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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Written By: Lisa Campbell Publication Date: Thu, 24/02/2011 - 09:42 Final preparations are underway for a medley of events planned to celebrate World Book Night, with independent and national retailers planning to host author readings, quizzes and book swaps. On 5th March, 20,000 participants... Continue reading at The Bookseller
[ The Bookseller | 2011-02-24 00:00:00 UTC ]
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Written By: Caroline Horn Publication Date: Tue, 22/02/2011 - 15:42 read more Continue reading at The Bookseller
[ The Bookseller | 2011-02-22 00:00:00 UTC ]
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Written By: Charlotte Williams Publication Date: Mon, 21/02/2011 - 08:47 Michael O'Mara has acquired an anthology about the writers of "Hancock's Half Hour" and "Steptoe and Son", dubbed "the fathers of the British sitcom". Commissioning editor Kate Moore bought world rights with Elly James of... Continue reading at The Bookseller
[ The Bookseller | 2011-02-21 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Fri, 18/02/2011 - 16:30 Book wholesaler Gardners has begun consulting with independent booksellers over the direction of its consumer website, with one option revealing that booksellers could earn as much as 30% when books are sold at their full RRP.... Continue reading at The Bookseller
[ The Bookseller | 2011-02-18 00:00:00 UTC ]
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OverDrive Media Console--the iPhone app that lets users check out and read ebooks from their local libraries--has been upgraded to a universal app optimized for... Continue reading at PC World
[ PC World | 2011-02-17 00:00:00 UTC ]
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Written By: Bookseller Staff Publication Date: Tue, 15/02/2011 - 08:49 The Book Hive in Norwich has been voted the best bookshop in Britain, according to a Daily Telegraph survey. More than 18,000 people voted across 10 categories in a bid to find the best small shops in Britain. The awards,... Continue reading at The Bookseller
[ The Bookseller | 2011-02-15 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Mon, 14/02/2011 - 17:21 HarperCollins Childrens Books publishing director Helen Mackenzie Smith has bought her first books since joining the publisher from Random House earlier this year. She bought four books by picture author and illustrator Rachel... Continue reading at The Bookseller
[ The Bookseller | 2011-02-14 00:00:00 UTC ]
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Easy downloads and convenient storage are the chief lures of a virtual library, but ownership has some irritating downsides that require your attention before you hit the ebook purchase button. Continue reading at PC World
[ PC World | 2011-02-11 00:00:00 UTC ]
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Written By: Charlotte Williams Publication Date: Thu, 10/02/2011 - 08:00 Beautiful Books has acquired two "major" non-fiction titles for autumn 2011, with one revisiting Orwell's Wigan Pier and another looking at one of the first people to recognise the Young British Artists (YBA). Publisher... Continue reading at The Bookseller
[ The Bookseller | 2011-02-10 00:00:00 UTC ]
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Publication Date: Thu, 10/02/2011 - 07:55 Senior publicity manager Dominic Kingston is to leave Macmillan Children's Books (MCB) at the end of April. Kingston has been with the publisher since 2005, when he joined as publicity manager. Lauren Ace will join the team as publicity manager on 7th... Continue reading at The Bookseller
[ The Bookseller | 2011-02-10 00:00:00 UTC ]
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Publication Date: Wed, 09/02/2011 - 20:05 Debut author Sita Brahmachari has won the Waterstones Childrens Book Prize for her coming-of-age novel about life, death, friendship and love. She was awarded the £5,000 prize this evening [9th February] for Artichoke Hearts, published by Macmillan... Continue reading at The Bookseller
[ The Bookseller | 2011-02-09 00:00:00 UTC ]
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Written By: Barbara Casassus Publication Date: Mon, 07/02/2011 - 08:53 Sales of books in France fell by 1.5% in 2010 or 0.5% without taking account of book price inflation, according to French weekly Livres Hebdos indicators. After three years of increase, the decline came as retailing in... Continue reading at The Bookseller
[ The Bookseller | 2011-02-07 00:00:00 UTC ]
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Written By: Bookseller Staff Publication Date: Mon, 07/02/2011 - 09:20 Tim Waterstone is reportedly pondering a bid to buy the bookstore he founded in 1982 with HMV billionaire investor Alexander Mamut. In the recent past, Waterstone has distanced himself from a bid saying while he would be... Continue reading at The Bookseller
[ The Bookseller | 2011-02-07 00:00:00 UTC ]
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Analysis: Apple is modifying its licensing policy, raising doubts that ebooks bought elsewhere will be readable on Apple devices. Continue reading at PC World
[ PC World | 2011-02-06 00:00:00 UTC ]
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Written By: Caroline Horn Publication Date: Fri, 04/02/2011 - 09:01 Publishers are being warned to check their Google Books data online as thousands of titles have been mistakenly attributed to publisher BPR. Independent UK publisher Childrens Story Publishers spotted the mistake after its... Continue reading at The Bookseller
[ The Bookseller | 2011-02-04 00:00:00 UTC ]
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Written By: Charlotte Williams Publication Date: Fri, 04/02/2011 - 16:42 Emma Hopkin, managing director of Macmillan children's books, is to leave the company on 21st April to "pursue an exciting new challenge elsewhere in children's publishing". Hopkin said: "It's been fantastic and I've... Continue reading at The Bookseller
[ The Bookseller | 2011-02-04 00:00:00 UTC ]
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Written By: Lisa Campbell Central London independent Goldsboro Books is expanding to a new premises more than double its size. The retailer, is currently based in Cecil Court in a 40 square metre premises. However, at the end of March the store is moving to a new site in the same street that is... Continue reading at The Bookseller
[ The Bookseller | 2011-02-03 00:00:00 UTC ]
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Written By: Benedicte Page A new Media and Entertainment group has been created within Penguin Childrens Books under newly promoted publishing director Eric Huang. The group combines the BBC Children's, Sunbird and Ladybird licensing teams. Penguin Children's Books m.d. Francesca Dow said... Continue reading at The Bookseller
[ The Bookseller | 2011-02-03 00:00:00 UTC ]
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On February 15, Open Road Integrated Media will publish the first childrens titles in its author branded program: seven ebooks by Newbery Medal and National Book Award winner Virginia Hamilton, who died in 2002. Among the ebooks on the list are Newbery and NBA winner M.C. Higgins, the Great. Continue reading at Publishers Weekly
[ Publishers Weekly | 2011-02-02 00:00:00 UTC ]
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Written By: Lisa Campbell A complaint against a W H Smith advert for the Richard and Judy Book Club has not been upheld by the Advertising Standards Authority. The television broadcast, promoting the husband-and wife teams exclusive deal with W H Smith to run Richard and Judys Book Club,... Continue reading at The Bookseller
[ The Bookseller | 2011-02-02 00:00:00 UTC ]
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