Quad/Graphics posted a net loss of $12.4 million in the first quarter of 2020, the Wisconsin-based commercial printer reported on Wednesday, a significant improvement over its $22.8 million net loss in Q1 of 2019. Net sales dropped 14.4% year-over-year to $823 million, the company said, a decline that was partially mitigated by a 13.5% reduction in operating expenses, which it executed by furloughing staffers (while preserving their medical benefits), reducing capital expenditures by 45%, suspending quarterly dividends and reducing the salaries of over 750 of its highest-paid employees. "Our first quarter performance exceeded our expectations until mid-March when we started to feel the initial disruption from COVID-19," said chairman, president and CEO Joel Quadracci, who added that he's taken a temporary 50% pay cut. "We were able to deliver strong first quarter results, in part, by taking early and swift action to align our cost structure to lower volumes in certain product categories, thereby protecting our balance sheet and preserving cash flow and liquidity. We have historically treated almost all costs as variable, and demonstrated our agility to react in real-time during the pandemic to reduce costs." Quad/Graphics withdrew its full-year 2020 financial guidance in early April, citing uncertainty in customer demand as a result of the pandemic. Magazines, catalogs and special interest publications combined to form about 30% of the company's overall net sales in... Continue reading at 'Folio Magazine'
[ Folio Magazine | 2020-05-06 18:09:12 UTC ]
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Written By: Raili Seppänen Publication Date: Wed, 31/08/2011 - 14:55 The largest bookshop chain in Finland is on the verge of being sold to the country's second-largest publisher, in a deal worth 27.5m (£24.3m). The deal will see Otava become the sole owner of Suomalainen Kirjakauppa, so long... Continue reading at The Bookseller
[ The Bookseller | 2011-08-31 00:00:00 UTC ]
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Written By: Charlotte Williams Publication Date: Wed, 31/08/2011 - 10:05 E-book sales now account for over 10% of Random House Group UK sales, as worldwide earnings for parent company Random House surged despite a dip in sales. In the first six months of 2011, Random House worldwide reported... Continue reading at The Bookseller
[ The Bookseller | 2011-08-31 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Tue, 30/08/2011 - 15:39 Barnes & Noble has said it expects its Nook ebook business to earn it $1.8bn (£1.1bn) by the end of its latest financial year. read more Continue reading at The Bookseller
[ The Bookseller | 2011-08-30 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Tue, 30/08/2011 - 15:39 Barnes & Noble has said it expects its Nook ebook business to earn it $1.8bn (£1.1bn) by the end of its latest financial year. read more Continue reading at The Bookseller
[ The Bookseller | 2011-08-30 00:00:00 UTC ]
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Written By: Charlotte Williams Publication Date: Fri, 26/08/2011 - 09:04 Manuals and DIY publisher Haynes Publishing has reported pre-tax profits of £7.18m, up from £7.17m in 2010, for the year ended 31st May 2011. Like-for-like sales were up 1% to £33.76m from £33.31m in 2010. Segmental... Continue reading at The Bookseller
[ The Bookseller | 2011-08-26 00:00:00 UTC ]
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Written By: Philip Stone Publication Date: Tue, 16/08/2011 - 16:03 Spending on printed books slumped £1.1m last week, as the UK riots caused retailers to shut stores early and the public to avoid the high street. Although bookshops remained largely unscathed during the rioting, spending... Continue reading at The Bookseller
[ The Bookseller | 2011-08-16 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Thu, 11/08/2011 - 09:10 HarperCollins ebook sales now comprise 11% of its total revenue, the company has said following parent NewsCorp's latest results. As has now become customary, figures for HarperCollins were not stripped out. There was no... Continue reading at The Bookseller
[ The Bookseller | 2011-08-11 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Thu, 11/08/2011 - 15:31 HarperCollins has had its best financial year since 2008, with ebook sales accounting for 10% of total revenue during the past four weeks, its c.e.o. has said. Victoria Barnsley was speaking as parent company NewsCorp reported... Continue reading at The Bookseller
[ The Bookseller | 2011-08-11 00:00:00 UTC ]
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Written By: Benedicte Page Publication Date: Fri, 12/08/2011 - 08:40 The recently appointed children's laureate Julia Donaldson has condemned the "Future Libraries" report as a "cost-cutting exercise" containing among its recommendations some likely to lead to a deterioration of the service.... Continue reading at The Bookseller
[ The Bookseller | 2011-08-11 00:00:00 UTC ]
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Written By: Philip Jones Publication Date: Tue, 09/08/2011 - 09:43 July retail sales saw a modest improvement, according to figures from the British Retail consortium, though book sales fell to their lowest level for seven years with food continuing to outperform non-food items. read more Continue reading at The Bookseller
[ The Bookseller | 2011-08-09 00:00:00 UTC ]
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Written By: Benedicte Page Publication Date: Tue, 09/08/2011 - 14:24 The Chartered Institute of Library and Information Professionals has added its voice to criticism of the report issued following the first year of the DCMS-backed Future Libraries programme. The report, "Future Libraries:... Continue reading at The Bookseller
[ The Bookseller | 2011-08-09 00:00:00 UTC ]
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Written By: Benedicte Page Publication Date: Mon, 08/08/2011 - 16:45 The Women's Institute has expressed "disappointment" with the newly published Future Libraries Programme, the government backed report that made recommendations like putting libraries in the hands of community groups. read more Continue reading at The Bookseller
[ The Bookseller | 2011-08-08 00:00:00 UTC ]
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Written By: Charlotte Williams and Philip Stone Publication Date: Fri, 05/08/2011 - 09:00 Publishers and independent booksellers are stressing the importance of "working harder" on hardback fiction titles, as sales of the format fell by £3.2m over the first half of 2011. read more Continue reading at The Bookseller
[ The Bookseller | 2011-08-04 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Wed, 03/08/2011 - 09:20 Digital sales more than doubled at Simon & Schuster in its second-quarter but did not offset the decline in print. However, the publisher reported an increase in profits of 12% off the back of the shift to digital and... Continue reading at The Bookseller
[ The Bookseller | 2011-08-03 00:00:00 UTC ]
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Written By: Philip Stone Publication Date: Thu, 04/08/2011 - 09:30 Man Booker Prize bookies favourite Alan Hollinghurst is proving the most popular of the longlisted titles among the book buying public. read more Continue reading at The Bookseller
[ The Bookseller | 2011-08-03 00:00:00 UTC ]
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Written By: Benedicte Page Publication Date: Thu, 04/08/2011 - 09:00 The editor of the Times Literary Supplement has said the newspaper's "commitment to continuing and enhancing TLS standards of criticism... remains absolute," despite announcing the redundancy of its fiction editor. Lindsay... Continue reading at The Bookseller
[ The Bookseller | 2011-08-03 00:00:00 UTC ]
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Written By: Charlotte Williams Publication Date: Fri, 29/07/2011 - 09:30 Penguin reported lower sales and profits in the first half of 2011 as it adjusted to the "unprecedented challenges" afflicting the publishing sector including the loss of high street booksellers in the US and Australia... Continue reading at The Bookseller
[ The Bookseller | 2011-07-29 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Fri, 29/07/2011 - 09:19 The owner of Living Oasis is in talks with a third party to buy the chain after he closed two of his four remaining shops. Ray George, chairman of the Nationwide Christian Trust (NCT), which bought 19 former Wesley Owen... Continue reading at The Bookseller
[ The Bookseller | 2011-07-29 00:00:00 UTC ]
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The list of aggressive private equity investments in publishers that flamed out during the recession is a long one and that list also nearly included Forbes Media, according to an article in the Continue reading at Folio Magazine
[ Folio Magazine | 2011-07-28 00:00:00 UTC ]
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Looks like it's shake-up time again at AOL. In a memo to AOLers today, CEO Tim Armstrong announced a batch of management changes. The latest major casualty of AOLs continuing comeback? Ad sales boss Jeff Levick, one of Armstrongs earliest hires who joined the company from Google in 2009. Jeff... Continue reading at AdWeek
[ AdWeek | 2011-07-26 00:00:00 UTC ]
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