The Bureau of National Affairs has written off the remaining $6.3 million in good will for the unit that markets the Kennedy Information and IOMA lines after that subsidiary filed for Chapter 11 bankruptcy protection in September. Nevertheless, the publisher rebounded to profitability and registered a slight gain in revenue for the 12 weeks ended September 11 and it reported signifcant improvements in operating profit at BNA Software.The unit that filed for Chapter 11, BNA Subsidiaries, was formed in 2008 when the parent company combined the former Kennedy Information and Insitute of Management and Administration. However, BNA says the recession hit the Web seminar and newsletter products that are important in that sector. BNA had been funding losses, but decided it would not continue doing so, triggering the bankruptcy filing.
For the most recently ended period, BNA reported revenue of $73.4 million, compared to $72.9 million in last year's corresponding period. It had an operating profit of $7.1 million, contrasting with an operating loss of $9.8 million a year earlier. After taxes, the company ended up with net income of $1.7 million, a turnaround from year's loss of $6.8 million.
Publishing revenue for the most recently ended period was just over $62 million, down less than $250,000 from a year earlier. Printing revenue of $4.5 million represented an increase of 4.2 percent from $4.3 million in last year's corresponding period. BNA Software reported revenue of $6.9 million, up 8.2 percent from $6.3 million. While two of the segments posted an operating profit, compared to operating losses a year ago, BNA had $2.4 million in operating profit, a rise of 62 percent from $1.5 million in last year's corresponding period.
