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HOUGHTON MIFFLIN REPORTS RECORD 1991 SALES AND EARNINGS

 HOUGHTON MIFFLIN REPORTS RECORD 1991 SALES AND EARNINGS
 BOSTON, Jan. 22 /PRNewswire/ -- Houghton Mifflin Company (NYSE: HTN) today announced record revenue and income for the full year 1991. Net sales rose 10.7 percent to $466.8 million from $421.6 million in 1990. Net income for the year rose 39 percent to $25.1 million from $18 million reported in 1990. Earnings per share were $1.75 compared with $1.27 a year ago. Results for both years included non-recurring items.
 The company's results for 1991 included a $0.7 million loss following the third-quarter sale of the company's business in Australia, a $1.7 million operating loss in Australia incurred prior to the sale of the business, and $2.5 million in expense for the realignment of certain corporate and divisional activities in the United States. These operating loss and expense provisions totaled $4.9 million, or 20 cents per share after tax, and were announced in the third quarter.
 Net sales for the fourth quarter, ended Dec. 31, 1991, were $78.4 million, a 2.4 percent increase over the $76.6 million reported in 1990. Educational publishing segment sales increased 6 percent in the quarter led by a sharp increase in sales by The Riverside Publishing Company and increased School Division sales. College Division sales declined slightly from last year's fourth-quarter results when sales advanced more than 10 percent. General publishing segment sales declined 4 percent in the fourth quarter.
 Because of the seasonal nature of its educational publishing businesses, Houghton Mifflin normally reports a loss for the fourth quarter. The net loss for the fourth quarter of 1991 was $5.6 million, or 39 cents per share. This compared with 1990's fourth-quarter loss of $8.3 million, or 58 cents per share, which included a net special charge of 17 cents per share.
 Nader F. Darehshori, chairman and chief executive officer, said, "Both the educational and general publishing segments of the company's business contributed to the sales gain for the year. Educational publishing sales rose 12 percent, led by the substantial sales gains recorded by the School Division and The Riverside Publishing Company. College Division sales increased for the year in an industry where sales for much of 1991 were below last year's performance. General publishing sales increased 5 percent for the year with the Software Division recording a double-digit sales gain and the Trade & Reference Division recording sales that were up slightly from 1990."
 HOUGHTON MIFFLIN COMPANY AND SUBSIDIARIES
 Unaudited, Consolidated Financial Information
 (Dollars in thousands except per share amounts)
 Three months ended 12 months ended
 12/31/91 12/31/90 12/31/91 12/31/90
 Net sales $ 78,437 $76,583 $466,801 $421,600
 Operating income
 (loss) (8,609) (11,250)(b) 44,152(a) 34,248(c)
 Net interest expense (386) (242) (3,706) (2,991)
 Income (loss) before
 income tax provision
 (credit) (8,995) (11,492) 40,446 31,257
 Income tax provision (3,413) (3,238) 15,369 13,222
 Net income (loss) $(5,582) $(8,254) $25,077 $18,035
 Net income (loss)
 per share of
 common stock (39 cents) (58 cents)(b) $1.75(a) $1.27(c)
 Average shares
 outstanding during
 each period 14,290,676 14,258,800 14,314,396 14,254,928
 ---
 NOTES:
 (a)-Includes costs and operating losses totaling $4.9 million before tax (20 cents per share after tax) related to the sale of the company's Australian business and provisions to restructure certain corporate and divisional activities in the U.S.
 (b)-Includes a $3.6 million pre-tax charge for the write-down of intangible assets and a pre-tax gain of $1.4 million from the sale of a secondary school list. The net effect of both transactions reduced earnings per share by 17 cents.
 (c)-Includes a net pre-tax gain of $1.8 million (1 cent per share) from the sale of secondary school lists and the write-down of certain educational and intangible assets.
 -0- 1/22/92
 /CONTACT: Stephen O. Jaeger, executive vice president and chief executive officer, of Houghton Mifflin, 617-725-5017/
 (HTN) CO: Houghton Mifflin Company ST: Massachusetts IN: PUB SU: ERN


SH-TM -- NE004 -- 2181 01/22/92 10:26 EST
 PA BLUE MARSH PP 10 15-30 215-488-6399
 CAMELBACK PP 18 36-96 717-629-1661
 DOE MOUNTAIN PP 9 14-26 215-682-7107
 ELK MOUNTAIN 4 PP 15 12-60 800-233-4131
 HIDDEN VALLEY PP 14 30-50 814-443-6454
 MONTAGE PP 14 24-48 717-969-7669
 SEVEN SPRINGS 5 PP 25 8-42 800-458-2313
 SKI SNOW PEAKS 2 PP 6 26-34 800-635-8325
 TANGLEWOOD PP 7 12-63 717-226-9500
 WHITETAIL LSGR 11 -33
 VT BOLTON VALLEY 1 PP 30 14-46 802-434-2131
 BROMLEY MTN 2 PP 24 10-38 802-824-5522
 BURKE MOUNTAIN PP 17 6-20 802-626-3305
 JAY PEAK PP 39 16-48 800-451-4449
 KILLINGTON 4 PP 99 25-68 802-422-3261
 MAD RIVER GLEN PP 23 2-10 802-496-3551
 MAPLE VALLEY PP 6 12-36 802-254-6083
 MIDDLEBURY SNOBWL 1 PP 4 4-36 802-388-4356
 MT SNOW/HAYSTACK PP 91 20-40 802-464-2151
 OKEMO MOUNTAIN PP 58 24-48 802-228-5571
 PICO PDR 30 16-62 802-775-4346
 SMUGGLERS NOTCH PP 38 6-60 802-644-8851
 STOWE 1 PDR 44 17-60 800-637-8693
 STRATTON MTN 1 PP 39 16-38 802-297-2211
 SUGARBUSH 2 PP 41 15-60 802-583-7669
 SUICIDE SIX PP 5 10-13 802-457-1622
 LEGEND: NEW SNOW -INCHES IN LAST 48 HOURS
 PDR -POWDER SNOW. PP -PACKED POWDER.
 LSGR -LOOSE GRANULAR. FRGR -FROZEN GRANULAR.
 HP -HARD PACKED MGS -MACHINE GROOMED SNOW.
 WETSN -WET SNOW. WETGR -WET GRANULAR
 VC -VARIABLE CONDITIONS SC -SPRING CONDITIONS
 TC -THIN COVER WBLN -WINDBLOWN SNOW
 SM -SNOW MADE IN LAST 24 HOURS NS -NIGHT SKIING AVAL.
 IN COLORADO AVG. BASE DEPTH EQUALS NATURAL SNOW ONLY (WHERE TWO SURFACE TERMS APPEAR, THE FORMER SHOWS CONDITIONS ON 70 PERCENT OR MORE TERRAIN; THE LATTER THE NEXT MOST PREVALENT)
 -0- 1/22/92
 /CONTACT: Phil Camp or Betsy Perry of Sno Country Reports,


802-457-3838/
 (PRNewswire -- Jan. 22)


TS -- NY007 -- 2181 01/22/92 06:31 EST
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Date:Jan 22, 1992
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