Closing Price: 4.00
Total Shares Issued: 369940476.00
Market Capitalization: 1,479,761,904
A leading Publishing firm in East Africa.
.@Lhornpublishers reports Full Year results through 30th June 2022 versus FY results through 30th June 2021
FY 22 Total Assets 2.685167b versus 2.877729b
FY 22 Pre-Publishing costs 861.924m versus 802.370m
FY 22 Trade and other receivables 487.184m versus 873.136m
FY 22 Inventories 748.697m versus 684.516m
FY 22 Cash and bank balances 160.414m versus 54.018m
FY 22 Other assets 426.948m versus 463.689m
FY 22 Borrowings 979.999m versus 1.194154b
FY 22 Trade and other payables 922.297m versus 942.654m
FY 22 Total liabilities 1.902296b versus 2.136808b
FY 22 Revenue and other income 1.741109b versus 1.246949b
FY 22 Cost of sales [1.085514b] versus [746.501m]
FY 22 Gross profit 651.595m versus 500.448m
FY 22 Operating expenses [443.654m] versus [299.427m]
FY 22 Finance costs [133.339m] versus [183.247m]
FY 22 Profit before tax 74.602m versus 17.774m
FY 22 Profit after tax 39.918m versus 7.475m +434%
FY 22 Total comprehensive income 41.950m versus 6.156m
FY 22 Cash and cash equivalents at end of year 160.414m versus 36.866m
COMMENTARY ON THE RESULTS
Across our various markets, we have seen a gradual improvement in the trading environment which supported the overall positive performance of the Group.
In Kenya, the Government’s support for uninterrupted learning in schools, the new school calendar year in July 2021 and a gradual economic recovery drove the recovery of sales in our largest market.
In Uganda, schools reopened in January 2022 since March 2020.
We have since enhanced our market penetration activities resulting in the highest revenue level in our history of operating in that country.
We supplied books to over 23,000 public primary and 5,500 secondary schools across the country which further established our brand in the market.
Our ongoing geographical diversification across Africa continues to impact positively on our topline and will remain a key driver of revenue growth.
In the year under review, we saw increased activity across our other markets relative to the previous year. We are positive that this trend will be sustained.
Revenue for the year recovered robustly with an increase of Kshs 494 million, representing a 40% growth, compared to the previous year.
The increase was primarily driven by expansion into new geographical markets and increased sales following the resumption of learning in schools.
The growth trajectory is expected to continue and is sustainable given the investments made to develop new markets under the new curricula.
The increase in operating expenses was mainly attributable to the reinstatement of staff benefits that had been reviewed as a response to the Covid-19 pandemic and increase in selling and distribution costs due to increased sales and marketing activities in the year.
Finance costs reduced by 27% from the prior year on account of the reduction in borrowings, in light of the strong performance in operational cash generation. Cashflows from operations amounted to Kshs 566 million
in the year, reflective of increased collections from customers as our markets recover.
Against the above background, profit after tax improved to Kshs 40 million compared to Kshs 7 million for the prior year, an increase of 434%.
Digital business – We continue to make significant investments in our digital business, with a pipeline of products in the offing.
We see this segment of the business as a key driver of our performance going forward.
We are currently at the fundraising stage for our digital portfolio.
This will allow our current and new business to scale in partnership with like-minded venture builders.
Product portfolio – Our approved products continue to increase across the Group.
The additional approvals for titles secured in our markets in the year included CBC Grade 6 and 7, set books and complementary titles in Kenya, 51 secondary titles in Uganda, 9 titles in the Democratic Republic of Congo (DRC) and the revised Kamusi Kuu in Tanzania.
We are looking forward to additional approvals in all markets in the next financial year.
Our successful market entry to DRC followed by Ghana adds significant coverage to our existing markets.
This will position the Group as the main African platform to access over 70 million learners across the continent.
Our digital solutions will further enable us to scale the range of solutions provided in the market.
The recent addition of new business segments (Longhorn Language Services, Longhorn Publishing Services and international titles distribution) will broaden our reach outside the textbook business.
It also creates a network of interdependent businesses that leverage on the existing value chain.
This integration of several solutions across Africa is the key to unlocking the full potential of our Group. We are well positioned to serve our customers and register significant growth moving forward.
A strong improvement
6 month results through 31st December 2021 versus through 31st December 2020
HY Revenue 960.969m versus 288.515m
HY Cost of Sales [628.247m] versus [197.295m]
HY Gross Profit 332.722m versus 91.220m
HY Operating Expenses [236.150m] versus [143.394m]
HY Finance Costs [64.619m] versus [93.158m]
HY Profit before Tax 31.953m versus [145.332m]
HY Profit after Tax 15.091m versus [145.332m]
Across our various markets, we have seen a gradual improvement in the trading environment which supported the overall positive half year performance of the Group.
Revenue for the six month period recovered robustly with an increase of Kshs 672 million, representing a 233% growth, compared to the previous period. This was primarily driven by the expansion into new geographical markets.
The focus is to ensure that the business fully exploits the huge potential in EdTech across the continent. Longhorn is uniquely positioned to maximize on this potential.
Our successful market entry into Cameroon followed by DRC and Ghana adds significant coverage to our existing markets.
Longhorn Kenya reports FY Earnings through 30th June 2021 versus 30th June 2020
FY 2021 Revenue 1.243925b versus 1.067926b
FY Cost of Sales [746.501m] versus [580.645m]
FY Gross Profit 497.424m versus 487.281m
FY Operating Expenses [296.403m] versus [630.706m]
FY Finance Costs [183.247m] versus [151.929m]
FY Profit [Loss] before Tax 17.774m versus [295.354m]
FY Profit [Loss] after Tax 7.475m versus [225.870m]
FY Total Assets 2.877729b versus 2.450164b
FY Total Liabilities 2.136808b versus 1.715399b
FY Borrowings 1.177002b versus 1.175241b
Cash and Cash Equivalents 36.866m versus 115.769m
The COVID 19 pandemic and its effects on economies and people had the most significant impact on the business in the year under review.
There was the extended suspension of learning in schools and constrained consumer wallets.
Kenya and Uganda begun the year with schools closure and movement restrictions as part of the pandemic containment measures.
Overall, the countries where Longhorn operates were adversely impacted by COVID 19.
Revenue for the year increased by 16% to Shs 1.244 billion compared to the previous year. Kenya recorded an 18% revenue growth, Tanzania 8% while Uganda recorded 83% for the year.
Tanzania marked the 4th straight year of revenue growth while Uganda surpassed USD 1 million in revenue despite the country being under lockdown for most of the year.
The operating expenses for the year decreased by 53% compared to the previous year due to the cost containment measures implemented during the year such as renegotiation with suppliers and the streamlining of operations.
Finance costs increased by 21% which was attributable to the investments the Group continues to make in regional expansion, product diversification and the digital transformation journey.
Management intends to reduce the loan balances progressively as the Groups performance improves.
Borrowings and finance costs have reduced by approximately 30% in Q1 of FY 2022.
Profit before tax was Shs 17.8 million compared to the prior year loss before tax of Shs 295 million.
This marked a significant turnaround in the business, confirming the resilience of Longhorns business model, strong brand, agile employees and ability to adapt to a changing operating environment.
Digital The business is upgrading its eLearning and eBook platforms which are anticipated to be launched in Q2 of FY 2022.
New products such as SOMO are being developed to serve the ex curriculum space.
Regional presence The Group continues to take advantage of opportunities and revenue is expected to grow in the African markets including the DRC and Cameroon, which we entered last year. Plans to enter the Ghana market are at advanced stages.
Product portfolio The significant titles developed in the year included primary and secondary coursebooks in Uganda, approval of CBC Grade 6 titles in Kenya, as well as English and French titles in Cameroon.
The development of titles in both course and non- course books will continue as part of our product development.
They are in an interesting space
Longhorn Kenya reports HY Earnings through 31st Dec 2020
HY Revenue 288.515m versus 342.514m
HY Gross Profit 91.220m versus 111.105m
HY Operating Expenses [143.394m] versus [389.262m]
HY Finance Costs [93.158m] versus [110.050m]
HY [Loss] before Tax [145.333m] versus [388.207m]
HY [Loss] after Tax [145.333m] versus [294.837m]
Cash and Cash Equivalents 10.630m
challenging environment arising from COVID19 crisis and the related suspension of learning in schools.
Regionally Uganda and Tanzania revenue grew by 263% and 19% respectively
At half year, Uganda had already surpassed Full prior year revenue by 61% while Tanzania represented 4th straight year of growth.
First Sales in Francophone market of 94m
Operating expenses reduced by 41%
Digital SOMO product
challenging and challenged
Full Year Results through June 30th 2020
FY Revenue 1.067926b versus 1.600397b -33%
FY Cost of Sales [580.645m] versus [694.589m]
FY Gross Profit 487.281m versus 905.808m
FY Expected Credit Losses [69.122m] versus [2.296m]
FY Other Operating Expenses [539.396m] versus [543.175m]
FY Finance Costs [151.929m] versus [96.369m]
FY [loss] Profit before Tax [295.354m] versus 263.968m
FY [loss] Profit After tax [225.87m] versus 185.125m
Cash and Cash Equivalents 115.769m versus 73.128m
Longhorn Publishers PLC HY 2020 results through 31st December 2019 vs. 31st December 2018
HY Revenue 725.412m vs. 697.565m +3.992%
HY Cost of sales [349.236m] vs. [271.041m] +28.850%
HY Gross profit 376.176m vs. 426.524m -11.804%
HY Operating expenses [241.444m] vs. [294.543m] -18.028%
HY Finance Costs [41.879m] vs. [41.796m] +0.199%
HY PBT 92.853m vs. 90.185m+2.958%
HY Income Tax Expense [23.886m] vs. [21.354m] +11.857%
HY Total Comprehensive Income 68.967m vs. 68.831m +0.198%
Cash and cash equivalents at the end of period [0.003m] vs. 92.627m -100.003%
EPS 0.253 vs. 0.253
COMMENTARY ON RESULTS
The Board of Directors of Longhorn Publishers PLC is delighted to announce the unaudited results for the half year period ended 31 December 2019. Gross revenue for the period increased by 4% from the prior period. This has been driven by the significant rise in sales of our reference products such as Kamusi ya Karne and the Comprehensive Atlas due to the improvements made to the products over the last 12 months and an aggressive marketing push. The sales volumes for the Competency Based Curriculum (CBC) products and the new Secondary School Revision Encyclopaedias continue to rise further, boosting our performance in Kenya. The regional markets of Tanzania and Uganda have also recorded a revenue growth of 21% and 15% respectively.
The total comprehensive income and net margins remained relatively flat from the prior period due to development costs for new products. However, the margins are set to improve in the second half of the financial year as the group is set to realise higher returns from investments made earlier in the year. The business remains dedicated to the implementation of the Competency Based Curriculum for which we have successfully completed the distribution of over 2.4 million Grade 4 books countrywide.
The decline in cash and cash equivalents in the period is mainly due to the change in the sales cycle, which resulted in a rise in the sales in the months of November and December, hence increasing the amount of payments owed by customers at half year. The digital transformation journey is ongoing and we continue to develop new products as we improve the existing content for our platforms based on market feedback. The Board is satisfied with the growth experienced in the regional markets and the expected finalisation of the route to market strategy into additional African markets which will solidify our presence in the continent.
These unaudited financial statements were approved by the Board of Directors on 17 February 2020.
By Order of The Board
Longhorn Publishers PLC FY 2019 results through 30th June 2019 vs. 30th June 2018
FY Revenue 1.600397b vs. 1.696318b -5.655%
FY Cost of sales [694.589m] vs. [781.140m] -11.080%
FY Gross profit 905.808m vs. 915.178m -1.024%
FY Distribution costs [156.093m] vs. [134.591m] +15.76%
FY Administrative Expenses [389.378m] vs. [422.452m] -7.829%
FY Operating profit 360.337m vs. 358.364m +0.551%
FY Finance costs [96.369m] vs. [85.218m] +13.085%
FY Profit before income tax 263.968m vs. 273.146m -3.360%
FY Profit for the year 185.125m vs. 183.604m +0.828%
EPS 0.68 vs. 0.67 +1.493%
Total Assets 2.338673b vs. 2.407529b -2.860%
Cash and cash equivalents at the end of year 73.128m vs. 418.780m -82.538%
Dividend 0.52 vs. 0.42 +23.810%
COMMENTARY ON RESULTS
Longhorn has recorded a turnover of Ksh 1.60 billion against the previous year turnover of Ksh 1.69 billion. This reduction in revenue was attributed to a decline in government spending on textbooks.
The profit after tax for the financial year ended 30 June 2019 was Ksh 185 Million, an increase from Ksh 183 Million from the previous financial year.
This improved performance in profit, despite the reduction in revenue generated, was as a result of operational efficiencies achieved through improvements in the product cycle which has consequently reduced product origination and printing costs, resulting in a 7% increase in operating profit margins.
Regional markets contribution to overall revenue increased by 41%. This was brought about by the successful implementation of the 2018 2021 Strategic Plan which focuses on product diversification for the regional markets.
The Companys liquidity position remains strong with positive cash position of Ksh 73M. The cashflow position has decreased due to some significant receivables expected from recently concluded contracts.
As we embark on the new financial year, Longhorn continues to make significant investment in growing its digital product offering as well as expanding into new territories with special focus on Francophone countries, which Longhorn seeks to enter through strategic alliances.
Longhorn remains committed to its vision to be the leading provider of innovative learning solutions in Africa.
The Directors are pleased to recommend the payment of a final dividend of Ksh 0.52 per share, totaling Ksh 142,548,000 for the year ended 30 June 2019.
The dividend is subject to approval by the shareholders at the 2019 Annual General Meeting and will be paid on or before 26 February 2020.
Dividend 7.76% of Yield.
Probably need more firepower.
Longhorn Publishers PLC H1 2019 results through 31st December 2018 vs. 31st December 2017
H1 Sales 697.565m vs. 513.460m +35.856%
H1 Cost of sales [271.041m] vs. [191.059m] +41.862%
H1 Gross profit 426.524m vs. 322.401m +32.296%
H1 Operating Expenses [336.339m] vs. [270.310m] +24.427%
H1 PBT 90.185m vs. 52.091m +73.128%
H1 Net profit 68.831m vs. 36.463m +88.769%
H1 Total assets 2.192785b vs. 1.734288b +26.437%
H1 Cash & cash equivalents at the end of the period 92.627m vs. [15.661m] +691.450%
Turnover increased by 36% attributed to the growth of volumes in Kenya and the regional markets
sale of publishing rights in the regional markets which generated higher margins as compared to normal Book Sales
successfully completed distribution of close to 500,000 copies of text books to public secondary schools across the country
digital transformation strategy with has led to the repurposing of content in mobile platforms audio and video forms
continued growth in Rwanda, Uganda, Tanzania, Malawi and Zambia
An interesting and inexpensive Prospect
14-JAN-2019 Education blows hot
Longhorn Publishers PLC FY 2018 results through 30th June 2018 vs. 30th June 2017
FY Revenue 1.696318b vs. 1.451774b +16.844%
FY Cost of sales [781.140m] vs. [702.173m] +11.246%
FY Gross profit 915.178m vs. 749.601m +22.089%
FY Distribution costs [134.591m] vs. [169.445m] -20.570%
FT Administrative Expenses [422.452m] vs. [350.812m] +20.421%
FY Operating profit 358.364m vs. 231.696m +54.670%
FY Finance costs [85.218m] vs. [52.549m] +62.169%
FY Profit before income tax 273.146m vs. 179.147m +52.470%
FY Profit for the year 183.604m vs. 133.876m +37.145%
EPS 0.67 vs. 0.49 +36.735%
Total Assets 2.407529b vs. 1.858734b +29.525%
Cash and cash equivalents at the end of year 418.780m vs. 11.649m +3,494.987%
Dividend 0.42 vs. 0.38 +10.526%
product diversification, entry into new markets and growth of the digital offering.
Growth of operating margin from 16% 21%
Expanding into new territories within Southern Africa and Francophone territories
Strong FY Earnings.
Longhorn Publishers Ltd HY 2018 results through 31st December 2017 vs. 31st December 2016
HY Sales 513.460m vs. 684.057m -24.939%
HY Cost of sales [191.059m] vs. [318.652m] -40.041%
HY Gross profit 322.401m vs. 365.405m -11.769%
HY Total operating expenses [270.310m] vs. [306.535m] -11.818%
HY PBT 52.091m vs. 58.870m -11.515%
HY Net PAT 36.463m vs. 43.564m -16.300%
Total Assets 1.734286b vs. 1.870154b -7.265%
Total Equity 982.169m vs. 975.556m +0.678%
Cash and cash equivalents at the end of period 13.268m vs. [3.432m] +486.597%
No interim dividend
EPS 0.10 vs. 0.12 -16.667%
Turnover dropped by 25% attributed to the new Government text book procurement framework which resulted in a sift in the buying pattern from Q2 to Q3 of our financial year
improvement in our operational efficiency and focus on high margin products.
newest market Senegal
digital learning continues to grow exponentially.
Have expanded geographically wit despatch.
There is an H2 Skew.
quite a bullish commentary
FY Revenue 1.451774b vs. 1.503512b -3.441%
FY Cost of sales [702.173m] vs. [748.082m] -6.137%
FY Gross profit 749.601m vs. 755.430m -0.772%
FY Distribution costs [169.445m] vs. [194.314m] -12.798%
FY Administrative expenses [350.812m] vs. [400.096m] -12.318%
FY Operating profit 231.696m vs. 164.279m +41.038%
FY Finance costs [52.549m] vs. [25.002m] +110.179%
FY Profit before income tax 179.147m vs. 139.277m +28.626%
FY Profit for the year 133.876m vs. 104.063m +28.649%
EPS 0.49 vs. 0.66 -25.758%
Total assets 1.858734b vs. 1.866944b -0.440%
Share capital and reserves 945.706m vs. 947.567m -0.196%
Cash and cash equivalents at end of year 11.649m vs. 204.049m -94.291%
Final dividend 0.29/ share
Interim dividend 0.09/ share
Number of outstanding shares 272,440,473
Commentary on Results
+29% FY PAT
Turnover dropped marginally by 3% due to a reduction in volumes sold in Kenya
Sales from Uganda, Tanzania, Malawi, Zambia, Rwanda and Senegal contributed 30% of the Group Turnover versus 20% in previous year
diversification into digital products, reference and tertiary materials
potential risks around the changes in the Kenya school curriculum
9% drop in production and operating expenses.
Co. generated 244m from operating activities reduced short term borrowings by 30%
LongHorn management encouraged by the growth in the sale of digital products
Dividend 29cents a share [+Interim of 9cents]
Strong Earnings, in fact
H1 Earnings through 31st Dec 2016 versus 6 months through 31st Dec 2015
H1 Sales 684.057m vs. 842.458m -18.802%
H1 Cost of sales [318.652m] vs. [480.948m] -33.745%
H1 Gross profit 365.405m vs. 361.510m +1.077%
H1 Profit from operations 58.870m vs. 77.359m -23.900%
H1 PAT 43.564m vs. 57.245m -23.899%
H1 Total assets 1.870154b vs, 1.686208b +10.909%
H1 Total equity 975.556m vs. 505.031m +93.168%
H1 Cash & cash equivalents at the end of the period [3.432m] vs. [58.426m] -94.126%
Interim dividend 0.07 share
Sales dropped by 19% Shift in Buying Patterns in Q3 and conscious decision by the Board to discontinue low margin product.
Digital Strategy Launch of Companys e learning platforms
Soft H2 with Headline Sales -18.802%.
FY Sales 1.503512b vs. 848.377m +77.222%
FY Cost of sales [748.082m] vs. [373.729m] +100.167%
FY Selling and distribution expenses [194.314m] vs. [92.357m] +110.394%
FY Finance costs [25.002m] vs. [8.403m] +197.537%
FY Profit before tax 139.277m vs. 96.916m +43.709%
FY Profit [loss] after tax 104.063m vs. 71.726m +45.084%
EPS 0.66 vs. 0.70 -5.714%
Total assets 1.866944b vs. 689.320m +170.839%
Cash and cash equivalents at the end of the period 204.048m vs. 0.825m
Dividend per share 0.35
Turnover grew from 848m to 1.503b mainly attributed to good uptake of reference products
Company acquired distributorship rights of key products from Cambridge University Press, Bible Society of Kenya, Biblica Kenya, Scripture Union of Kenya and Educat of South Africa
Company realised 26% of its sales from export markets
Dividend 35cents a share
Strong Headline revenue acceleration.
H1 Sales 831.353m vs. 531.039m +56.552%
H1 Cost of sales [464.997m] vs. [301.320m] +54.320%
H1 Gross profit 368.723m vs. 229.998m +60.316%
H1 Total operating expenses [262.354m] vs. [180.267m] +45.536%
H1 Profit [Loss] before taxes 97.475m vs. 49.732m +96.001%
H1 Net profit [loss] for the year 67.896m vs. 39.895m +70.187%
H1 Total assets 1.686208b vs. 1.089639b +54.749%
H1 Total equity 515.682m vs. 418.088m 23.343%
The companys performance was largely driven by the success of the product diversification strategy which saw Longhorn increase its income streams, the company said in a statement.
The Nairobi Securities Exchange traded firm last year signed deals to print and distribute reference materials such as dictionaries, Bibles, hymn books and charts as it sought to reduce its reliance on textbook sales.
Longhorn is expected to raise Sh500 million through a rights issue in the coming weeks to fund its product and regional expansion plans.
Longhorn Publishers Limited FY 2015 as at 30th June, 2015 vs. 30th June 2014
Total assets 689.320m vs. 752.559m -8.4%
Sales 0.848377b vs. 1.396834b -39.3%
Cost of sales [373.729m] vs. [717.561m] -47.9%
Gross profit 474.648m vs. 679.273m -30.1%
Other operating income 2.662m vs. 5.539m -51.9%
Selling and distribution costs [92.357m] vs. [209.580m] -55.9%
Net foreign exchange losses [7.789m] vs. [21.097m] -63.1%
Profit from operations 96.916m vs. 147.226m -34.2%
Profit after tax 71.726m vs. 94.933m -24.4%
Other comprehensive income [8.668m] vs. 0.321m
Total comprehensive income for the year 63.058m vs. 95.254m -33.8%
Earnings per share 0.7 vs 0.93 -24.7%
Dividend 0.15 per share
Low performance Uganda and Tanzania subsidiaries
Softer earnings but profitable.
Full Year Earnings through 31st March 2014
Full Year Turnover 802.173m versus 758.549m
FY Cost of Sales [349.194m] versus [337.547m]
FY Gross Profit 452.979m versus 421.002m
FY Selling and Distribution Expenses [174.697m] versus [83.739m]
FY Administrative Expenses [156.473m] versus 130.259m]
Provision for receivables and Inventories [33.499m] versus [119.061m]
FY Profit Before Tax 90.373m versus 90.678m
FY Profit after Tax 63.261m versus 63.474m
Practically unchanged versus the Previous Full Year.
H1 Earnings through Dec 2013 versus through Dec 2012
H1 Total Income 560.187m versus 527.972m
H1 Direct Expenses 276.848m versus 237.619m
H1 Employee Costs 84.783m 60.032m
H1 Operational and administrative expenses 103.443m versus 54.279m
H1 Provisions for Trading Gains/Losses 33.499m versus 134.142m
H1 Total Expenses 517.109m versus 503.799m
H1 PBT 43.078m versus 24.174m +78.199%
H1 PAT 30.155m versus 16.922m
The Companys growth resilience has been fuelled by bold ventures in the export market where we competitively won various government tenders to supply school books in Malawi, Rwanda, Tanzania and Uganda.
No Interim Dividend
Half Year Results through Dec 2012 versus 6 Months through June 2012
Inventories 85.669m versus 275.038m
Trade and other Receivables 272.043m versus 156.662m
Sales 525.624m versus 775.943m
Cost of Sales [237.619m] versus [358.722m]
Gross Profit 287.645m versus 417.221m
Administrative Expenses [78.302m] versus [274.004m]
Provisions for Inventories and Receivables [134.142m] versus [79.990m]
Operating Profit 24.174m versus [25.949m]
H1 PBT 24.174m versus [22.465m]
H1 PAT 16.922m versus [22.465m]
52wk Range: 15.00 21.00
FY Earnings Swot Analysis
Turnover 0.775943b versus 1.100947b
Cost of Sales 438.712m versus 552.687m
Selling and Distribution Expenses 87.499m versus 152.478m
Admin Expenses 274.004m versus 183.793m
Profit Before Tax -25.949m versus 213.075m
Profit After Tax -22.465m versus 127.746m
Earnings Per Share -0.38 versus +2.18
High inflation and sharp depreciation in the shilling last year had forced the Kenyan government to re direct funds to other priorities, the company said in a statement On Tuesday. Longhorn, Kenyas first listed book publisher, began trading on Kenyas Alternative Investment Market Segment in May. Governments generally accounted for 80 percent of textbook purchases, Longhorn said.
Its at a Post Introduction Low and evidently soft Results were expected. Nothing compelling here, for now.