Random House Reports Earnings, 200% E-book Sales Growth
"Bertelsmann is in a very sound financial position," says Bertelsmann CFO Thomas Rabe.
"We have a good business profile and a comfortable cash position. The leading rating agencies recently acknowledged this by each upgrading our long-term credit ratings one notch. We are cautiously optimistic for business in the second half of the year, although there has been a marked increase in economic uncertainties. Against this backdrop, we continue to expect moderate growth in Group revenues and a return on sales of over 10 percent for the 2011 fiscal year. Operating EBIT will likely be slightly down year on year, partly due to costs for new projects and higher energy costs, while Group net income will be above last year's value thanks to lower one-time effects."
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- Microsoft Corp.
- The New York Times