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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Thomas Pynchon, author of “Gravity’s Rainbow” and “The Crying of Lot 49,” characteristically declined to speak about his decision. Continue reading at The New York Times
[ The New York Times | 2012-06-13 00:00:00 UTC ]
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Nearly 60% of families do not own a single baby book until they receive their first packs from... Continue reading at The Bookseller
[ The Bookseller | 2012-06-12 00:00:00 UTC ]
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#baby books
Google has struck a deal to digitise French books, ending a six-year legal battle. Continue reading at BBC World
[ BBC World | 2012-06-11 00:00:00 UTC ]
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Though results aren't what they used to be, sales still spiked for the first pick. Continue reading at Crains New York
[ Crains New York | 2012-06-10 00:00:00 UTC ]
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#good news
Printed book sales rebounded after a poor week, with Nielsen BookScan reporting spending surged... Continue reading at The Bookseller
[ The Bookseller | 2012-06-08 00:00:00 UTC ]
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Hay Festival founder Peter Florence has warned that it is “almost impossible” to make... Continue reading at The Bookseller
[ The Bookseller | 2012-06-08 00:00:00 UTC ]
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Hay Festival founder Peter Florence has blamed “crap books” from UK publishers as... Continue reading at The Bookseller
[ The Bookseller | 2012-06-08 00:00:00 UTC ]
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US pop star Katy Perry will become the latest celebrity to be depicted in the biography comic book Fame series, publisher Bluewater Productions says. Continue reading at Stuff
[ Stuff | 2012-06-07 00:00:00 UTC ]
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The May sunshine led to a 3.4% total sales increase last month, according to the British Retail... Continue reading at The Bookseller
[ The Bookseller | 2012-06-07 00:00:00 UTC ]
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Wattpad, a booming ebook community site, hosts five million stories, with 500,000 added per month. Continue reading at AllThingsD
[ AllThingsD | 2012-06-06 00:00:00 UTC ]
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Amazon Publishing and long-running book-maker Avalon now has more in common than rhyme schemes. The pair have struck up a deal to publish over 3,00 titles from the publisher's back-catalogue, broaching its romance, mystery and western genres. It'll be the first time that these books will be... Continue reading at Engadget
[ Engadget | 2012-06-06 00:00:00 UTC ]
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J.K. Rowling's 'Book of Spells' will allow players to wave wands and cast spells using Wonderbook technology. Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2012-06-06 00:00:00 UTC ]
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A look into two of New Zealand's darker tales have made the shortlist for this year's New Zealand Post Book Awards. Continue reading at Stuff
[ Stuff | 2012-06-06 00:00:00 UTC ]
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Sony has decided to join the web-based shopping party, launching an online reader store for its e-inked devices and companion apps. Any e-Books purchased will arrive ready-to-read on the Reader app or other suitably wireless device, with titles also working on any Adobe DRM-supported apps and... Continue reading at Engadget
[ Engadget | 2012-06-06 00:00:00 UTC ]
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The romance with the printed word shows no signs of abating. Despite the rapid growth in ebook sales in recent years, print book output in 2011 grew by 6%, to 347,178 titles, compared to the prior year. The preliminary numbers released Tuesday by bibliographic database Bowker are "the most... Continue reading at Crains New York
[ Crains New York | 2012-06-06 00:00:00 UTC ]
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Sony unveils a Harry Potter-based book, part-written by JK Rowling, as the first Wonderbook title for its Playstation console. Continue reading at BBC World
[ BBC World | 2012-06-05 00:00:00 UTC ]
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The Authors Guild is encouraging its 8,500 members to submit comments against the proposed settlement between the Department of Justice and three large publishers. The settlement, the guild argues, will only benefit Amazon. Continue reading at The New York Times
[ The New York Times | 2012-06-05 00:00:00 UTC ]
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Many in the book world are eager to discover if Oprah's book club – after a two-year hiatus and now on the lower-profile OWN network – will still draw readers in massive numbers. Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2012-06-04 00:00:00 UTC ]
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British journalist Richard Lloyd Parry skillfully goes beyond the headlines in the 2000 disappearance of fellow Brit Lucie Blackman in Tokyo. It is a dark, unforgettable ride.People Who Eat Darkness Continue reading at Los Angeles Times
[ Los Angeles Times | 2012-06-03 00:00:00 UTC ]
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Some classic public domain books for the Nook appear to be stripped of any mention of the word "Kindle," no matter what the context, resulting in some odd reading.One blogger recently discovered that his downloaded 99-cent Nook version of War and Peace, ported by Superior Formatting Publishing... Continue reading at Fast Company
[ Fast Company | 2012-06-02 00:00:00 UTC ]
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