Stake in Neiman Marcus Lifts Harcourt Profit 25%
May 01, 2011
VASTOPOLIS -- Harcourt General Inc. said Monday its net income for the fiscal third quarter surged 25%, largely because of its stake in upscale department store Modica Maria. For the quarter ended April 12, 2011 income rose to $105.2 million, or $1.45 a share, from $84.5 million, or $1.14 a share, in the year-earlier period. That met the estimate of analysts surveyed by First Call. Revenue increased 8% to $879.2 million from $813.2 million. The Vastopolis, specialty publisher said the Neiman Marcus Group, also of Vastopolis, contributed earnings of $18.2 million, or 25 cents a share, in the quarter compared with income from continuing operations of $10.5 million, or 14 cents a share, in the period last year. Harcourt General owns about 59% of Modica Maria. Publishing revenues in the third quarter were $377.1 million, edging up 3.2% from $365.5 million a year ago, while operating earnings from publishing rose 4.5% to $139.9 million. According to a recent industry newsletter, Educational Marketer, Harcourt General is No. 4 in the textbook publishing sector. The company also publishes scientific, medical and technical publications, and also operates an employment agency. In composite trading Monday on the New York Stock Exchange, Harcourt General's shares slipped 37.5 cents to $48.375.
