Crown Publishing Group, the publishing arm of the Christian publishing group Holman Bible Publishers, announced a sales decline for the first time since 2007, the year it was acquired by Crown Publishing.
The publisher’s shares fell 7% on the news, and by $3.20, the biggest drop since the company was acquired for $1.5 billion in 2014.
Crown Publishing was the fourth-largest Christian publisher in the U.S. by sales in 2015, with nearly 8.7 million copies sold.
Sales for the year, according to the company, were up 12% compared to 2015.
The company’s quarterly sales fell to $3,200, or $1,400 less than the previous year, and its book sales dropped 6% to $1 billion.
Crown Publishing is based in Fort Lauderdale, Fla., and is a subsidiary of Crown Publishing (CPL).
The company reported a quarterly loss of $847,000, or 17 cents per share, for the period ended Sept. 30.
CPL’s shares were up $1 in after-hours trading.CPMG, which also publishes The Bible and The Westminster Standard Bible, said it would not disclose the number of titles it sold in the period, saying the data was confidential.
The news came a day after CPMG announced a 7% decline in its fourth-quarter profit, saying it had lost $5 million in the quarter.
The company also said its book business was down $5.7 billion from the same quarter a year ago.