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Houghton Mifflin Harcourt

Private Company Ticker Symbol™: (HOUMIFP)

Business Summary

Houghton Mifflin Harcourt Publishing Company is a privately-held publishing company specializing in educational materials targeted towards students in pre-K to grade 12, as well as adult learners. In addition to providing printed material and textbooks, Houghton Mifflin Harcourt also offers electronic resources, including online math and reading programs and online tutoring. Houghton Mifflin Harcourt also publishes award-winning children's books, fiction, and nonfiction, including works by J.R.R. Tolkien, all of which are available for purchase via its online store. Founded in 1832, Houghton Mifflin is headquartered in Boston, Massachusetts.

Jump to Houghton Mifflin Harcourt: Detailed Business Description for more details on Houghton Mifflin Harcourt products and services, financial structure, Houghton Mifflin Harcourt major business events, and more.

Overview & Corporate Organization

Basic Information

Company Tags:Woman Owned
Year Founded:1832
Formerly Named:Houghton Mifflin Company
Fiscal Year End:12/31
1YR Employee Growth Rate:View %
3YR Employee Growth Rate (CAGR):View %
City:Boston
State/Province:Massachusetts
Country:United States
Phone:View
Fax:View
Websites:www.hmco.com
www.hmhco.com

Corporate Organization

Parent Companies:
Houghton Mifflin Holding Company

Industry Information

Industry Codes

PICS™:11004™, 1100201
NAICS:View
SIC:View

PrivCo Industries (Sector > Industry > Sub-Industry)

Media > Publishing
Media > Education > Educational Books, Materials, & Products

The PrivCo Industry Classification System™ (PICS) is our proprietary, modernized industry classification system, geared especially toward privately-held companies and including newer emerging sub-industries that are not reflected in other outdated industry classification systems, such as SIC and NAICS.

Competitors & Comparables

Charts, Financials, and Statistics (Table Format)

Below are Houghton Mifflin Harcourt financials and other business metrics displayed in table format.
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Income Statement2012201120102009200820072006200520042003200220012000199919981997
Net Sales Revenue       $1,282,067,000$1,218,889,000$1,199,600,000$1,194,568,000 $1,027,637,000$949,448,000$886,266,000$797,320,000
RevenuesView               
Cost of Goods and Services Sold - Amortization       $185,297,000$178,610,000$161,324,000$155,200,000     
Cost of Goods Sold       $516,046,000$513,613,000$489,902,000$470,079,000     
Cost of Goods and Services Sold       $701,343,000$692,223,000$651,226,000$625,279,000 $434,267,000$411,114,000$390,922,000$362,501,000
Selling, General and Administrative Expenses       $517,115,000$501,001,000$498,100,000$496,215,000 $453,292,000$426,374,000$393,324,000$328,261,000
In - Process Research and Development            $1,300,000$0$3,500,000$0
Amortization - Intangibles (Nonproductive)       $4,256,000$3,724,000$370,000$1,566,000     
Impairment of Goodwill          $775,000,000     
Asset Impairment Charges            $2,488,000$0$0 
Operating Expense - Other               $0
Cost and Operating Expenses          $1,898,060,000 $891,347,000$837,488,000$787,746,000$690,762,000
Operating Income/(Loss)       $59,353,000$21,941,000$49,904,000($703,492,000) $136,290,000$111,960,000$98,520,000$106,558,000
Interest Expense          $42,638,000 $31,806,000$29,770,000$33,981,000$38,926,000
Net Interest Income/(Expense)       ($111,226,000)($109,165,000)($112,639,000)      
Realized Gains/(Losses) on Sale of Investments            $0$0($3,017,000)$0
Gain/(Loss) on Sale of Business            $0($5,100,000)$18,797,000$15,901,000
Gain/(Loss) on Investments            ($4,553,000)$0$0 
Non-operating Expense - Other            $0$0$1,050,000 
Non-operating Income/(Expense) - Other       $10,000$184,000($39,000)$0     
Non-operating Income/(Expense)          ($42,638,000) ($39,096,000)($34,870,000)($19,251,000)($23,025,000)
Income/(Loss) from Continuing Operations Before Income Taxes       ($51,863,000)($87,040,000)($111,201,000)($746,130,000)     
Income Loss Continuing Operations Before Income Taxes Extraordinary Items            $97,194,000$77,090,000$79,269,000$83,533,000
Provision for Income Taxes       ($9,339,000)($32,391,000)($40,953,000)$12,140,000 $41,370,000$31,106,000$33,630,000$33,711,000
Income/(Loss) from Equity Investments            ($2,737,000)$0$0 
Total Income Before Extraordinary Items            $55,824,000$45,984,000$45,639,000$49,822,000
Extinguishment of Debt       $0$0($48,427,000)$0     
Extraordinary Items, Net of Tax Effect            $0$30,320,000$18,010,000$0
Income/(Loss) from Continuing Operations       ($42,524,000)($54,649,000)($70,248,000)($758,270,000)     
Income/(Loss) from Discontinued Operations, Net of Tax Effect       ($5,788,000)($3,198,000)($1,395,000)($31,787,000)     
Net Income (Loss)       ($48,312,000)($57,847,000)($71,643,000)($790,057,000) $55,824,000$76,304,000$63,649,000$49,822,000
Preferred Stock Dividends          $8,615,000     
Net Income Applicable to Common Stockholders          ($798,672,000)     
Balance Sheet20052004200320022001200019991998
Cash and Cash Equivalents$227,068,000$148,120,000$159,093,000$77,797,000 $14,947,000$12,041,000$3,953,000
Current Available-for-Sale Securities     $638,000$638,000$49,203,000
Current Marketable Securities   $638,000    
Short-Term Investments$0$54,200,000$0     
Current Restricted Cash  $11,400,000$0    
Accounts Receivable Trade, Gross     $193,919,000$178,887,000$170,706,000
Allowance for Doubtful Accounts     $30,857,000$31,207,000$27,969,000
Net Accounts Receivable Trade$175,030,000$188,655,000$194,932,000$180,359,000 $163,062,000$147,680,000$142,737,000
Current Notes Receivable, Net     $0$1,633,000$0
Net Inventories$175,148,000$167,660,000$162,130,000$207,926,000 $207,537,000$164,228,000$151,669,000
Current Deferred Income Taxes$68,398,000$60,962,000$62,941,000$57,390,000 $33,839,000$35,889,000$15,986,000
Prepaid Expenses$9,038,000$18,850,000$16,361,000$12,236,000 $5,234,000$3,000,000$2,279,000
Current Assets of Discontinued Operations$55,184,000$7,788,000 $1,551,000    
Current Assets$709,866,000$646,235,000$606,857,000$537,897,000 $425,257,000$365,109,000$365,827,000
Net Property, Plant and Equipment$123,196,000$103,138,000$107,990,000$117,806,000 $78,834,000$73,342,000$49,412,000
Noncurrent Accounts Receivable - Related Party$27,533,000$26,605,000$28,814,000$25,092,000 $26,625,000$26,711,000$24,482,000
Other Long Term Investments     $26,762,000$22,349,000$17,871,000
Goodwill$590,004,000$589,026,000$646,809,000$588,205,000    
Intangible Assets - Other$619,021,000$715,106,000$850,709,000$980,900,000    
Net Intangible Assets     $430,516,000$452,338,000$445,223,000
Noncurrent Other Prepaid Expenses$174,335,000$148,642,000$107,674,000$26,506,000    
Noncurrent Assets of Discontinued Operations$0$56,322,000 $882,000    
Noncurrent Other Assets$54,400,000$65,396,000$86,533,000$112,502,000 $135,980,000$98,894,000$80,853,000
Assets$2,298,355,000$2,350,470,000$2,435,386,000$2,389,790,000 $1,123,974,000$1,038,743,000$983,668,000
Accounts Payable - Other   $111,564,000    
Other Accounts Payable   $85,148,000    
Accounts Payable$92,245,000$91,549,000$74,786,000  $57,016,000$55,601,000$39,029,000
Accrued Royalties$62,195,000$64,944,000$62,341,000     
Accrued Expenses - Other       $27,019,000
Interest Payable$40,238,000$40,271,000$40,242,000$7,848,000    
Employee Related Liabilities$59,732,000$60,801,000$60,430,000$43,420,000 $27,365,000$29,814,000$27,177,000
Other Accrued Expenses  $12,022,000$12,649,000    
Current Amounts Due To Affiliates$5,001,000$4,920,000      
Current Amounts Due To Related Parties  $5,524,000$0    
Income Taxes Payable     $2,956,000$3,351,000 
Commercial Paper     $183,791,000$21,358,000$11,894,000
Current Portion of Long-Term Debt$7,000$44,000$1,039,000$317,000 $30,057,000$70,037,000$83,322,000
Current Liabilities of Discontinued Operations$13,311,000$7,763,000 $1,620,000    
Current Other Liabilities$70,519,000$73,739,000$67,345,000  $85,968,000$79,036,000$48,371,000
Current Liabilities$343,248,000$344,031,000$323,729,000$262,566,000 $387,153,000$259,197,000$236,812,000
Long-Term Debt$1,138,576,000$1,136,512,000$1,134,449,000$1,034,073,000 $224,687,000$254,638,000$274,521,000
Other Noncurrent Payables  $3,443,000     
Pension Obligations$57,314,000$58,791,000$71,011,000$86,245,000    
Other Postretirement Benefit Obligations$57,480,000$56,103,000$54,781,000$52,724,000 $28,791,000$29,213,000$28,839,000
Restructuring Reserve  $1,958,000$10,015,000    
Deferred Tax Liability$237,286,000$237,645,000$275,394,000$307,593,000 $28,692,000$28,301,000$15,601,000
Other Deferred Long Term Liability Charges$29,973,000$26,948,000$26,385,000     
Noncurrent Liabilities of Discontinued Operations$0$2,826,000      
Noncurrent Other Accrued Expenses   $3,650,000 $2,054,000$967,000$1,148,000
Noncurrent Other Liabilities$507,000$1,036,000 $17,924,000 $38,735,000$33,406,000$28,459,000
Liabilities$1,864,384,000$1,863,892,000$1,891,150,000$1,774,790,000    
Preferred Stock - Value (Excluding Additional Paid in Capital)  $0$0 $0$0$0
Common Stock - Value (Excluding Additional Paid in Capital)$1,000$1,000$1,000$1,000 $31,861,000$31,098,000$30,550,000
Additional Paid in Capital$614,999,000$614,999,000$614,999,000$614,999,000 $139,532,000$108,627,000$95,740,000
Retained Earnings($177,802,000)($129,490,000)($71,643,000)$0 $433,069,000$392,225,000$330,672,000
Treasury Stock - Value     $112,032,000$36,411,000$8,681,000
Deferred Compensation on Restricted Stock     $2,141,000$3,029,000$2,318,000
Other Accumulated Comprehensive Income, Net of Tax Effect($3,227,000)$1,068,000$879,000$0   $18,378,000
Equity - Other     ($76,427,000)($59,489,000)($66,053,000)
Stockholders' Equity$433,971,000$486,578,000$544,236,000$615,000,000 $413,862,000$433,021,000$398,288,000
Liabilities and Stockholders' Equity$2,298,355,000$2,350,470,000$2,435,386,000$2,389,790,000 $1,123,974,000$1,038,743,000$983,668,000
Cash Flow Statement200520042003200220012000199919981997
Operating Activities Beginning Net Income($48,312,000)($57,847,000)($71,643,000)($758,270,000) $55,824,000$76,304,000$63,649,000$49,822,000
Amortization$10,026,000$9,942,000$41,164,000$0 $1,061,000$1,200,000$5,177,000$2,095,000
Depreciation and Amortization$225,614,000$218,410,000$187,748,000$186,736,000 $103,564,000$94,115,000$95,681,000$89,739,000
Adjustment In-Process Research and Development     $1,300,000$0$3,500,000$0
Asset Impairment Charges   $775,000,000 $2,488,000$0$0 
Adjustments to Realized Gains/(Losses) on Sale of Investments     $0$0($3,017,000)$0
Adjustments to Undistributed Earnings of Affiliates     $0$5,100,000($18,797,000)($15,901,000)
Adjustment Write Off of Other     $4,553,000$0$0 
Adjustment Property Plant Equipment        ($3,011,000)
Adjustment Income/(Loss) from Equity Investments     ($2,737,000)$0$0 
Deferred Income Taxes($7,795,000)($34,143,000)($42,034,000)      
Income/(Loss) from Discontinued Operations, Net of Tax Effect($7,825,000)($1,532,000)($3,570,000)$17,310,000     
Adjustment Extraordinary Items     $0$30,320,000$18,010,000$0
Noncash Expenses - Other$267,000$1,511,000$0$0     
Change Accounts Receivable($13,190,000)($3,227,000)$15,150,000($5,557,000) $14,022,000$1,534,000($16,805,000)($6,267,000)
Increase/(Decrease) in Inventories$7,710,000$5,385,000($36,434,000)($15,098,000) $43,309,000$11,266,000$1,626,000$5,079,000
Deferred Income Taxes   ($29,742,000) ($2,046,000)$12,283,000$10,877,000($17,209,000)
Increase/(Decrease) in Accounts Payable$966,000$19,806,000($8,764,000)$28,275,000 $1,349,000$15,640,000($9,006,000)($10,262,000)
Net Increase/(Decrease) in Interest Payable   $23,280,000     
Net Other Increase/(Decrease) in Working Capital$1,768,000($8,675,000)($51,294,000)$3,385,000 ($4,095,000)($6,830,000)($17,284,000)($10,970,000)
Net Cash Flows Provided By/(Used In) Operating Activities$198,091,000$168,926,000$184,014,000$284,723,000 $121,686,000$143,786,000$146,797,000$141,849,000
Purchase of Property, Plant and Equipment$56,628,000$39,680,000$20,860,000$39,519,000 $22,527,000$31,335,000$20,729,000$13,740,000
Purchase of Marketable Securities   $638,000 $0$0$24,000$2,000
Purchase of Restricted Investments$0$0$11,400,000$0     
Proceeds from Other Investments     $0$0$835,000$0
Proceeds from Divestiture of Interest in Unconsolidated Affiliates     $0$682,000$210,000$0
Increase/(Decrease) Investments Affiliate   $0     
Increase Decrease Notes Receivable     $1,407,000$1,133,000$0$0
Acquisition of Businesses, Net of Cash Acquired$0$92,000$38,459,000$5,130,000 $18,372,000$45,266,000$24,845,000$9,049,000
Purchases and Payments for Other Investments($4,000,000)$0$0      
Net Proceeds from Sale of Short-Term Investments$112,275,000$90,900,000$0$0     
Net Purchase of Short-Term Investments$58,075,000$145,100,000$0$0     
Total Increase Decrease Discontinued Operations($2,860,000)($7,344,000)($4,927,000)$16,775,000     
Proceeds from Sale of Property, Plant and Equipment        $5,204,000
Net Other Investing Activities$111,297,000$74,423,000$95,610,000$95,178,000 $89,766,000$66,979,000$53,255,000$54,163,000
Net Cash Flows Provided By/(Used In) Investing Activities($120,585,000)($175,739,000)($171,256,000)($123,690,000) ($132,072,000)($144,031,000)($97,808,000)($71,750,000)
Repayments on Lines of Credit   $0     
Other Repayments of Short Term Borrowings   $1,247,000     
Net Change Line Credit   $0     
Other Increase/(Decrease) in Short Term Borrowings     $162,433,000$9,464,000($49,452,000)$61,346,000
Repayments of Other Debt   $43,250,000     
Net Proceeds from Issuance of Long-Term Debt and Capital Securities   $106,000 $0$80,000,000$50,000,000$0
Repayments of Long-Term Debt and Capital Securities   $0 $70,049,000$50,181,000$40,000,000$130,000,000
Proceeds from Stock Options Exercised     $9,849,000$1,583,000$2,875,000$4,782,000
Purchase Common Stock     $74,690,000$17,873,000$0$0
Payment of Dividends - Common Stock     $14,980,000$14,748,000$14,388,000$13,959,000
Payment of Dividends - Preferred Stock   $2,968,000     
Cash Provided by/(Used in) Financing Activities - Other   ($17,888,000) $729,000$88,000$308,000$1,819,000
Net Change Discontinued Operations   ($1,270,000)     
Net Cash Flows Provided By/(Used In) Financing Activities   ($66,517,000) $13,292,000$8,333,000($50,657,000)($76,012,000)
Total Net Cash Flows Provided By Used In Discontinued Operations($5,788,000)($3,198,000)($1,395,000)      
Effect of Exchange Rate on Cash and Cash Equivalents   $0     
Increase/(Decrease) in Cash and Cash Equivalents   $94,516,000 $2,906,000$8,088,000($1,668,000)($5,913,000)
Cash and cash equivalents at the beginning of the year   $24,278,000 $12,041,000$3,953,000$5,621,000$11,534,000
Total Cash and cash equivalents at the end of the year   $118,794,000 $14,947,000$12,041,000$3,953,000$5,621,000
Income Taxes Paid   $9,759,000 $35,935,000$43,416,000$40,693,000$12,890,000
Cash Interest Expense   $26,839,000 $32,816,000$29,242,000$33,875,000$39,366,000
Employee Figures20122011201020092008200720062005200420032002
Total EmployeesViewViewViewViewViewViewView3,1133,5543,4593,550
Productivity (Revenue/Employee)View          
Notes
Financial Notes:
*Houghton Mifflin Harcourt fiscal year end: 12/31
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Charts, Financials, and Statistics (Graphs)

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Net Sales Revenue ($ MM) Graph
Cost of Goods and Services Sold - Amortization ($ MM) Graph
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Selling, General and Administrative Expenses ($ MM) Graph
In - Process Research and Development ($ MM) Graph
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Income Loss Continuing Operations Before Income Taxes Extraordinary Items ($ MM) Graph
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Extraordinary Items, Net of Tax Effect ($ MM) Graph
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Cash Provided by/(Used in) Financing Activities - Other ($ MM) Graph
Net Cash Flows Provided By/(Used In) Financing Activities ($ MM) Graph
Total Net Cash Flows Provided By Used In Discontinued Operations ($ MM) Graph
Increase/(Decrease) in Cash and Cash Equivalents ($ MM) Graph
Cash and cash equivalents at the beginning of the year ($ MM) Graph
Total Cash and cash equivalents at the end of the year ($ MM) Graph
Income Taxes Paid ($ MM) Graph
Cash Interest Expense ($ MM) Graph

Houghton Mifflin Harcourt Total Employees:
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Mergers & Acquisitions

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DateStatusTargetBuyerDeal TypePrice
DetailsJan. 2006CompletedViewViewAsset SaleView
DetailsJun. 2006CompletedViewViewAsset SaleView
DetailsNov. 2006CompletedViewViewAcquisitionView
DetailsJul. 2007AnnouncedViewViewAcquisitionView
DetailsDec. 2007AnnouncedViewViewReverse TakeoverView
DetailsMay. 2008CompletedView1ViewAcquisition
Asset Sale
View
DetailsJan. 2011CompletedViewViewAcquisitionView
DetailsNov. 2012CompletedViewViewAcquisition
Asset Sale
View
DetailsApr. 2013CompletedView2ViewAcquisitionView
DetailsApr. 2013CompletedView3ViewMinority Stake PurchaseView
Notes
1The deal was completed using...Read More →
2Houghton Mifflin expects the deal...Read More →
3Chris Goodson, HMH's Senior Vice...Read More →
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Bankruptcy & Restructuring

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TypeDate EnteredDate ExitedAssetsLiabilities
DetailsViewFeb. 2010ViewViewView
DetailsViewMay. 2012ViewViewView

Detailed Business Description: Houghton Mifflin Harcourt

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Houghton Mifflin Harcourt is one of the oldest established publishing houses, and publishes novels, non-fiction, children's books, and reference works, and boasts an author list that features eight Nobel Prize winners, 13 National Book Award winners, and more than 100 Caldecott, Newbery, Printz, and Sibert Medal and Honor recipients. Houghton Mifflin Harcourt's featured products include HMH Fuse, Math in Focus, Curious George, Lord of the Rings, SkillsTutor, The Oregon Trail, and Where in the World is Carmen Sandiego? Houghton Mifflin Harcourt operates globally in three major segments: K-12 Publishing, College Publishing, and Trade and Reference Publishing.

Houghton Mifflin Harcourt is also involved with public, private, and nonprofit groups as part of their corporate social responsibility initiatives. In 2011 Houghton Mifflin Harcourt donated five million books to organizations across North America, Africa, and the Middle East. Houghton Mifflin Harcourt also created a $100 million… Continue Reading →

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