Appleton, Wisc.-based Book World Inc. has announced that it is closing all bookstores in its Book World chain that operates 45 outlets across the Midwest. In a letter to its business partners and vendors as well as in a release sent to media, Book World said that liquidation sales will begin on November 2 at all 45 locations. The sales will continue until all inventory -- books, magazines, greeting cards, gifts, and other sidelines – is gone. The company expects that all stores will be closed by January 15. In the letter to Book World’s business partners, senior v-p Mark Dupont said that while the chain had been able to weather the advent of e-books, in the past 12 months sales started plummeting and still continue to drop. Dupont attributed the downturn to the national consumer shift towards e-commerce and away from large department stores. This, Dupont wrote, “has triggered the loss of vital mall anchor stores and a downward spiral in customer counts, reducing sales to a level that will no longer sustain our business.” Click Read More below for additional information.
Highlights for the third quarter: • Ended the third quarter of 2017 with $51.4 million of cash and cash equivalents and $9.1 million of restricted cash; Torstar has no bank indebtedness. • Cash provided by operating activities was $9.7 million in the third quarter of 2017 reflecting a $7.8 million decrease in working capital combined with $1.9 million of cash generated by operating activities in the quarter. • Our net loss attributable to equity shareholders was $6.6 million ($0.08 per share) in the third quarter of 2017. This compares to a net income of $1.4 million ($0.02 per share) in the third quarter of 2016. Click Read More below for additional information.
The New York Times Company announced third-quarter 2017 diluted earnings per share from continuing operations of $.20 compared with $.00 in the same period of 2016. Adjusted diluted earnings per share from continuing operations (defined below) was $.13 in the third quarter of 2017 compared with $.06 in the third quarter of 2016. Operating profit was $33.0 million in the third quarter of 2017 compared with $9.0 million in the same period of 2016, largely due to higher digital subscription revenues and lower severance costs, which more than offset lower print advertising revenues. Adjusted operating profit (defined below) was $56.5 million in the third quarter of 2017 compared with $39.2 million in the third quarter of 2016, principally driven by strong digital subscription revenues, which were partially offset by lower print advertising revenues. Mark Thompson, president and chief executive officer, The New York Times Company, said, “We had a strong quarter once again, with solid growth in digital subscriptions, digital advertising and subscription revenue and overall profitability. Click Read More below for additional information.