First Quarter Highlights * Company posted Revenues of $680 million and Adjusted OIBDA of $51 million in the first quarter of 2015. * Adjusted OIBDA performance reflected strong digital advertising growth and significant benefits from efficiency efforts. * Cash and cash equivalents at March 31, 2015 were $458 million. On May 7, 2015, our Board of Directors declared a quarterly dividend of $0.19 per common share to stockholders of record as of the close of business on May 29, 2015, payable June 15, 2015.
Global learning company Houghton Mifflin Harcourt (HMH) (Nasdaq: HMHC) today announced that it has entered into a definitive agreement to divest its Riverside clinical and standardized testing (Riverside) portfolio to Alpine Investors, a private equity firm based in San Francisco, for a purchase price of $140 million. The divestiture will enable HMH to sharpen its focus on integrating best-in-class curriculum, embedded formative assessment and professional development to drive improved student outcomes.
Alpine will acquire the Riverside portfolio, which includes the well-regarded brands in the Woodcock-Johnson family, the Cognitive Abilities Test (CogAT), Iowa Assessments and the distribution of Battelle Developmental Inventory (BDI) amongst other assets. HMH will retain assessment solutions critical to effective differentiation of classroom instruction, including Reading Inventory, Math Inventory, Phonics Inventory and Reading Counts.
“HMH is committed to improving outcomes for students and teachers; we believe this divestiture will allow us to sharpen our focus on that goal,” said Jack Lynch, President and CEO, HMH. “The Riverside offerings have enduring legacies. We believe that the agreement with Alpine provides the best path forward regarding both HMH’s strategic focus and the long-term success of these products.”
As part of the agreement, certain HMH employees will join Alpine, a values-driven private equity firm focused on building enduring businesses and fostering exceptional leadership, including the portfolio’s senior leadership team, which brings decades of collective expertise in the clinical and standardized testing space.
more detail at: https://www.hmhco.com/about-us/press-releases/hmh-divestiture-of-riverside-clinical-and-standardized-testing-portfolio