Houghton Mifflin Harcourt Company, a learning company, provides content, services, and technology solutions for educational institutions and consumers worldwide. The company operates in two segments, Education and Trade Publishing. The Education segment provides educational products, technology platforms, and services, including print and digital content in the form of textbooks, digital courseware, instructional aids, educational assessment, and intervention solutions for students. The Trade Publishing segment primarily develops, markets, and sells consumer books in print and digital formats, as well as licenses book rights to other publishers and electronic businesses; and trade and refere...
125 High Street
Boston, MA 02110
Founded in 1832
Houghton Mifflin Harcourt Company Appoints Jean S. Desravines to Board of Directors
Mar 5 18
On March 1, 2018, the Board of Directors of Houghton Mifflin Harcourt Company increased the number of directors comprising the Board from nine to ten members and appointed Jean S. Desravines to the Board to fill the vacancy created thereby, all effective immediately. The Board determined that Mr. Desravines is an independent director under Nasdaq rules and appointed him to serve on the Audit Committee of the Board. He was CEO of the national education nonprofit New Leaders.
Houghton Mifflin Harcourt Company Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Capital Expenditures Guidance for the Year 2018
Feb 22 18
Houghton Mifflin Harcourt Company announced unaudited consolidated financial results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported net sales of $260,503,000 compared to $241,806,000 a year ago. Operating loss was $76,462,000 compared to $250,788,000 a year ago. Loss before taxes was $86,497,000 compared to $262,259,000 a year ago. Net loss was $26,168,000 or $0.21 per basic and diluted share compared to $181,041,000 or $1.48 per basic and diluted share a year ago. This improvement was primarily due to the same factors affecting operating loss offset by an unfavorable change in tax position. Adjusted EBITDA was $5 million compared to adjusted LBITDA of $19 million a year ago. Net cash provided by operating activities was $97 million compared to $134 million a year ago. Net sales were 8% increase compared to net sales during the fourth quarter of 2016, driven primarily by net sales increases in Education and Trade Publishing segments. Operating loss for the fourth quarter of 2017 a 70% improvement from operating loss recorded in the same period of 2016. This improvement can be primarily attributable to a reduction in impairment charge for prepublication costs and intangible assets.
For the year, the company reported net sales of $1,407,511,000 compared to $1,372,685,000 a year ago. Operating loss was $113,521,000 compared to $310,773,000 a year ago, primarily due to lower impairment charges and selling and administrative costs, partially offset by 2017 restructuring charge. Loss before taxes was $153,622,000 compared to $350,050,000 a year ago. Net loss was $103,187,000 or $0.84 per basic and diluted share compared to $284,558,000 or $2.32 per basic and diluted share a year ago. Net loss improved 64% from loss reported in 2016. This improvement was driven by the same factors impacting operating loss, slightly offset by an income tax benefit versus the prior year. Net cash provided by operating activities was $135,130,000 compared to $143,751,000 a year ago. Additions to property, plant, and equipment were $58,294,000 compared to $105,553,000 a year ago. Acquisition of intangible asset was $2,000,000. Adjusted EBITDA was $219 million compared to $183 million a year ago, primarily due to higher net sales and lower selling and administrative costs. Net sales for 2017 were 3% increase compared to 2016, primarily due to net sales increases in Trade Publishing and Education segments.
The company expects 2018 net sales to be in a range of $1.350 billion to $1.430 billion and billings to be in the range of $1.365 billion to $1.445 billion. Content development spends for 2018 is expected to be in the range of $125 million to $150 million, with total capital expenditures including non-plate capital expenditures in the range of $185 million to $210 million. The company expects free cash flow for 2018 to be negative at the midpoint of the billings guidance range, but improved from 2017 levels.
Houghton Mifflin Harcourt Company Presents at Open Source Leadership Summit 2018, Mar-08-2018 12:00 PM
Feb 6 18
Houghton Mifflin Harcourt Company Presents at Open Source Leadership Summit 2018, Mar-08-2018 12:00 PM. Venue: Fairmont Sonoma Mission Inn and Spa, Sonoma, California, United States. Speakers: Robert Allen, Director of Engineering.