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Posts Tagged ‘Torstar’

Harlequin Sees Small Increase in Q2

Torstar, the parent company of Harlequin, announced its second quarter results for the period ending June 30. Operating revenue of $397.0 million was up $6.7 million or 1.7% in the second quarter of 2007 with growth in both the Newspapers and Digital segment and the Book Publishing segment. Net income was $30.1 million in the second quarter of 2007, up $4.5 million or 17.6% from $25.6 million in the second quarter of 2006. Net income per share was $0.38 in the second quarter up $0.05 or 15.2% from $0.33 in the second quarter of 2006.

Book Publishing operating profit was $12.5 million in the second quarter of 2007, up $2.3 million from $10.2 million in 2006. Year over year foreign exchange rates had no impact on Book Publishing operating profits in the second quarter. Excluding the impact of the shipping disruptions that occurred in the second quarter of 2006, the Book Publishing operating profits were up just slightly year over year.

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Good Results for Harlequin; Pearson Shares Up

Reuters reports that Torstar reported a higher first-quarter profit on Wednesday, as the newspaper and book publisher enjoyed strong profit growth in its Harlequin and Metroland Media divisions. Torstar, which publishes the Toronto Star, Canada’s largest daily newspaper, said it earned C$15.7 million, or 20 Canadian cents per share, for the three months ended March 31. That was up from a profit of C$9.8 million, or 12 Canadian cents per share, in the same period a year earlier.

Operating revenue gained 5.7 percent, to C$377 million and Harlequin’s book publishing revenue was C$124.5 million, up C$6.2 million.

Meanwhile, the news that NewsCorp and Rupert Murdoch are circling around the Dow Jones Co., parent company of the Wall Street Journal, was an unexpected boon to the fortunes of educational publisher Pearson, owner of the Financial Times and Penguin. Pearson shares ended 4.6 percent higher at 901 pence, a 5-year high.

Soft Sales for Harlequin

In a statement released yesterday by parent company Torstar, Harlequin reports that its revenues were up $9.4 million in 2006 excluding the impact of foreign exchange. North America Retail was up $9.9 million, North America Direct-To-Consumer was down $5.7 million and Overseas was up $5.2 million. Its operating profits were down $2.5 million in 2006 excluding the impact of foreign exchange. North America Retail was up $2.7 million, North America Direct-To-Consumer was down $6.5 million and Overseas was up $1.3 million. Harlequin reduced its global workforce by 4% through a restructuring completed during the second half of 2006. The Overseas markets had mixed results in 2006 with improvements in the United Kingdom and the Nordic Group offset by lower results in Germany.