As part of a statement released by parent company CBS Corporation, Simon & Schuster‘s publishing revenues increased 7% to $252.5 million from $237.0 million, while OIBDA increased 8% to $38.9 million from $36.1 million, and operating income increased 7% to $36.3 million from $33.9 million, reflecting the revenue increase partially offset by an increase in bad debt expense. For the full year, revenues increased 6% to $807.0 million from $763.6 million in 2005 due to sales of top-selling titles as well as higher distribution fee income. OIBDA increased 5% to $78.0 million and operating income increased 4% to $68.5 million, reflecting the revenue increase partially offset by higher expenses, primarily resulting from an increase in bad debt expense and higher production, employee-related and selling and marketing costs. Publishing results included stock-based compensation of $1.9 million and $.5 million for 2006 and 2005, respectively.
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