MAIN NEWS HEADLINES
March 2 – March 9, 2006 Edition
NEW YORK, NY/2/23/2006Simon & Schuster, the publishing arm of the CBS Corporation, reported a year-end 2005 sales increase of 2% to about $770 million. The publisher also reported a gain of 12% in fourth quarter sales.
S&S CEO Jack Romanos told investors: We got red hot in the fourth quarter. The increase was generated by an upsurge in adult book titles, including Stephen Kings The Cell, Jim Cramers Real Money, and Love Smart and Teacher Man.
For the full year, digital download sales saw an increase of 100% over the previous year and delivered higher profits on CDs and cassettes, a growth trend that is expect to continue. Romanos also told investors he is confident the company will see strong gains in 2006, and said if the company does what it is capable of doing he expects to shatter bottom-line performance.” The childrens division posted a 5% gain and the audio group also showed solid performance. Internationally, S&S sales lagged in the UK but rose in Canada and Australia. Romanos expects the UK division will show improved performance for the full year as last years restructuring begins to pay off.
CBS Corporation is the broadcasting half of what used to be media giant Viacom before it split into two separate, publicly traded entities in late 2005.