Total reported sales for the first quarter of 2018 were $2.8 billion compared to $2.7 billion in the first quarter of 2017, an increase of 6%. As a result of the CompuCom acquisition and focus on growing services revenue, the Company has enhanced its disclosure to report the breakdown between product sales and service revenues. Office Depot's service revenues now make up approximately 14% of the Company's total sales. In the first quarter of 2018, Office Depot reported operating income of $77 million and net income from continuing operations was $33 million, or $0.06 per share, compared to operating income of $124 million, net income from continuing operations of $74 million and $0.14 per share in the first quarter of 2017. Click Read More below for additional information.
Bloomsbury Publishing Plc (LSE: BMY), the leading independent publisher, today announces that it has completed the acquisition of the issued share capital of Head of Zeus Limited (“Head of Zeus”, “HoZ” or the “Acquisition”). The total valuation is £8.45 million, including payments of pre-existing loans. The consideration, net of pre-existing loans, is £7.35 million, of which £5.5 million will be satisfied in cash at completion, with £1.1 million payable in cash post completion, subject to working capital and other considerations, and £0.75 million of deferred consideration payable in cash subject to achievement of revenue, profit and Netflix release targets.
Head of Zeus is an independent publisher of genre fiction and narrative non-fiction and children’s books, based in London. It has published many bestsellers, won literary prizes and industry awards. Its best-selling authors include Dan Jones, Cixin Liu, Victoria Hislop, and Lesley Thomson, and Elodie Harper, whose The Wolf Den went last week to number 5 in The Times bestseller list. Cixin Liu’s bestselling science fiction trilogy, The Three-Body Problem, is being adapted for Netflix by David Benioff and D.B. Weiss, creators of HBO’s Game of Thrones.
This acquisition will provide a strong addition to Bloomsbury’s thriving Consumer division and support our long term Consumer growth strategy, with new high quality authors and effective publishing across all formats, including e-book and audio.
HoZ generated £8.6 million* of revenue in the year ended 31 December 2020, and profit before tax of £0.3 million, with net assets of £4.6 million.
Nigel Newton, Chief Executive of Bloomsbury, commented: “Head of Zeus’s entrepreneurial and innovative approach to publishing, and its wide range of trade titles, will make a strong addition to Bloomsbury’s own. Bloomsbury will be able to provide the scale and digital platforms to boost Head of Zeus’ success while operating as an independent imprint within the Bloomsbury Consumer division. We look forward to welcoming Head of Zeus’ great authors and talented staff to Bloomsbury and working with them in the years to come.”
Anthony Cheetham, Chairman, Head of Zeus commented: “After nine vigorous years as an independent publisher, I believe that Head of Zeus, our authors, our staff and our shareholders have found the right long term home for our company with Bloomsbury.
I have known Nigel Newton for more than thirty years. We share many of the same values: creative publishing, unique content and beautiful books. And an entrepreneurial spirit that values innovation above conformity. Bloomsbury Publishing Plc is itself unique as the only British book publisher listed on the London Stock Exchange.
I would like to express my gratitude to all our stakeholders for their support since Head of Zeus was launched in 2012, and my thanks to Bloomsbury for opening the door to further growth and opportunity in the years ahead.”