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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Eason has opened a “virtual bookshop” in Connolly railway station in Dublin which... Continue reading at The Bookseller
[ The Bookseller | 2012-10-23 00:00:00 UTC ]
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The recommendations of friends was the top driver behind children's discovery of new titles,... Continue reading at The Bookseller
[ The Bookseller | 2012-10-22 00:00:00 UTC ]
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Arcadia Books has been bought out of liquidation by photographer Basil Hyman, with its publisher... Continue reading at The Bookseller
[ The Bookseller | 2012-10-19 00:00:00 UTC ]
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'A Series of Unfortunate Events' author Lemony Snicket's latest book looks back on Snicket's youth. Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2012-10-19 00:00:00 UTC ]
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Hodder Children's Books has acquired a new series by The Winter Trilogy author Ruth Warburton... Continue reading at The Bookseller
[ The Bookseller | 2012-10-19 00:00:00 UTC ]
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Books published by Amazon like the Penny Marshall memoir 'My Mother Was Nuts' have not seen strong sales. Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2012-10-19 00:00:00 UTC ]
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Self-help books are such funny, deeply personal things. You can get help for any aspect of life, from how to be happy to how to stop comfort-eating, heal your emotional self, take control of your life and the bread and butter of the self-help genre, relationship advice. Continue reading at Stuff
[ Stuff | 2012-10-19 00:00:00 UTC ]
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We asked our readers two years ago if they had read an enhanced ebook. Over half of survey respondents had not. Now, we're asking again. Take our survey and tell us if you've read an enhanced ebook. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2012-10-18 00:00:00 UTC ]
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The UK has seen a slight slowdown in ebook sales growth over the last year. Does this mean ebooks have reached a plateau among readers? Michael Bhaskar examines the situation. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2012-10-18 00:00:00 UTC ]
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Johnny Depp launches his own book imprint with publishing company HarperCollins. Continue reading at BBC News
[ BBC News | 2012-10-17 00:00:00 UTC ]
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Journalist and author Julie Burchill is set to release her new book Unchosen: The Memoirs of a... Continue reading at The Bookseller
[ The Bookseller | 2012-10-17 00:00:00 UTC ]
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Ebury Press has acquired a title aiming to be "the breakthrough book on accessible Spanish... Continue reading at The Bookseller
[ The Bookseller | 2012-10-16 00:00:00 UTC ]
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Australian book sales have plunged 10% in 2012, but ebook sales are finally taking off, writes Andrew Wilkins. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2012-10-16 00:00:00 UTC ]
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Puffin is releasing the first six Wimpy Kid books by Jeff Kinney as ebooks for the first time on... Continue reading at The Bookseller
[ The Bookseller | 2012-10-16 00:00:00 UTC ]
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Licensing is a growing focus for many publishers as they look to generate awareness and spur book sales for in-house developed and acquired properties, and bring in incremental revenue. Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-10-15 00:00:00 UTC ]
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Buy a lot of ebooks? Thank your state attorney general for the credit you'll get next year. Continue reading at AllThingsD
[ AllThingsD | 2012-10-14 00:00:00 UTC ]
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Hairy hobbit feet and elfin cloaks took over the Frankfurt Book Fair this weekend as JRR Tolkien fans dressed to impress Weta Workshop’s Sir Richard Taylor. Continue reading at Stuff
[ Stuff | 2012-10-14 00:00:00 UTC ]
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Mitchell Beazley is joining forces with Simon Cowell for a book tying in to his production... Continue reading at The Bookseller
[ The Bookseller | 2012-10-12 00:00:00 UTC ]
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Spending on printed books in 2012 has passed the £1bn mark, but a fortnight later than last... Continue reading at The Bookseller
[ The Bookseller | 2012-10-12 00:00:00 UTC ]
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BookNet Canada’s first survey of where Canadians buy books and what types of books they buy found that about 16% of purchases in the first half of 2012 were of ebooks, while paperback remained the most popular format, with a 57% share. Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-10-12 00:00:00 UTC ]
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