Programs

  • Program 1 [2020]

    AFTER AN EXISTENTIALLY CHALLENGING START, THE NEW PRESS CAN LOOK BACK ON A RECORD BREAKING YEAR IN 2020. FOLLOWING THE COVID SHUTDOWN TOWARD THE END OF Q1, SALES REACHED AN ALL-TIME LOW IN THE MONTHS OF MARCH, APRIL, AND MAY. THE PRESS SWITCHED TO WORKING REMOTELY AS OF MID-MARCH AND WENT INTO AUSTERITY MODE ACROSS THE BOARD, POSTPONING BOOKS AND ELIMINATING ALL UNNECESSARY EXPENSES. IN AN EFFORT TO AVOID LAYOFFS, THE NEW PRESS INSTITUTED A 20% STAFF-WIDE FURLOUGH, CLOSING THE OFFICE ON FRIDAYS, AND SUSPENDED THE ALREADY REDUCED PENSION PAYMENTS ENTIRELY AT THE END OF MARCH. (CONTINUED ON SCHEDULE O)IN EARLY APRIL, WITH JAMES PHELAN HAVING JUST JOINED THE PRESS AS DEVELOPMENT DIRECTOR, WE CONVENED AN EMERGENCY FUNDING ZOOM CALL FEATURING BILL MOYERS AND MICHELLE ALEXANDER, WHICH, TOGETHER WITH OUTREACH BY OUR BOARD CHAIR GARA LAMARCHE TO A KEY FUNDER, RAISED $500K. THE NEW PRESS ALSO BENEFITED FROM A $438K PPP LOAN FROM THE SMALL BUSINESS ASSOCIATION IN MAY 2020 THAT WE EXPECT WILL BE FORGIVEN IN 2021. THEN, IN THE WAKE OF THE POLICE MURDERS OF GEORGE FLOYD, BREONNA TAYLOR, AND OTHER UNARMED AFRICAN AMERICANS AT THE END OF MAY, AND THE NATIONWIDE PROTESTS THAT FOLLOWED, SALES OF OUR BACKLIST RACIAL AND CRIMINAL JUSTICE TITLES EXPERIENCED A REMARKABLE SPIKE. JUNE BROUGHT THE STRONGEST SALES ($1.5M) IN A SINGLE MONTH IN OUR HISTORY, FOLLOWED BY RECORD-SETTING MONTHS IN JULY AND AUGUST, WITH SALES OF $1.4M AND $1.3M RESPECTIVELY. THE SALES RECOVERY WAS FUELED BY THE NEW JIM CROW, WHICH RETURNED TO THE NEW YORK TIMES BESTSELLER LIST (WHERE IT HAS REMAINED FOR THE FIRST TEN WEEKS OF 2021), AND THE STRONG PERFORMANCE OF OUR EBOOK SALES (IN PART BECAUSE IT WAS A STRUGGLE TO KEEP OUR PRINT BOOKS IN STOCK TO MEET THE EXTRAORDINARY DEMAND, AND IN PART BECAUSE STORE CLOSURES LED TO INCREASED DIGITAL SALES). IN ADDITION, SEVERAL DOZEN BACKLIST TITLES ON STRUCTURAL RACISM, POLICING, AND SOCIAL JUSTICE WERE SUDDENLY IN GREAT DEMAND, ALL CONTRIBUTING TO AN UNPRECEDENTED LEVEL OF SALES. BY THE END OF 2020, TOTAL EARNED INCOME HAD REACHED OVER $8M, AND ENDED THE YEAR WITH ITS BEST RESULT EVER.
    Geographies
    Not indicated
    Dates
    Jan 1, 2020 – Dec 31, 2020
    Source
    990
    No causes provided
    No populations provided
    –
    $3.3M

  • Publishing Operations and Sales

    THE NEW PRESS HAD AN OVERALL SOLID YEAR DESPITE FACING THE CHALLENGES THAT MOST PUBLISHERS WHOSE LISTS ARE PREDOMINANTLY COMPRISED OF NONFICTION ARE FACING. OUR FRONTLIST SALES EXCEEDED FORECAST WHILE OUR BACKLIST SALES SHOWED A DECLINE FROM THE UNPRECEDENTED SALES REVENUE ENJOYED IN 2020 AND 2021. SIMILARLY, CONTRIBUTED REVENUES EXPERIENCED A DECLINED FROM THE FIGURES WE SAW IN 2020. THE NEW PRESS CONTINUED TO IMPROVE ITS LIQUIDITY WITH A CASH ON HAND OVER $4M AT THE END OF 2022.
    Geographies
    Not indicated
    Dates
    Jan 1, 2022 – Dec 31, 2022
    Source
    990
    No causes provided
    No populations provided
    –
    $3.5M