Houghton Mifflin Harcourt repays $50 million under revolver in July

By Devika Patel

Knoxville, Tenn., Aug. 2 – Houghton Mifflin Harcourt Co. paid back $50 million drawn under its revolver following the end of the last quarter.

“We ended June with $50 million drawn on our revolving credit facility, which was fully repaid in the month of July,” chief financial officer Joe Abbott said on the company’s second quarter ended June 30 earnings conference call on Thursday.

Adjusted EBITDA for the second quarter was $62 million, an $11 million drop from the adjusted EBITDA of $73 million in the same quarter of 2017.

Adjusted EBITDA for the first six months of 2018 was $47 million, $2 million less than the adjusted EBITDA of $49 million in the same period of 2017.

As of June 30, Houghton Mifflin Harcourt had $30,709,000 of cash and cash equivalents, compared to $148,979,000 million of cash and cash equivalents as of Dec. 31, 2017.

The company had $50 million outstanding on its revolving credit facility as of June 30.

Houghton Mifflin Harcourt is a Boston-based educational publisher in the K-12 market.

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