Re: Taylor &Francis Buys Marcel Dekker

[Fran�ois Lapelerie <lapeleri@voltaire.timone.univ-mrs.fr>]

If you want more information, try  the EBSCO database: "Business Source
Premier"  (BSP) : http://search.epnet.com

User Id and Password are needed.

You will find huge amounts of information about business from many
journals and periodicals, and have access to full text. Vey useful, a
search by "Company profile".

For instance , a paper from BSP about Taylor & Francis, in which we can
read that "for the first half of 2003....... operating profit rose by 24%
to �16.5m." Not bad:

"Title:	T&F thrives with new buys.
Author(s):	Rickett, Joel joel.rickett@bookseller.co.uk
Source:	Bookseller; 9/19/2003 Issue 5095, p8, 1/3p, 1c
Document Type:	Article
Subject(s):	*FINANCIAL performance
*CONSOLIDATION & merger of corporations
*PUBLISHERS & publishing
Company/Entity:	FRANK Cass (Company)
CRC Press Inc. Duns Number: 008847618
TAYLOR & Francis Ltd. Duns Number: 108226697
NAICS/Industry Code(s):	511199 All Other Publishers

Abstract: STM publishing group Taylor & Francis Ltd. (T & F) has driven up
turnover and profits for the first half of 2003, fueled by the
acquisitions of publishing companies like Bios, CRC Press Inc. and Frank
Cass. T & F's turnover was �73.9m, up 11.9% on the same period in 2002,
while operating profit rose by 24% to �16.5m. Journal sales were up 5.4%
to �36m, despite the collapse of U.S. subscriptions agency Rowecom Inc.,
which cost T & F about �1.2m in lost revenue.

Full Text Word Count:	406
ISSN:	00067539
Accession Number:	11208114
Persistent Link to this Article:
	http://search.epnet.com/direct.asp?an=11208114&db=buh
Database: 	Business Source Premier
* * *

Section: COMPANY NEWS T&F thrives with new buys STM publishing group
Taylor & Francis has driven up turnover and profits for the first half of
2003, fuelled by the acquisitions of Bios, CRC Press and Frank Cass. T&F's
turnover was �73.9m, up 11.9% on the same period in 2002, while operating
profit rose by 24% to �16.5m. The group's books division was responsible
for much of the growth, with a strong maiden contribution from the
US-based CRC Press. The figures were also boosted by the switching of some
key titles in June, including the Europa World Yearbook, worth �500,000.

Journal sales were up 5.4% to �36m, despite the collapse of US
subscriptions agency Rowecom, which cost T&F about �1.2m in lost revenue.
David Smith, T&F c.e.o., said: "They're a good set of results based on
solid organic growth." He highlighted a 2% increase in operating margin to
24% as evidence that costs remained under control: "We have made good
margins in challenging markets."

The US market was still tough, but had stabilised. "Last year was soft,
with customers returning product, but it has calmed now. We had good
performances from Fitzroy Dearborn and Biblios." CRC Press in Florida is
becoming the hub of T&F's global scientific book publishing and its back
office, with New York acting as the centre for humanities and social
science book publishing. The reorganisation is expected to be complete by
spring 2004.

The acquisitions of Bios, CRC and Cass cost a total of �62.2m, but the
increase in net debt was �45.4m after strong cash generation. Total net
debt stood at �90.8m, but was forecast to reduce to between �70m and �75m
by the end of the year.

Mr Smith was upbeat about the position. "We can borrow up to four times
Ebitda, which is �200m. So we have still got the firepower going forward.
Our interest cover is 13 times, and we are cash generative." The
forthcoming merger of Bertelsmann-Springer with Kluwer Academic Publishers
would not greatly change the competitive environment in the medium term,
Mr Smith claimed. "The combined company will still have under 10% market
share, and it will take them a while to get organised into a fighting
machine." T&F's share price remained stable at 552.5p. Broker ABN Amro
forecast a 19% uplift in earnings per share for the full year." END OF
CITATION

Mr Smith is planning to organize his company "into a fighting machine"...
Best wishes, Mr Smith. Who will be killed?

F Lapelerie