Barnes & Noble Inc., the struggling bookseller, reported "material weakness" in its accounting and restated three years of financial results. Investors seemed alarmed by more bad news from the unprofitable retailer whose chief executive stepped aside earlier this month and they bid down its stock by 4%.Barnes & Noble said Monday that errors in reporting sales and occupancy costs, plus an inaccurate tally of income-tax refunds received when it was unprofitable in 2011 and 2012, caused the company to over-report losses over those two years by $9 million. Actual losses over those two years were $134 million, not the $143 million, the company.In 2010, the company's last profitable year, Barnes & Noble said it really earned $43 million instead of the $37 million initially reported. The company said it previously had overstated sales and occupancy costs and understated the amount it owed in taxes. It in fact paid $12 million in income taxes that year, 50% more than the previously reported amount.The bookseller said the errors resulted from "inadequate controls over the accrual reconciliation process at its distribution centers" and it is working to fix the problem.A spokeswoman for the bookseller didn't immediately return a call seeking comment.The accounting problems seem to stem from the company's decision to buy more books directly from publishers instead of wholesalers. In its annual report, Barnes & Noble said it has invested significantly in new warehouses... Continue reading at 'Crains New York'
[ Crains New York | 2013-07-30 00:00:00 UTC ]
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Craig Chappelow has written about how leaders can be more successful. But he'd crack One Flew Over The Cuckoo’s Nest before the latest business book any day. Here's why he thinks you should, too. Read any good leadership books lately? Me either. It seems like popular books about leadership... Continue reading at Fast Company
[ Fast Company | 2013-06-17 00:00:00 UTC ]
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As print magazine and book publishers struggle to stay afloat, Not Safe For Work, a print magazine and news startup in Las Vegas, has raised $250,000 in seed funding from Base Ventures, VentureWire has learned. The company offers a monthly print ma ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2013-06-17 00:00:00 UTC ]
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A blow-by-blow account of how Apple and five of America's six largest publishers ended up on the wrong end of price-fixing allegations by the Department of Justice, from PW senior writer Andrew Richard Albanese. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-06-17 00:00:00 UTC ]
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#wrong end
Apple Inc. (AAPL) executive Eddy Cue told a judge he felt extra pressure to reach deals with ebook publishers in time for the introduction of the iPad in 2010 because of company cofounder Steve Jobs’s precarious health. “Steve ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2013-06-14 00:00:00 UTC ]
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The man the Department of Justice calls the "chief ringleader" of Apple's alleged conspiracy to raise ebook prices finally takes the stand in the government's price-fixing case against Apple. Continue reading at AllThingsD
[ AllThingsD | 2013-06-14 00:00:00 UTC ]
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The Daily Mail's consultant literary editor Jane Mays has predicted that reviewing... Continue reading at The Bookseller
[ The Bookseller | 2013-06-14 00:00:00 UTC ]
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'1984' book sales are rising after the Edward Snowden revelations about NSA spying. The topic of 'Big Brother' watching has spurred the sales of George Orwell's "1984" and Aldous Huxley's "Brave New World." Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2013-06-13 00:00:00 UTC ]
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Granta Books has signed a non-fiction account of Russian band and political protest group Pussy... Continue reading at The Bookseller
[ The Bookseller | 2013-06-13 00:00:00 UTC ]
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The Amazon-owned Book Depository made a pre-tax profit of more than £15m in 2012 after... Continue reading at The Bookseller
[ The Bookseller | 2013-06-13 00:00:00 UTC ]
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The head of Apple's iBookstore says Apple has captured 20 percent of the U.S. ebook market. Continue reading at AllThingsD
[ AllThingsD | 2013-06-13 00:00:00 UTC ]
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A rare copy of Action Comics No. 1 – which includes the first appearance of Superman – sold for $175,000 after being hidden for more than 70 years. Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2013-06-13 00:00:00 UTC ]
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National Book Tokens is launching a rewards programme for customers and a direct marketing... Continue reading at The Bookseller
[ The Bookseller | 2013-06-13 00:00:00 UTC ]
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Apple may not have been quite as indifferent to publishers' deals with Amazon as it professes to be. Continue reading at AllThingsD
[ AllThingsD | 2013-06-13 00:00:00 UTC ]
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While a high-calibre jury of writers and critics ponders the nominees for this year's Children's Book Awards, we have asked the true experts. Continue reading at Stuff
[ Stuff | 2013-06-12 00:00:00 UTC ]
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Philipp Meyer re-envisions the comic book in a Braille-like format. His simple story uses basic shapes but packs an emotional punch. Comics, by nature, depend on visual storytelling. Philipp Meyer, an industrial design student at Potsdam’s University of Applied Sciences, wanted to introduce... Continue reading at Fast Company
[ Fast Company | 2013-06-12 00:00:00 UTC ]
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Sony is expanding the range of augmented reality titles available for the PlayStation 3 with the... Continue reading at The Bookseller
[ The Bookseller | 2013-06-11 00:00:00 UTC ]
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Starr's book will be illustrated by children's books illustrator and author Ben Cort. Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2013-06-11 00:00:00 UTC ]
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Independent publisher Icon Books has won the Times Sports Book of the Year Award with Steven Reid... Continue reading at The Bookseller
[ The Bookseller | 2013-06-11 00:00:00 UTC ]
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Simon & Schuster Children's in both the UK and US will be publishing a picture book... Continue reading at The Bookseller
[ The Bookseller | 2013-06-11 00:00:00 UTC ]
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With 20% of Russia's bookstores having closed and book sales in free fall, the government is investing $100m to promote reading and change in the industry. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2013-06-10 00:00:00 UTC ]
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