IDW Media Holdings is continuing to downsize, with its Co-Publisher no longer with the company, after another big quarterly loss in its fiscal Q2 ended April 30. The company lost $901,000 in the quarter, a big improvement from the $1.9 million loss in the year ago quarter, but still a hefty amount.
Sales were up 4% to $5.7 million for the quarter, with increases in direct market revenue (Turtles comics), DTC sales, and increased Retail Exclusive orders offsetting increases in book returns and discounts and declines in book market sales and digital revenue.
There were profitability improvements in both of the company’s segments, with the Entertainment segment operating losses declining from $473,000 in Q2 2023 to $80,000 in Q2 2024 (on negligible sales of $95,000), and operating losses in the Publishing segment declining to $813,000 from $1.455 million in Q2 2023. Savings are coming from expense reductions, which continue.
IDW Co-Publisher Mark Doyle and Book Trade Marketing Manager Holly Aitchison are no longer with the company, according to their LinkedIn profiles. Doyle joined the company in February of 2021 as Editorial Director, Originals after 15 years at DC Comics (see “IDW Announces New Hires“), and was promoted to IDW Co-Publisher, along with Tara McCrillis, in May of 2023 (see “Promotes Co-Publishers“). McCrillis was promoted to President Publishing Operations in April 2024.
Aitchison had been at the company less than a year, focused on marketing Top Shelf Productions and IDW Originals titles to the book market (see “IDW Hires for Marketing“).
The departures were involuntary, part of a four-person reduction in force, according to Publishers Weekly. IDW did not respond to questions about the layoffs.
IDW laid off five management employees earlier this year (see “IDW Layoffs, Departure“).
Source: ICV2
