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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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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Written By: Graeme Neill Publication Date: Thu, 21/07/2011 - 09:10 Borders goes to court today to seek approval for liquidators to launch closing down sales across its stores. It is expected the sales will bring in between $250m and $284m the bankrupt book chain owes to creditors. read more Continue reading at The Bookseller
[ The Bookseller | 2011-07-21 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Fri, 15/07/2011 - 14:34 Christian bookselling chain Living Oasis has admitted only one of its branches is making any profit as it culled another shop last week, reducing its total number of stores from 19 to four in just four months. Living Oasis... Continue reading at The Bookseller
[ The Bookseller | 2011-07-15 00:00:00 UTC ]
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Written By: Philip Stone Publication Date: Wed, 13/07/2011 - 15:38 Stieg Larsson's The Girl with the Dragon Tattoo (Quercus), the first book in the late Swedish journalist's Millennium thriller trilogy, has become only the sixth adult novel to sell more than two million copies since records... Continue reading at The Bookseller
[ The Bookseller | 2011-07-13 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Tue, 12/07/2011 - 09:37 Widespread offers and Fathers Day failed to affect book sales falling in June compared to 2010, according to the British Retail Consortium. Figures out today show total sales in the UK were up 1.5% last month in comparison to... Continue reading at The Bookseller
[ The Bookseller | 2011-07-12 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Thu, 07/07/2011 - 09:02 WH Smiths like-for-like sales have dropped 4%, but the bookseller remains "confident" about its final year results, it said today. In the 18 weeks to 2nd July, WHS total group sales decreased by 1% and like-for-like sales... Continue reading at The Bookseller
[ The Bookseller | 2011-07-07 00:00:00 UTC ]
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Written By: Philip Stone Publication Date: Tue, 05/07/2011 - 16:04 Dawn Frenchs début novel, A Tiny Bit Marvellous (Penguin), retains its position at the summit of The Official UK Top 50 week-on-week, thanks to a promotional appearance on ITVs This Morning, and a £2.99 if you spend £10... Continue reading at The Bookseller
[ The Bookseller | 2011-07-05 00:00:00 UTC ]
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Written By: Bookseller Staff Publication Date: Fri, 01/07/2011 - 09:13 Borders in the US has agreed to sell to private investment firm Najafi for $215m (£135m), it has been announced today. The Borders Group bookselling chain is now seeking bankruptcy court approval for the agreement, which if... Continue reading at The Bookseller
[ The Bookseller | 2011-07-01 00:00:00 UTC ]
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As the publishing industry continues to recover from the economic recession, 138 magazines launched in the first half of 2011, according to online periodical database MediaFinder. In the first half of 2010, only 90 new titles came to fruition. Continue reading at Folio Magazine
[ Folio Magazine | 2011-06-30 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Thu, 30/06/2011 - 09:41 Waterstones increased profit by £6.7m last year as like-for-like sales fell by 3.8%, according to financial results released today. read more Continue reading at The Bookseller
[ The Bookseller | 2011-06-30 00:00:00 UTC ]
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Centaur Media has confirmed a wide-ranging restructure of its publishing business that includes axing the print versions of two of its biggest titles, Design Week and New Media Age. Continue reading at Media Week
[ Media Week | 2011-06-29 00:00:00 UTC ]
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Written By: Bookseller Staff Publication Date: Wed, 22/06/2011 - 09:15 Borders has cut its net losses by almost $100m (£61.7m) in May as two "buyout moguls" have emerged as contenders to take over the business. read more Continue reading at The Bookseller
[ The Bookseller | 2011-06-22 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Mon, 20/06/2011 - 14:31 John Locke has become the first self-published author to sell more than one million ebooks through Amazon. The author used Amazon's Kindle Direct Publishing platform to publish and sell his titles. He joins Stieg Larsson,... Continue reading at The Bookseller
[ The Bookseller | 2011-06-20 00:00:00 UTC ]
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Barnes & Noble's newest Nook has fewer features than its predecessor, as well as many other rivals. That's great, says Consumer Reports, which has crowned the new $139 device its favorite ebook reader. It's the first time the magazine has put an e-reader made by anyone other than Amazon at... Continue reading at AllThingsD
[ AllThingsD | 2011-06-18 00:00:00 UTC ]
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Written By: Philip Stone Publication Date: Tue, 07/06/2011 - 15:44 Thanks in part to a "better than half price" deal at Waterstone's, John Grisham tops the Official UK Top 50 for the first time in five and a half years. The Confession (Arrow), the Arkansas-born legal thriller writer's 23rd... Continue reading at The Bookseller
[ The Bookseller | 2011-06-07 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Tue, 07/06/2011 - 11:40 Amazon.co.uk has announced that Orange Prize shortlisted author Emma Donoghues Room (Picador) is leading sales on the website ahead of rival contenders for the award. The Orange Prize for Fiction is revealed tomorrow (8th... Continue reading at The Bookseller
[ The Bookseller | 2011-06-07 00:00:00 UTC ]
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People is the most profitable U.S. magazine and had an excellent, +5.6% ad-page advertising 2010, so it was appropriate that the magazine did very well at min's seventh "Sales Executive of the Year" awards breakfast Thursday morning (June 2) at New York's Grand Hyatt. Continue reading at Folio Magazine
[ Folio Magazine | 2011-06-02 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Thu, 02/06/2011 - 09:20 Borders stores in Australia will cease to exist in two weeks as the remaining stores were given their final death knell yesterday when administrators announced no buyer could be found. read more Continue reading at The Bookseller
[ The Bookseller | 2011-06-02 00:00:00 UTC ]
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Written By: Charlotte Williams Publication Date: Wed, 01/06/2011 - 09:52 E-book sales accounted for over 8% of Pan Macmillan's trade sales in the first quarter of 2011, with the publisher predicting a rise to up to 10% by the end of the year. Over the same period, the publisher's sales of... Continue reading at The Bookseller
[ The Bookseller | 2011-06-01 00:00:00 UTC ]
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