Harcourt Brace Posts Loss of $42.6 Million for Quarter
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NEW YORK — Harcourt Brace Jovanovich Inc., which publishes books, sells insurance and operates theme parks, said Friday that its second-quarter loss narrowed slightly to $42.6 million from a loss of $44.3 million a year earlier.
Revenue for the quarter rose 5.3% to $434.4 million from $412.4 million a year earlier.
Publishing revenue rose 15.7% in the quarter to $221 million and insurance revenue rose 10.3% to $107.4 million, but revenue from its theme parks fell 14.5% to $105.7 million.
The company said its publishing results reflected some revenue from textbook sales that are normally recorded in the third and fourth quarters.
Revenue from insurance operations benefited from the inclusion of results from 11 farm magazines previously reported with the publishing group.
Harcourt blamed the revenue decline at its six theme parks, including Sea World in San Diego, partly on lost attendance at its central Florida theme parks, which faced competition from area attractions.
The company has put its theme parks up for sale to reduce the debt it assumed two years ago when it undertook a recapitalization that thwarted a takeover bid from British publisher Robert Maxwell.
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