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February 9-16, 2006 Edition
Breaking News
HarperCollins Reports
Record-Breaking Book
Profits for Q2, 2006
NEW YORK, NY/2/9/2006HarperCollins February 8 reported record second-quarter operating income for fiscal 2006 of $77 million, a 24% increase in profits compared to a year ago. The report was part of parent company News Corps webcast earnings release that same day.
The $15 million increase was driven by strong sales of The Chronicles of Narnia series by C.S. Lewis, fueled by the worldwide motion picture release of The Lion, The Witch and The Wardrobe in December.
In addition, the General Books Group had continued strong sales in the quarter from such titles as Marley & Me by John Grogan, Freakonomics by Steven D. Levitt and Stephen J. Dubner, State of Fear by Michael Crighton, and You: The Owners Mannual by Dr. Mehmet Oz and Dr. Michael F. Roizen. During the quarter HarperCollins had 43 books on The New Times bestseller list, including five books that reached the #1 spot.
CEO Jane Friedman said the big earnings gain for the last period made the most profitable in the companys history. Operating profit in the adult trade group was up 86% for the first half of fiscal 2006. Sales at the companys religious imprint, Zondervan, however, were weaker than expected.
