With the e-book market showing no signs of returning to robust growth, two of HarperCollins’s main priorities in fiscal 2018 are global expansion and broadening its distribution base in North America, HC’s CEO Brian Murray told PW after the release of the publisher’s financial results for the fiscal year ended June 30, 2017. In the just-concluded year, EBITDA (earnings before interest, taxes, depreciation, and amortization) was $199 million, 7.5% higher than in fiscal 2016, despite a decline of $10 million in sales. Several factors impacted HC’s sales performance: there was one fewer week in the fiscal 2017 than in fiscal 2016, which cost $19 million, and the company suffered from the negative impact of currency fluctuations. Murray said he was “thrilled” with fiscal 2017 from both a publishing and financial standpoint and that the continued decline in e-books isn’t a major concern at the moment. He noted that, in the North American market, gains in print book sales and digital audio made up for the drop in e-book sales and that HC’s print frontlist and backlist sales were almost strong enough to match the revenue generated in fiscal 2016 by Go Set a Watchman. Among the company’s top-selling titles in the year were Hillbilly Elegy by J.D. Vance, The Magnolia Story by Chip and Joanna Gaines, and Jesus Calling and Jesus Always by Sarah Young. Click Read More below for more of the story.
The U.S. Postal Service provided updated third quarter service performance data through the week of June 18th which shows performance improvement continues to hold steady since the second quarter.
Performance numbers below include the weeks of April 1 through June 18:
*First-Class Mail: 87.5 percent of First-Class Mail delivered on-time against the USPS service standard, an over 9 percent increase over the second quarter.
*Marketing Mail: 90.8 percent of Marketing Mail delivered on time against the USPS service standard, a nearly 6 percent increase over the second quarter.
*Periodicals: 79.1 percent of Periodicals delivered on time against the USPS service standard, a nearly 8 percent increase over the second quarter.
As laid out in its 10-year plan “Delivering for America,” the Postal Service continues its efforts to improve service performance and reliability while addressing ongoing employee availability challenges with the goal of meeting or exceeding 95 percent on-time delivery across mail and shipping product classes.
As announced in April, the Postal Service is moving forward with network enhancements and investments as part of its preparations for the 2021 holiday peak season and to meet the evolving mailing and shipping needs of the American public and business customers. These initiatives include the procurement of 138 package sorters to process higher package volume, the leasing of 45 annex facilities within 5 miles of existing facilities to accommodate surges and overflows of packages, and the completion of operational mail moves previously paused in 2015 at 18 facilities.
Service performance is defined by the Postal Service from acceptance of a mailpiece into our system through delivery, measured against published service standards.