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Houghton Mifflin Harcourt
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.
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
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especially toward privately-held companies and including newer emerging sub-industries that are not reflected in other outdated industry classification systems, such as SIC and NAICS.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)
Copy & Paste Financials Into Spreadsheet or
| Income Statement | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 |
| 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 | ||||||||
| Revenues | View | |||||||||||||||
| 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 Sheet | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 |
| 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 Statement | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 |
| 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 |
| Financial Notes: | |
| * | Houghton Mifflin Harcourt fiscal year end: 12/31 |
Charts, Financials, and Statistics (Graphs)
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Houghton Mifflin Harcourt Total Employees: |
Mergers & Acquisitions
| Date | Status | Target | Buyer | Deal Type | Price | |
| Details | Jan. 2006 | Completed | View | View | Asset Sale | View |
| Details | Jun. 2006 | Completed | View | View | Asset Sale | View |
| Details | Nov. 2006 | Completed | View | View | Acquisition | View |
| Details | Jul. 2007 | Announced | View | View | Acquisition | View |
| Details | Dec. 2007 | Announced | View | View | Reverse Takeover | View |
| Details | May. 2008 | Completed | View1 | View | Acquisition Asset Sale | View |
| Details | Jan. 2011 | Completed | View | View | Acquisition | View |
| Details | Nov. 2012 | Completed | View | View | Acquisition Asset Sale | View |
| Details | Apr. 2013 | Completed | View2 | View | Acquisition | View |
| Details | Apr. 2013 | Completed | View3 | View | Minority Stake Purchase | View |
| 1 | The deal was completed using...Read More → |
| 2 | Houghton Mifflin expects the deal...Read More → |
| 3 | Chris Goodson, HMH's Senior Vice...Read More → |
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Bankruptcy & Restructuring
Detailed Business Description: Houghton Mifflin Harcourt
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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