Thomas Nelson has reported net revenues were $45.6 million in the three months preceding June 30, a 7% decline from $49 million the previous year.

Net income was $0.7 million, compared to $1.9 million in the same quarter a year ago. Diluted earnings per share were $0.05 in the recent period, compared to $0.12 last year.

“Our first fiscal quarter is, in most years, our slowest, which tends to magnify the impact of events-either good or bad,” said Sam Moore, Thomas Nelson's chairman and CEO.

There were three primary factors contributing to the decline in net revenues for the quarter, Moore said.

“First, the company had no major new releases during the first quarter. Most of our major new releases this year are scheduled in the second half of the fiscal year.

“Second, Women of Faith hosted one less event in the first quarter compared to the prior year. Additionally, as trade sources and government statistics indicate, the book retailing market is down over all for the calendar year to date, which causes our direct customers to be slow in reordering and quick to return slow-moving merchandise.”

Michael Hyatt, Thomas Nelson's president and COO, said he's cautiously optimistic that the “comparisons will improve as the year progresses.”

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