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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The tagline “It’s not TV. It’s HBO” is something many will remember from the late 1990s, back when the cable network was in the vanguard for airing critically acclaimed series like The Sopranos and Sex and the City. Today there’s hardly a cable network in the game that isn’t trying to capture... Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-02-10 00:00:00 UTC ]
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In a time when digital and print-on-demand technology are streamlining how books are created and delivered, Paravion Press believes there still is a market for well-crafted, hand-made books. “Paravion hopes to keep hold of a patch of turf for the old guard of the printed book—the realm of the... Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-02-10 00:00:00 UTC ]
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How much money is a book really worth? Is it the $25 to $30 publishers typically ask for the hardcover edition? Is it the discounted price plus shipping that an online retailer charges? What if there’s only a Kindle edition you can buy, for 99 cents? Is that same book worth nothing on days when... Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-02-10 00:00:00 UTC ]
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The Cult of the Leader (Wiley), written by Christopher Bones, has been named as the CMI... Continue reading at The Bookseller
[ The Bookseller | 2012-02-08 00:00:00 UTC ]
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This year's shortlist for the Waterstones Children’s Book Prize includes new talent... Continue reading at The Bookseller
[ The Bookseller | 2012-02-08 00:00:00 UTC ]
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#waterstones children
Canadian bookselling chain Indigo Books and Music and Books-a-Million have joined ranks with... Continue reading at The Bookseller
[ The Bookseller | 2012-02-06 00:00:00 UTC ]
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Imagine buying a car that locks you into one brand of fuel. That new BMW only runs on BMW gas. There are plenty of BMW gas stations around, so convenience isn't an issue. But if a different brand of gas station offers a discount, a membership program, or some other marketing campaign, you can't... Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-02-03 00:00:00 UTC ]
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As traditional revenue channels for newspapers collapse, publishers are seeking new and innovative ways to make a profit without expending a lot of resources. Finding the appropriate niche is the key to survival, and newspapers that recognize this ar ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-02-03 00:00:00 UTC ]
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BBC Books has signed a two-year publishing deal with the BBC's upcoming talent show "The... Continue reading at The Bookseller
[ The Bookseller | 2012-02-02 00:00:00 UTC ]
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Comic book fans gather in the French city of Angouleme to celebrate the 39th international festival of comic books. Continue reading at BBC News
[ BBC News | 2012-02-01 00:00:00 UTC ]
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Google Books is a gigantic and ever-expanding online library of books and magazines that can be used to read classic titles free of charge as well as to purchase new releases in all manner of categories. But you may be one of the many people who have found that the interface for the website and... Continue reading at Betanews
[ Betanews | 2012-02-01 00:00:00 UTC ]
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Can’t wait for high school calculus iBooks where kids have to triangulate Kindle sales with rubbish percentage data –Dan Frommer, via Twitter Continue reading at AllThingsD
[ AllThingsD | 2012-02-01 00:00:00 UTC ]
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Printed book sales fell 12% year on year in January, with spending falling to its lowest point... Continue reading at The Bookseller
[ The Bookseller | 2012-02-01 00:00:00 UTC ]
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ProPublica and Open Road Integrated Media will release several ebooks based on ProPublica's investigative journalism, beginning in February. Continue reading at The New York Times
[ The New York Times | 2012-01-30 00:00:00 UTC ]
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Michael Morpurgo’s War Horse (Egmont) was once again the bestselling book in the UK last... Continue reading at The Bookseller
[ The Bookseller | 2012-01-25 00:00:00 UTC ]
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Publishers may be falling out of love with apps, but they need to fall in love with their... Continue reading at The Bookseller
[ The Bookseller | 2012-01-24 00:00:00 UTC ]
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The share of adults in the United States who own tablet computers nearly doubled from 10% to 19% between mid-December and early January and the same surge in growth also applied to ebook readers, which also jumped from 10% to 19% over the same time ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-01-23 00:00:00 UTC ]
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Journalist and TV researcher Hester Abrams has been appointed to the role of director of literary... Continue reading at The Bookseller
[ The Bookseller | 2012-01-23 00:00:00 UTC ]
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Want to replace your traditional library with ebooks? Here are some sites and tools that can help you make your physical books disappear. Continue reading at PC World
[ PC World | 2012-01-23 00:00:00 UTC ]
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The actress Jennifer Lawrence in a scene from the movie adaptation of "The Hunger Games." Continue reading at The New York Times
[ The New York Times | 2012-01-23 00:00:00 UTC ]
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