As part of its ongoing commitment to return value to shareholders, L Brands, Inc. (NYSE:LB) announced today that its Board of Directors has authorized a new $250 million share repurchase program, which includes $10.3 million remaining under its previous $250 million share repurchase program.
http://investors.lb.com/phoenix.zhtml?c=94854&p=irol-newsArticle&ID=2301173
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In late 2010, I was thinking quite a bit about book use in research libraries. The conventional wisdom was that “no one uses print books anymore” in libraries like mine, and indeed annual data provided by the Association of Research Libraries (ARL) showed a pretty clear decline in book circulations: between 1991 and 2008 (the most recent data available at that time), the number of initial circulations in ARL libraries had fallen by over a quarter. And when I ventured into the book stacks in my own library I usually found them spookily deserted. But I was haunted by a passing comment a colleague had made to me a few years earlier, noting that the conclusions we draw from library usage data can easily be confounded by changes in the library’s user population. It occurred to me that if we really want to understand what’s happening with regard to library patrons and printed books, we need to take into account the changing nature of our patron base. And the simplest and most consistent change in that population is growth over time: university enrollment tends to grow from year to year. Click Read More below for more of the story.
A new scientific report is in, affirming what most teachers can probably already tell you: Print is vital for effective education. “The argument that reading on paper results in deeper comprehension and retention, concentration, vocabulary building and memory has been given immense weight by a groundbreaking new study,” notes this article from Two Sides NA. “The research examined the results of 54 studies with a total of over 170,000 participants from 19 countries,” the article continues, “and found overwhelming evidence that comprehension of text is much stronger when reading from paper as opposed to a screen, particularly when the reader is under time pressure.” We’ve shared previous research on this topic — studies have shown that reading on paper is better for comprehension and overall learning — but there was a new twist to this study, named E-READ. The four-year study aimed to discover if students learning from digital devices progressed as rapidly as those learning by reading on paper. The results are clear. “Students learning from digital devices only progressed one third as much as they would have done had they been reading on paper,” the article notes.
Revenues grew to $3.0 billion, up 5 percent. Earnings from continuing operations were $307 million, compared to a loss of $209 million. Adjusted EBITDA was $683 million, compared to $548 million. Key accomplishments included: *Digital advertising revenues surpassing magazine for the first time in Meredith's history. Digital advertising grew 31 percent. Additionally, Meredith's licensing and digital and other consumer driven revenues grew 27 percent and 25 percent, respectively. *$254 million debt reduction, enabled by record Cash Flow from Operations and Free Cash Flow. Debt reduction was enabled by total company revenue performance along with proactive actions to enhance Meredith's financial flexibility. *Agreeing to sell Meredith's Local Media Group for $2.825 billion, representing a 10x valuation. The transaction, which also includes spinning Meredith's National Media Group, comprising digital and magazine, out to shareholders, is expected to advance the company's financial priorities including reducing net debt, improving financial flexibility, optimizing capital allocation to high-potential opportunities, and providing returns to shareholders.