Haights Cross reports revenue, net growth; closes Coriolis Group.Annual revenues for educational and professional publisher Haights Cross (White Plains, NY) increased 11% in 2001 over the previous year while net EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become rose 9%. Total 2001 revenues exceeded $160 million. The company said that 85% of its revenue and profit came from its K-12 supplemental education and library publishing businesses (Sundance Sundance is a popular ski resort located near Provo, Utah. It was bought by the actor Robert Redford in 1968. Redford's wife was from Utah and they had built a home in the area five years earlier. Publishing/Newbridge Educational, Chelsea House Publishers) and 15% from its medical and legal publishing The production of texts that report laws or discuss the Practice of Law. Originally limited to printed materials, legal publishing now encompasses electronic media as well, with most legal publications becoming available online or in CD-ROM format. units (Oakstone Publishing, Andrews Publications). Results do not include figures from its Coriolis Group (Scottsdale, AZ) unit which has been closed. Haights Cross acquired Coriolis Group from International Thomson Publishing (Stamford, CT) in early 1999. The unit produced certification training materials and study guides, technical books, CD-ROMs and Visual Developer magazine until it was recently closed. Thomson acquired Coriolis in 1996. Haights Cross chairman/ceo Peter Quandt said the IT publishing industry "has been hit hard by the dotcom See dot-com. implosion implosion /im·plo·sion/ (im-plo´zhun) see flooding. im·plo·sion n. 1. . More importantly, the retail market, Coriolis' primary distribution channel, is almost exclusively front-list driven and does not fit our strategic focus." |
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