent 21% of Simon & Schuster's revenues, and the company expects eBook sales to increase slightly less than 30% for the full year. Operating income before depreciation and amortization was $9 million vs. $19 million in the previous year, down 47%, for a profit margin of 4.8%. The company says that profits were affected by the proposed settlement of eBook litigation with the Justice Department and states.
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