Houghton Mifflin Harcourt reports sales growth, though publisher is still recording losses
The publisher Houghton Mifflin Harcourt Company (HMH) announced earnings this morning, reporting a net sales increase of 7 percent, or $93 million to $1.379 billion for the year.
“2013 was a pivotal year for HMH as we strengthened our core business, increased focus on targeted growth areas, and optimized overall performance. Our world-class educational content and solutions enabled us to extend our leading market share to 38%. New distribution channels, our expansion into the consumer space and an increased focus on digital content and capabilities have readied us to accelerate growth and lead a learning transformation in 2014 and beyond,” Linda Zecher, HMH’s CEO, said.
But despite the stronger sales, HMH is in the red, recording a net loss on the year of $111 million, compared to its loss in 2012 of $87 million.
“We remain focused on driving growth in our core business, creating new revenue streams in strategic focus areas, and maintaining a prudent cost structure. We have a solid strategy and team in place to deliver long-term value to our shareholders,” CFO Eric Shuman said.
HMH completed its initial public offering and listing on the NASDAQ Stock Market (HMHC) in November of last year. HMH shares are trading slightly lower this morning, trading at $19.40 a share.