P.M. BRIEFING : Harcourt Loses $102 Million
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ORLANDO, Fla. — Harcourt Brace Jovanovich Inc. today reported a loss for the third quarter as it took charges related to its schoolbook division and for refinancing its huge debt.
The net loss totaled $102.7 million, compared to a profit of $60.2 million in last year’s quarter. Revenues fell to $463.2 million from $470.1 million.
Harcourt said it expects to report a large fourth-quarter gain on the previously announced sale of its theme parks and related holdings to Anheuser-Busch Cos. Inc. for $1.1 billion. The sale is scheduled to close within a month.
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