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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Oyster, a fledgling mobile service for Spotify-style on-demand books, has raised $3 million in funding led by Peter Thiel's Founders Fund. Oyster, which is still a work in progress, will let users of its mobile app access, discover, and read an ever-growing range of titles and genres, all on... Continue reading at Fast Company
[ Fast Company | 2012-10-11 00:00:00 UTC ]
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A new global book classification system that aims to reduce cross-border confusion about subject... Continue reading at The Bookseller
[ The Bookseller | 2012-10-11 00:00:00 UTC ]
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Hot Key Books has bought three books from Observatory Mansions-author Edward Carey, his first... Continue reading at The Bookseller
[ The Bookseller | 2012-10-11 00:00:00 UTC ]
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Junot Diaz, Dave Eggers, and Katherine Boo all made the cut for final consideration for the award. Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2012-10-11 00:00:00 UTC ]
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Carrie Arcos, an L.A. mom whose first novel, 'Out of Reach,' is a young adult literature finalist, is in the company of Robert A. Caro, Junot Diaz and more.Carrie Arcos was mystified when she received an email from the National Book Foundation instructing her to call its office. Continue reading at Los Angeles Times
[ Los Angeles Times | 2012-10-11 00:00:00 UTC ]
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The books market in Italy has “deteriorated significantly” in 2011 and the first nine... Continue reading at The Bookseller
[ The Bookseller | 2012-10-11 00:00:00 UTC ]
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National Book Tokens is to launch an e-gifting card for digital books with the content to be... Continue reading at The Bookseller
[ The Bookseller | 2012-10-10 00:00:00 UTC ]
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Rovio, the creator of the hugely popular mobile game Angry Birds, will partner with Cern to... Continue reading at The Bookseller
[ The Bookseller | 2012-10-10 00:00:00 UTC ]
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Publishers are looking to move beyond the “smoke screen” of erotica as the Frankfurt... Continue reading at The Bookseller
[ The Bookseller | 2012-10-10 00:00:00 UTC ]
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Olympic cyclist and "Strictly Come Dancing" contestant Victoria Pendleton's memoir... Continue reading at The Bookseller
[ The Bookseller | 2012-10-10 00:00:00 UTC ]
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New Zealand has officially taken centre stage at the world's biggest book fair in Frankfurt, Germany. Continue reading at Stuff
[ Stuff | 2012-10-10 00:00:00 UTC ]
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Junot Díaz, who was recently named a MacArthur "Genius" Fellow, is among the National Book Awards fiction finalists for his short-story collection, "This Is How You Lose Her." Continue reading at Los Angeles Times
[ Los Angeles Times | 2012-10-10 00:00:00 UTC ]
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The book that has moved me most in the past year is Wonder by R.J. Palacio. It’s the fictional story of August Pullman, a 10-year-old with a very different-looking face—the result of a chromosomal abnormality and an illness—and his journey from the nest of homeschooling to the wilds of middle... Continue reading at Slate
[ Slate | 2012-10-10 00:00:00 UTC ]
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Google and major book publishers have settled a lengthy legal battle over digital copyrights, but a bigger dispute still looms with thousands of authors who allege that Google is illegally profiting from their works. Continue reading at Stuff
[ Stuff | 2012-10-08 00:00:00 UTC ]
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Author JK Rowling has promised fans that her next published book will be for children. Continue reading at BBC News
[ BBC News | 2012-10-07 00:00:00 UTC ]
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Publishers can now decide whether Google can digitize out-of-print books still protected by copyright, but does not settle the issue of individual author rights. Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2012-10-06 00:00:00 UTC ]
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A M Heath is bringing the first novel for 15 years from Charles Palliser, author of The Quincunx... Continue reading at The Bookseller
[ The Bookseller | 2012-10-05 00:00:00 UTC ]
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Orion has pre-empted a guide to successful parenting written from the point of view of an... Continue reading at The Bookseller
[ The Bookseller | 2012-10-05 00:00:00 UTC ]
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Simply Books of Bramhall in Cheshire has been judged Independent Retailer of the Year at the... Continue reading at The Bookseller
[ The Bookseller | 2012-10-05 00:00:00 UTC ]
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The Association of American Publishers (AAP) and Google today announced an agreement that marks the end of nearly seven years of litigation, kicked off in 2005, when five members of the organization filed an infringement suit against the online giant. The deal helps bring digitized books and... Continue reading at Engadget
[ Engadget | 2012-10-04 00:00:00 UTC ]
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