Lower Revenues at Harlequin as It Continues to ‘Adjust’ to Print-to-Digital Shift
According to Publishers Lunch, romance book giant Harlequin saw lower revenues in its first quarter of 2012 due to the print-to-digital shift (Harlequin Q1 Sales and Profits Drop as Digital Accounts for 20.5 Percent of Sales; Bertelsmann Reports “Good Start”):
Harlequin’s parent company Torstar reported first quarter results Wednesday. The book publishing unit had sales of $106.6 million (CA), down by $9.4 million, excluding the impact of foreign exchange (which added another $700,000 in earnings.) EBITDA was down $1.5 million in the quarter at $21.4 million, which Torstar attributed to “lower revenues as we continue to adjust in the print and digital book publishing markets to the shift to digital reading.”
Read more about Harlequin and Bertelsmann (parent to Random House) earnings at Publishers Lunch.