No Happy Ending to 2009 for Book Publisher Simon & Schuster

While parent company CBS ended 2009 with a modest 1% dip in sales, the same could not be said for its book publishing arm Simon & Schuster. For the fourth quarter ending Dec. 31, S&S reported sales of $220 million, a 10% drop (or $25 million) from the previous year, and profits of $13.6 million, more than half as much ($28.5 million) the company earned in 2008. For the full fiscal year, sales of $793.5 million declined 7.5% compared to a year ago and profit was a paltry $50.2 million -- a 43% drop from $88.2 million in 2008. S&S's operating income was $11.9 million for the fourth quarter, and $42.5 million for the year.