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Posts Tagged ‘Michael P. Huseby’

Barnes & Noble Revenues Down 7% in Q1 2015

barnesandnobleBarnes & Noble’s consolidated revenues for the first quarter of fiscal 2015 were $1.2 billion, a 7 percent drop compared to the same quarter last year. First quarter consolidated earnings before interest, taxes, depreciation and amortization increased to $30 million, up from a loss of $9 million last year.

The Retail segment, which includes sales from bookstores and BN.com, recorded revenues of $955 million during the quarter, representing a 5.3 percent drop from last year. NOOK only lost $5 million during the quarter, as opposed to the $50 million the company lost during the same quarter last year. This is attributed to Nook expenses, which declined $27 million during Q1 2015 as compared to Q1 2014, while Nook’s gross profit increased $13 million.

“Retail Core comparable sales continued to benefit from improving physical book industry trends, merchandising initiatives and store promotions, such as our Get Pop-Cultured campaign, which was able to create excitement and incremental traffic and sales into our stores,” stated Michael P. Huseby, Chief Executive Officer of Barnes & Noble. ”College continued to acquire new school contracts and increased both functionality and title count for Yuzu, our digital education platform. NOOK continued to reduce losses and launched its first co-branded tablet in partnership with Samsung, our first new tablet in almost two years.”

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Barnes & Noble Revenues Down 6.7% in Fiscal 2014

barnesandnobleBarnes & Noble reported $6.4 billion in consolidated revenues for fiscal 2014, a 6.7 percent decrease over 2013. The book retailer also revealed that fourth quarter consolidated revenues reached $1.3 billion, a 3.5 percent increase over the prior year.

“We’re pleased with our improved financial performance in fiscal 2014, generating EBITDA of $251 million, the highest it’s been in four years, while executing on our strategic initiatives during the year,” explained Michael P. Huseby, CEO of Barnes & Noble, in a statement.  “Retail improved sales trends during the second half of the year, generating annual EBITDA of $354 million. College increased revenues from higher margin textbook rentals, continued to add new school contracts and developed and soft-launched Yuzu, our digital education platform, growing EBITDA to $115 million.”

The Nook business, which includes digital content, devices and accessories, had $87 million in revenues for the quarter and $506 million for the full year, down 22.3 percent for the quarter and down 35.2 percent for the year. The company revealed plans to sell off its Nook device inventory through a partnership with Samsung. The retailer will focus instead on Nook content.

Barnes & Noble Teams With Samsung on Co-Branded Tablets

samsungnookBarnes & Noble’s Nook Media has teamed up with Samsung Electronics America to develop a line of co-branded Samsung Galaxy Tab 4 Nook tablets.

The collection of tablets will marry Samsung Galaxy Tab’s hardware with Nook’s software. The 7-inch version of the tablet is slated to ship in August. Barnes & Noble will sell the tablets in their stores, and the devices will also be available online.

“We are very excited and proud to partner with Samsung, a world-class technology and tablet leader, to create customized co-branded devices featuring our valuable Nook reading experience and digital content catalog for Barnes & Noble customers nationwide,” stated Michael P. Huseby, Chief Executive Officer of Barnes & Noble, Inc.

Barnes & Noble Has Appointed Michael P. Huseby as CEO

bnceoBarnes & Noble has appointed Michael P. Huseby as its new CEO effective immediately. The book retailer has not had a CEO since William Lynch has resigned in July.

Huseby has been serving as CEO of NOOK Media ever since Lynch left. In his new role, Huseby will be in charge of all of the  company’s business units including Barnes & Noble Retail, Barnes & Noble College and NOOK Media. Huseby will report to the Board of Directors and will also serve on the Board. He joined the company as CFO in March 2012. He came to the bookseller from Cablevision Systems Corporation where he had served as EVP & CFO.

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Barnes & Noble Retail Revenues Down 8%

nookBarnes & Noble’s consolidated revenues for the second quarter of fiscal 2014 was  $1.7 billion, an 8 percent drop compared to the same quarter last year.  Second quarter consolidated earnings before interest, taxes, depreciation and amortization increased 13.7% to $76 million, as compared to a year ago.

Barnes & Noble retail segment, which includes sales from bookstores and BN.com businesses, reported $921 million in revenues for the quarter, a down 7.5 percent from last year.  The company’s college segment had revenues of $738 million, a 4.6 percent drop compared to last year. The company’s Nook business reported revenues of $109 million for the quarter, a whopping 32.2 percent drop over last year.

“During the second quarter, Barnes & Noble grew earnings through improved margins and reduced expenses, while also completing another successful College rush season,” stated Michael P. Huseby, President of Barnes & Noble/CEO of Nook Media.  ”The company is focused on executing its plans for the holiday season and our booksellers are prepared to welcome holiday shoppers and recommend thoughtful gift ideas for everyone on their list.”

William Lynch Resigns as Barnes & Noble CEO

Barnes & Noble CEO William Lynch has resigned.  In addition, Michael P. Huseby will serve as CEO of NOOK Media and Barnes & Noble, Inc. president.

Lynch had this statement:

I appreciate the opportunity to serve as CEO of this terrific Company over the last three years,” said William Lynch.  “There is a great executive team and Board in place at Barnes & Noble, and I look forward to the many innovations the Company will be bringing to its millions of physical and digital media customers in the future.

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Barnes & Noble Hires New CFO

Barnes & Noble has hired Michael P. Huseby as its new Chief Financial Officer. He joins the company tomorrow.

Since 2004, Huseby has served as CFO of Cablevision Systems Corporation. Barnes & Noble chief financial officer Joseph Lombardi resigned last October.

Barnes & Noble CEO William Lynch had this statement: “Mike is a seasoned public company CFO and executive, has consistently built value at the companies he’s served, and recognizes the big opportunities in our strong retail and rapid growth digital businesses.”