Advantage Business Marketing—the Rockaway, N.J.-based B2B media company formerly known as Advantage Business Media until rebranding in a last-ditch pivot to marketing services a year ago—abruptly shut its doors this week, notifying its more than 50 employees that they were out of a job, effective immediately, and would not be receiving severance packages, according to multiple sources. The private equity-backed publisher of titles like R&D Magazine, Laboratory Equipment and ECN, among several others, didn’t respond to voicemails or emails (repeated calls to its corporate offices went unanswered), but current and former staffers as well as others close to the situation say that employees were notified on Monday that ABM was ceasing operations after 13 years and filing for bankruptcy protection. Click Read More below for additional information.
Pier 1 Imports, Inc. announced that at its 2019 annual meeting of shareholders held on June 19, 2019, Pier 1’s shareholders approved a proposal authorizing the Company’s Board of Directors to effect a reverse stock split at a ratio of 1-for-5, 1-for-10 or 1-for-20, and to reduce the number of authorized shares of common stock by a corresponding ratio, at any time prior to the Company’s annual meeting of shareholders to be held in 2020, as determined by the Board of Directors in its sole discretion. The Company reported that 53,284,243 votes were cast “For” the proposal, representing 62.67% of the Company’s outstanding shares entitled to vote at the 2019 annual meeting of shareholders. The objective of the reverse stock split is to enable Pier 1 to regain compliance with the NYSE minimum share price continued listing rule and maintain its listing on the NYSE. As previously announced, Pier 1 can regain compliance with the NYSE minimum share price requirement if on the last trading day of any calendar month during the six-month cure period, or on the last day of the six-month cure period on July 11, 2019, the Company has a closing share price of at least $1.00, and an average closing share price of at least $1.00 over the 30 trading-day period ending on such date. Click Read More below for additional information.
REI Co-op is launching a new venture to lift up environmental and outdoor journalism through the debut of its own print magazine this fall, and a new partnership to channel matching funds directly to local, nonprofit newsrooms covering crucial issues facing the outdoors. The 81-year-old retailer will retire its full-price mail-order catalog in favor of Uncommon Path – a print magazine published by Hearst Magazines in collaboration with an in-house team of journalists and editors at REI. Beginning this fall, Uncommon Path will be available at all 155 REI stores and in select newsstands nationwide. Co-op leaders announced the news at Outdoor Retailer Summer Market in Denver, citing the belief that the co-op can better inspire a life outdoors for all by supporting compelling storytelling – both through its own channels and by supporting independent nonprofit journalists in communities across the country. “Uncommon Path tells the stories of the experiences, the events, issues and ideas that shape the relationship between people and life outside,” said Ben Steele, REI’s executive vice president and chief customer officer. Click Read More below for additional information.
BMI, a nationally recognized association representing the book publishing industry for over 80 years, is officially announced as an association sponsor of The Print Event, a new conference from Momentum being held August 6-7, 2019 in Minneapolis. The conference will explore how to integrate print into direct-to-customer marketing in a digital world. “This partnership speaks to BMI’s reputation as an avid supporter of the value of print and digital print in manufacturing” said Matt Baehr, Executive Director for BMI. “The timing of this conference could not be better. There is a need to discuss how innovations in print marketing are being implemented, measured and combined with other marketing channels.” BMI Members get special savings by using code BMI15 to save 15% on your registration. To register and for information click on the following link: https://theprintevent.com/ Click Read More below for additional information.
Q2 FY2019 Financial Highlights • Adobe achieved record quarterly revenue of $2.74 billion in its second quarter of fiscal year 2019, which represents 25 percent year-over-year growth. Diluted earnings per share was $1.29 on a GAAP-basis, and $1.83 on a non-GAAP basis. • Digital Media segment revenue was $1.89 billion, which represents 22 percent year-over-year growth. Creative revenue grew to $1.59 billion and Document Cloud achieved revenue of $296 million. Digital Media Annualized Recurring Revenue (“ARR”) grew to $7.47 billion exiting the quarter, a quarter-over-quarter increase of $406 million. Creative ARR grew to $6.55 billion, and Document Cloud ARR grew to $921 million. • Digital Experience segment revenue was $784 million, representing 34 percent year-over-year growth. • GAAP operating income in the second quarter was $750 million, and non-GAAP operating income was $1.05 billion. GAAP net income was $633 million, and non-GAAP net income was $901 million. Click Read More below for additional information.
Amazon announced its selections for the Best Books of the Year So Far, naming Elizabeth Gilbert’s novel City of Girls the top pick overall. Over the course of the year, the Amazon Books editorial team reads hundreds of thousands of pages of new releases to select the Best Books of the Month as well as the Best Books of the Year So Far and, at the end of the year, the Best Books of the Year. The annual list features the Top 20 books of the year, published between January and June 2019, as well as top picks across various categories, including literary fiction, mystery and thriller, biography, children’s, and young adult. Click Read More below for additional information.
The U.S. ad market expanded 3.1% in May versus the same month in 2018, according to the latest data from Standard Media Index. The U.S. Ad Market Tracker, a collaboration of SMI and MediaPost, slid slightly from April, falling 1.2% on a sequential basis, but May nonetheless posted the strongest index of media-buying demand for the month since SMI began tracking it in 2011. Most of the demand appears to have come from the largest advertisers. The top 10 product categories rose 3.4% in May vs. May 2018, while all other categories actually declined 5.6%. Click Read More below for additional information.
Sales of adult trade books rose 2.4% in the first quarter of 2019, over the comparable period in 2018, while sales in the children/young adult category increased 9.7%, according to the Association of American Publishers’ monthly StatShot program. The downloadable audio segment continued to be the primary driver in the adult trade segment, with sales up 35.5%. Digital audio accounted for 11.4% of all adult book sales in the quarter, up from 8.6% in the first period of 2018. In contrast, e-book sales fell 5.0% in the quarter. While e-book sales are still considerably higher than digital audio sales, the gap is closing. E-book sales represented 21.1% of adult trade sales in the first period, compared to 22.8% in the same quarter a year ago. Click Read More below for additional information.
The Association of American Publishers filed comments with the Office of the U.S. Trade Representative urging that the Administration exclude printed books from the scope of its impending tariff hike of 25% on products coming from China. The Administration recently proposed the penalty as part of its ongoing Section 301 investigation into China’s practices relevant to technology transfer, intellectual property, and innovation. “The U.S. publishing industry invests in literature, children’s books, educational materials, religious and historical texts, Bibles, scientific expression, and numerous other works of fiction and nonfiction that support and celebrate American voices but are printed in China,” said Maria A. Pallante, AAP President and CEO. “There are no viable alternatives either inside or outside of the United States at this time, meaning that the impact of the tariffs—if applied to books—would be swift and devastating to both American publishers and the important works they disseminate.” Click Read More below for additional information.
Barnes & Noble, Inc. reported sales and earnings for its fiscal 2019 fourth quarter and full-year ended April 27, 2019. Total sales were $755 million for the quarter and $3.6 billion for the full year, decreasing 3.9% and 3.0% from the prior year periods, respectively. Comparable store sales declined 2.3% for the fourth quarter and 1.9% for the full year. The consolidated fourth quarter net loss was $18.7 million, or $0.26 per share, compared to a loss of $21.1 million, or $0.29 per share, in the prior year. Fiscal 2019 net earnings were $3.8 million, or $0.05 per share, compared to a net loss of $125.5 million, or $1.73 per share, in the prior year. Click Read More below for additional information.