"Harlequin recorded a strong fourth quarter, with sales of $126 million (CA)[Canadian] up over 18 percent from a year ago, and EBITDA [Earnings Before Interest, Taxes, Depreciation and amortization] of $18.4 million up more than 30 percent. Good results were made even stronger by the decline of the Canadian dollar against the US dollar, and they say that 'Harlequin's revenues, to date, have not been significantly affected by the global, and in particular, U.S. economic situation' . . ."In the press release, Torstar (Harlequin's parent company) reported:
North America Direct-To-Consumer [the famous book clubs] operating profits were down $0.6 million in 2008. The traditional direct-to-consumer business continued to face the challenge of a declining customer base which was reflected in the lower revenues.Torstar's CEO and President Robert Prichard had this to say about Harlequin:
“Harlequin finished the year strongly with another goodTomorrow I'll do a post analyzing Harlequin's success in the midst of otherwise dismal publishing news.
quarter that drove earnings for the year up 11 percent. This is the third year in a row of business growth for Harlequin which is making important gains in both print and digital products. We are very pleased with Harlequin’s performance and prospects."