Penguin Books Publishing, the publisher of the beloved children’s books by American author and children’s book author, published its first quarterly profit in two years and said it is looking to sell another $1.2 billion in books over the next two years.
The company, which was founded in 1982, reported quarterly revenue of $1,092 million in the first half of this year, a slight decline from a year earlier, but a record.
Penguin Books had a net loss of $922 million, which is an improvement over the $1-billion loss in the same period last year.
The publisher said it has signed deals with Warner Bros. and Disney to publish a number of its books on the big screen.
The firm said it was also adding new titles to its catalog.
The move came as Disney was considering releasing the live-action animated film The Little Mermaid as a part of the Disney Princesses trilogy, which would have been a $5 billion blockbuster.
The movie was not included in Disney’s budget.
Penguin books is a division of Penguin Random House.