Printer Friendly

HOUGHTON MIFFLIN SHAREHOLDERS HEAR OF PROSPECTS FOR 1992 AND ELECT DIRECTORS AT ANNUAL MEETING

 HOUGHTON MIFFLIN SHAREHOLDERS HEAR OF PROSPECTS FOR 1992
 AND ELECT DIRECTORS AT ANNUAL MEETING
 BOSTON, April 29 /PRNewswire/ -- Shareholders at the annual meeting of publisher Houghton Mifflin Company (NYSE: HTN) today re-elected five incumbent directors to three-year terms on the board of directors: Stephen O. Jaeger, executive vice president and chief financial officer of the company; Mary H. Lindsay, member of the board of directors of Theatre Development, Inc.; John F. Magee, chairman of Arthur D. Little, Inc.; Claudine B. Malone, president of Financial & Management Consulting, Inc.; and Ralph Z. Sorenson, adjunct professor of management at the Harvard University Graduate School of Business.
 Houghton Mifflin's board of directors is divided into three classes, one of which is elected each year for a term of three years. The board totals 13 members.
 In his remarks to shareholders, Nader F. Darehshori, chairman, president and chief executive officer of Houghton Mifflin, said that the company's successful year in 1991 "laid the foundation on which we will build for many years to come." He said the company's successful 1991 elementary school reading and social studies programs, along with a new elementary school mathematics program and new editions of secondary school textbooks, provide the base for the long-term sales growth.
 Darehshori stated that "an important event for 1992 is the August publication of the third edition of The American Heritage Dictionary of the English Language," and he indicated that early orders were encouraging. He also told shareholders that the company has formed an imprint to publish a new list of children's books for bookstores and schools. Finally he detailed several steps Houghton Mifflin has taken to control costs and increase efficiency.
 Stephen O. Jaeger, executive vice president and chief financial officer told shareholders that management sees 1992 as "a challenge." Sales opportunities are fewer in the elementary school market, and the college market continues to face difficulties. However, he said, "these 1992 revenue constraints are not a surprise and were one of the factors in the company's third quarter 1991 decision to reorganize corporate and division management and dispose of Houghton Mifflin Australia. Consequently, $4.9 million in costs and operating losses will not recur in 1992 or later years. The company expects net income to better the $1.75 per share reported in 1991 due in part to these actions.
 "Overall, 1992 should show an increase in operating profit, continued positive operating cash flow, and further improvement in the return on shareholder funds retained in the company."
 In other business at the meeting, Houghton Mifflin shareholders approved a new stock compensation plan and ratified the selection of Ernst & Young as independent auditors.
 -0- 4/29/92
 /CONTACT: Terrence J. Heagney, director of external affairs, of Houghton Mifflin, 617-725-5734/
 (HTN) CO: Houghton Mifflin Company ST: Massachusetts IN: PUB SU:


SH -- NE008 -- 4356 04/29/92 12:05 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 29, 1992
Words:473
Previous Article:MCI, MAYTAG CORPORATION SIGN THREE-YEAR, $6 MILLION PACT
Next Article:/C O R R E C T I O N -- USF&G CORPORATION/


Related Articles
HOUGHTON MIFFLIN ANNOUNCES FIRST QUARTER SALES GAIN
HOUGHTON MIFFLIN COMPANY DECLARES QUARTERLY DIVIDEND
HOUGHTON MIFFLIN COMPANY RAISES DIVIDEND
HOUGHTON MIFFLIN ANNOUNCES STOCK BUYBACK
HOUGHTON MIFFLIN COMPANY OUTLINES 1993'S OPPORTUNITIES AT ANNUAL SHAREHOLDERS' MEETING
HOUGHTON MIFFLIN COMPANY RAISES DIVIDEND
HOUGHTON MIFFLIN COMPANY OUTLINES BENEFITS OF RESTRUCTURING AT ANNUAL SHAREHOLDERS MEETING
MCGEE ELECTED TO DEVRY INC. BOARD OF DIRECTORS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters