Friday, October 24, 2014
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
Internet Explorer 11 Toolkit Allows Enterprise Admins "Spy" On Their Employees
FCC Says Airwave Auction To Delay Until 2016
HP Broadens Moonshot Portfolio With Intel-powered Models
Microsoft To Keep Nokia Brand For Low-end Smartphones
LG Introduces Its First Octa-Core Application Processor
Cloud and Surface 3 Drive Microsoft's Revenue
Micron Urges Investors To Reject TRC Capital's Unsolicited Tender Offer
Facebook Returns To Chat Roots With Rooms App
Active Discussions
Copied dvd's say blank in computer only
How to generate lots of different CDs quickly
Yamaha CRW-F1UX
help questions structure DVDR
Made video, won't play back easily
Questions durability monitor LCD
Questions fungus CD/DVD Media, Some expert engineer in optical media can help me?
CD, DVD and Blu-ray burning for Android in development
 Home > News > PC Parts > Barnes ...
Last 7 Days News : SU MO TU WE TH FR SA All News

Wednesday, June 25, 2014
Barnes & Noble to Separate Retail and NOOK Media Businesses


Book retailer Barnes & Noble said Wednesday it would spin off its Nook division, which produces tablets and digital books, amid ongoing losses at the unit.

The company's Board of Directors has authorized management of the company to take steps to separate the Barnes & Noble Retail and NOOK Media businesses into two separate public companies. The company's objective is to complete the separation by the end of the first quarter of next calendar year.

"Our fiscal 2014 results and solid financial position at year-end reflect the positive impact of those actions," said Michael P. Huseby, Chief Executive Officer of Barnes & Noble. "We believe we are now in a better position to begin in earnest those steps necessary to accomplish a separation of NOOK Media and Barnes & Noble Retail. We have determined that these businesses will have the best chance of optimizing shareholder value if they are capitalized and operated separately. We fully expect that our Retail and NOOK Media businesses will continue to have long-term, successful business relationships with each other after separation."

Barnes & Noble, also today reported sales and earnings for its fiscal 2014 fourth quarter and full-year ended May 3, 2014.

The company announced a net loss of $36.7 million in its fiscal fourth quarter, narrowing the deficit from $114.8 million a year earlier. This was helped by a $12.5 million one-time tax benefit.

Revenues in the period increased 3.5 percent to $1.3 billion.

But the results were dragged down by weak performance in the Nook division, which saw a 22.2 percent drop in revenues and an operating loss of $56 million. That off-set improvements in the company's retail and university operations.

"We're pleased with our improved financial performance in fiscal 2014, generating EBITDA of $251 million, the highest it's been in four years, while executing on our strategic initiatives during the year," said Mr. Huseby. "Retail improved sales trends during the second half of the year, generating annual EBITDA of $354 million. College increased revenues from higher margin textbook rentals, continued to add new school contracts and developed and soft-launched Yuzu, our digital education platform, growing EBITDA to $115 million. At NOOK, we executed on our plan to sell through existing device inventory, implemented cost rationalization plans, began to pivot our strategy from device focused initiatives to a content centric approach with the signing of our partnership with Samsung, all while significantly reducing year-over-year losses."




Previous
Next
Some Sony TVs Get Support for PS3 Games        All News        Huawei Honor 6 Shipped I in China with 5-inch 1080p Display
Apple Releases $199 iPod Touch     PC Parts News      New GIGABYTE BRIX Gaming DIY PC Kit Released

Get RSS feed Easy Print E-Mail this Message

Related News
Samsung's Nook Tablet Now Available With Large Screen
Samsung and Barnes & Noble Introduce Samsung Galaxy Tab 4 NOOK
Barnes & Noble, Samsung To unveil Galaxy Tab 4 Nook on August 20
Samsung and Barnes & Noble to Create Co-Branded Tablets
Barnes & Noble Reports Weak Nook Sales, But Says New Device Coming
New Nook GlowLight e-reader Available For $119
New Lower Prices for NOOK HD and NOOK HD+ Tablets in the UK
Barnes & Noble Exits The Tablet Market
Special Mother's Day Prices For NOOK Tablets
B&N Adds Google Play App Store to its Nook HD Tablets
Barnes & Noble Offers Free NOOK Simple Touch With Every NOOK HD+ Tablet
New Studio Partnerships For NOOK Video

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2014 - All rights reserved -
Privacy policy - Contact Us .