Highlights for the third quarter: • Subsequent to the end of the quarter, we acquired the assets of iPolitics, a digital political news outlet based in Ottawa that provides extensive digital online coverage of federal and provincial politics. The purchase of iPolitics complements the political coverage by the Toronto Star’s Ottawa and Queen’s Park bureaus and we have included some iPolitics content as part of our basic digital subscription offering on thestar.com. • During the third quarter, we sold our portfolio investment in Kanetix Ltd. for cash proceeds of $5.6 million and recorded a gain before tax of $2.6 million in other comprehensive income. • Our net loss attributable to equity shareholders was $18.8 million ($0.23 per share) in the third quarter of 2018. This compares to a net loss of $6.6 million ($0.08 per share) in the third quarter of 2017. Click read more below for additional detail.
Global learning company Houghton Mifflin Harcourt Company (“HMH” or the “Company”) (NASDAQ: HMHC) today announced its financial results for the fourth quarter and full year ended December 31, 2014.
Full Year 2014 Financial Highlights:
Billings grew 16%, or $222 million, to $1,602 million compared with $1,380 million in the full year 2013.
Net sales were $1,372 million compared with $1,379 million in 2013, while net deferred revenue increased $230 million in 2014, driven by higher billings and strong digital sales.
Adjusted cash EBITDA, which accounts for the change in deferred revenue, increased $168 million, or 51%, to $495 million in 2014 compared to $327 million in 2013. Adjusted EBITDA was $265 million for the full year 2014 compared with $325 million in the prior year.
Net loss was $111 million for the full year 2014 and 2013.
Linda K. Zecher, HMH’s President and Chief Executive Officer, commented, “2014 was an important year for HMH and a turning point for the market in terms of digital readiness. We believe our best in class products and leading-edge digital capabilities served as a catalyst for a learning transformation within the industry and enabled us to capture 52% share of a robust new adoption market. Looking ahead to 2015, we believe our learning solutions will continue to help us maintain a leading position in the education market. Simultaneously, we plan to intensify our focus on comprehensive education services, early childhood and direct-to-consumer markets to strengthen our long-term growth potential.”