In January, Cat and I take stock of our previous year and look ahead to the next one in our Annual Partnership Meeting. We hold this on the dry Friday before WarpCon, a games convention based in Cork, Ireland, primarily in the student union bar, which means good minutes are essential. The Book of Demons is ready to print, and Cthulhu City is available as a PDF.

Fun With Data

2017 was our second best year in terms of USD sales. The first best year was 2014, but that included two Kickstarters.


To give you an idea of how things compare through each channel, we have this.


Sales through distribution (and hence retail) continue to decline, but they are still at historically high levels, and unit sales though distribution of print books continue to be much higher than through mail order. Now on to something stranger!

Unclaimed Digital Rewards

This shows the digital rewards for various Bundles of Holding and Kickstarters which remain unclaimed.

For Bundles of Holding I understand, because we send out a single email, and most backers have already claimed their rewards on DriveThruRPG. For Kickstarters, some we provided downloads with direct links, then followed up with Bookshelf – so you’ll see Hillfolk and 13 True Ways are mainly unclaimed, but that’s just because they already have their books. But for TimeWatch, a large proportion of people have simply not snagged what they pledged for.  Likewise, in 2016 and 2017, more than 1000 people placed orders (mainly print orders) and didn’t claimed their free PDFs. This just involves registering for a free bookshelf.

Don’t go rushing to support – we’ll send follow-up emails in the next month or so.

Production Schedule

For a long time, we’ve aimed our production schedule at Page XX  – ensuring that we have something new out each month to coincide with its release. Likewise, we’ve concentrated heavily on getting books out for Gen Con. This has turned into a grind, and held up production of larger books. In addition, the fixed costs and sales of smaller PDFs makes them less worthwhile, unless we’ve got non-commercial reasons for doing it.

So, you’ll see releases coming out less regularly, but with greater frequency. 13th Age is its own thing, with Rob Heinsoo running that line in parallel to the other books.

Fall of Delta Green

The PDF is in the hands of Arc Dream, and we hope to have it out to backers next week. The final layout will go to the printers at the end of next week, too. If takes a couple of months to print and ship at least.

It will go on general preorder in the Pelgrane store at the end of February, to be shipped out after the backers have been sent theirs.

Swords of the Serpentine

Kevin Kulp and Emily Dresners’s GUMSHOE game of cities, secrets, and sorcery has now hit 150000 words, and is being polished ready for external playtesting.  Kevin has run it himself for more than 100 playtesters. When designers run their game, it helps them hone their design fixing weaknesses and flaws, but it’s very hard to know if the text does the job of transmitting the game they want the players to experience without sending it out for external playtesting. Playtesting also shows flaws in the design, gives us an idea of the market for the game, but making sure people are playing the game we intended is pretty high on the list.

13th Age

The Book of Demons is uploaded to bookshelves, and is on its way to the printers.

Rob Heinsoo is concentrating on Book of Ages, and the thorny problem which is Shards of the Broken Sky cartography.

A Final Word

I’ll leave you with this snippet – the most popular article in the last year is What’s Your GUMSHOE Size? a guide to which GUMSHOE system might suit you.

brexit2At midnight on 13th January 2017, we are increasing the GB pound prices in our webstore. This article explains how we calculated our new prices, and some of the reasons for the increase. For a full breakdown of the reasons behind this price increase, see my previous article, Brexit and Price Adjustment.

Why Adjust the Prices?

Before I get into our methods of calculation, I’ll quickly cover the reasons for the price change and how it affects our customers. This is entirely a financial decision. Almost all of our trade is in US dollars, and we account for most of our income and expenses in dollars. So, when the GB pound fell in value against the US dollar after Brexit, our income in dollars from the mail order store declined, because all our non-US and Canadian sales are in GB pounds. We’ve paid our US printers in dollars to ship every book we sell from our mail order store, so not only are we making less money gross on every sale, our fixed costs remain steady in dollars, and are now higher in pounds, so we make far less net margin.

I’ll give you an example. On 13th January 2016, you could buy a 13th Age Core Book for £29.95. At the time, this was US$43.37 – compared to a USD price of $44.95. On 13th January 2017 (the day I am writing this article), that same book, selling at £29.95, is worth US$36.23. Tomorrow, after the price change, the new price of £34.95 will be worth $42.21. If you are a UK customer, you’ll be paying £5 more, and we’ll get slightly less in dollars.

currencyThe Effect of This Change on Our Customers

The impact of the price change compared with last year’s prices depends on where you live. If you live outside the UK, there will be almost no difference in the average price you pay for our products in your currency, compared with what you paid this time last year.

US and Canadian customers

The US dollar prices are unchanged.

Eurozone customers

After the price change, customers will be paying almost the same in euros as this time last year.

This time last year, the 13th Age Core Book would have cost you €40.07. Today, the same book would have cost you €35.13. Tomorrow, it will cost you €40.99.

UK customers

UK customers will be paying an average of 17% more in pounds for our books than last year. After the increase, we’ll be making about the same amount from UK sales in dollars as we were in January last year.

Other customers

For most of our customers, there is very little change, compared with this time last year. The pound is at a historic low against a basket of currencies.

Here are a couple of examples:

  • This time last year, the 13th Age Core Book would have cost Australian customers AUD61.39. Today, the same book would cost you AUD49.11. Tomorrow, it will cost you AUD57.31 – significantly less than last year.
  • This time last year, the 13th Age Core Book would have cost customers in the Czech Republic 1077 Kč. Today, the same book would cost you 926 Kč. Tomorrow, it will cost you 1081 Kč – pretty much the same as last year.

To work out the values for your currency, get the conversion rates here.

How We Calculated our Prices

Historically, our UK prices have been based on the approximate exchange rate between the $ and £ at the time the product was released. This means our current UK prices are not consistent with the UK prices of historic products. So we’ve taken this chance to make our pricing more consistent across the board.

The first thing we did was pick an exchange rate: 1.28 USD/GBP. This currently favours non-US customers, and shows a certain optimism on our part.

Then we rounded the figures to .95 and 50p. We weighted the rounding towards the nearest pound because 50p prices don’t sell as well. Any price 40p or below was rounded down; 60p or above, rounded up.

The we applied a “Magic Nine” formula. Magic Nines are prices where the significant digit ends in a 9, like 19.95, 29.95, and 39.95. So we rounded prices near these values up or down as appropriate. We didn’t adjust prices around the 9.95 mark, because the impact to the price was too great. Numbers ending in 7 and 8 were rounded up to 9, and numbers ending in 0 or 1 were rounded down to 9. The combination of all these measures lead to a an average 17% increase. For comparison, if we hadn’t applied this formula and had instead just gone for a Round to Nearest 50p  /.95 there would have been an average of 20% increase in the prices.

Revisiting our 13th Age example, the US$ price is $44.95. We divided this by the exchange rate (1.28), to get a value of £35.12. When we rounded the figures to .95 and 50p, this produced the new price of £34.95 – an increase of 17% for UK customers.

If anyone is interested in the Excel formulae, email us for more details.

Stone Skin Press and Dying Earth

Stone Skin Press books and some of the earlier Dying Earth books have UK prices printed on them, so they remain at their former price.

Future Pricing

If there is a significant fluctuation in the dollar / pound exchange rate which we believe will last, we will adjust the exchange rate, and apply the updated formula again to get new prices. We’ll let our customers know in advance, so they can either chose to hold off from buying our books (if the prices will decrease), or chose to buy at that point (if the prices will increase), to take advantage of the change.

[Note to self – musn’t use pie charts. Steve Dempsey says they are bad.]

It’s been another great year. Reading last year’s post, this post is like a sequel to last year’s – in a Godfather 2 rather than Highlander 2 way.

The key phrase for this year is mid-tier. We aspire to the median heights of mid-tierness. Everything we publish, how we sell our books; everything we post online or email we think – would a mid-tier company do this? So far, this has guided us well.

The figures show our turnover has increased by 45%. This is somewhat misleading – 2013 had no Kickstarter income, and 2014 had two Kickstarters, and I consider Kickstarters to be unhatched chickens – we sit on the money as a pre-payment for costs, not as a big pot of working capital. If we exclude Kickstarter, the increase was around 16% – still impressive.


Why the increase?

In part the new shininess of 13th Age supported by the Organised Play team, improved social media presence, but also Cat Tobin’s amazing efforts in unclogging the production pipeline and releasing so many new books. I also think the release of 5th Edition and the general increase in the size of the audience has something to do with it. 13th Age continues to be our top-selling product. Once again, though, sales of non-13th Age products have increased – by 10% (excluding Kickstarter)

We absolutely punch below our weight in marketing terms.

Once again, and despite everything we learned in 2014, we released a huge number of products at GenCon, as you can see from the spikes in the sales graph.

Our Different Lines – By Units

The 13th Age core book outsold every other core book by a long shot – as you might expect.Trail continues to sell reliably, and Night’s Black Agents figures got a modest boost from the Dossier. though not all of the extra sales are included in the figures.

Hillfolk is selling much better through distribution than I thought, and is holding up, too. Blood on the Snow and the cards have sold through. So, I will look at ways we can support the line.

The picture looks a little different when you add all the supplements in. It’s a little misleading to look only at unit sales, of course, because Trail includes many modestly-priced supplements.

Finally, just for fun, all sales from all lines since records began:


The big differences between 2013 and 2014 were – no Kickstarter in 2014, and the emergence of The Bundle of Holding. Amazon, much to my regret, plays a more significant role, but only really to sell copies of 13th Age Core Book as a gateway, and with very little margin. If we exclude these, the proportion of sales through other channels were pretty much the same.

Here you see how print and PDF compare – 38% of our unit sales by PDF.  OBS is and This excludes the Bundle of Holding – on a per-unit basis this would skew the chart wildly. What’s also important here is the role of distribution. Despite the low margins, retailers still play an important role. 13th Age has attracted casual sales through retail we wouldn’t typically get.


Margins in our corner RPG business remain tight, and now that we are mid-tier, I have to take the whole thing a lot more seriously, as a slip up could cost thousands, and full time employees and freelancers depend on us. People, printers and shippers get our money. I’m very pleased to be able to employ three people permanently, while I am a part timer. Cat is taking a more central role in running the business.

Shipping costs are brutal. Customers outside the US are effectively getting heavily subsidised shipping. US to Canada shipping is just mad. Lower oil costs might help, but I’m not counting on it.

This year we have two Kickstarters to fulfill. We’ve built in a little wiggle room on the shipping costs, but I still think we’ll end up down on costs. despite what we’ve reluctantly had to allow.

The Future

The very best thing for us to do to increase our margins is to increase unit sales, enabling us to pay artists and other creators more money. Our products are beautiful and award-winning, but compared with other similar companies, our marketing is not nearly what it could be. So this year we are devoting more of our resources to social media, building organised play programs and International Pelgrane Day. It’s hard not to spend all day making and planning new products, but we need to sell them, too.

I think last year was exceptional – running two big Kickstarters in year and getting the revenue in for them is very unusual. I expect this year to be steady on the sales side, and revenue to be down on 2014, and that won’t concern me. We have to deliver what we promised on TimeWatch and The Dracula Dossier.

13th Age from a business point of view is a great fit for Pelgrane Press – it’s enabled us to grow, and I think we’ve bought a touch of our magic to it, too. So creatively and as a gamer, too, I’m very happy to have published it.

The work I did to produce this report shows I need to have better and more consolidated access to the data. Margins by channel and type are very hard to work out, for example. So I need to consolidate the data and polish up the Magic Spreadsheet.

It’s what a mid-tier company would do.


I’ve been asked at panels, on social media and in person about the effect of D&D 5th Edition on 13th Age.  The concern is that 5e will negatively affect 13thD&D Age sales is also averred to in this excellent review of the 13th Age Bestiary over at Geek Native. Won’t the new version of 5th Edition have an impact on your sales? My answer is, I sincerely hope so.

When D&D 5e came out, I held my breath. How good would it be? Would it upset people? Would it divide the market?  D&D has to be vanilla. I mean that in the best possible way – it has to appeal to as wide a range of people as possible.  It was an extraordinarily difficult brief, but Mike Mearls and his team did it. It’s a great game, and there is no noticeable division amongst players of previous versions.

Thank goodness.

sD&D is the pioneer, with the sales muscle of a big corporation behind it; it’s the category brand, the market leader, the gateway drug. If D&D succeeds, RPGs succeed. (I’m putting aside the special case of Pathfinder for this article, owlchubwhich I might discuss another time). As the co-founder of ProFantasy Software, I am keenly aware that sales of Campaign Cartographer 3 depend on the size of the roleplaying game market – really – the number of tabletop gamers. And we are all D&D players, from the Forge to the OSR. There may well be some churn between different RPGs, but nothing that affects us. The only table-top RPG non-roleplayers can name is D&D.

But this leaves room, more than room, for the distinctive quirkiness of 13th Age and other similar games in the category. D&D can’t speak in the voice of the individual designers, push ideas to the edge of too far, or even irritate reviewers with informal language. But there is room for games which do.  I do like the idea that 13th Age is, in some way, a serious competitor to D&D. Hah – we are a pimple on the buttock of their enormous sales! The theory assumes we are talking about a static market, and that 5e is taking share from other RPGs – absolutely not.

What a succesful D&D 5e does is increase the number of gamers.

13th Age appeals to a certain percentage of gamers.We hope that it will continue to appeal to a growing percentage of gamers. However, with D&D 5e a big success and the market getting larger – we don’t have to appeal to a growing percentage gamers.  Tiny companies can’t do much to increate market size. Market leaders can. If we appeal to the same percentage of gamers, we will still be selling an increasing number of copies. As it happens, we are doing both.

So in answer to the premise D&D versus 13th Age, who wins?

Gamers win.

Pelgrane Biz 2013

For some reason I didn’t do a biz post last year, so I’ll refer back to my 2011 round up and predictions for comparison.

It’s been another amazing year for Pelgrane. Our turnover has increased by 30% over 2012, even though that year featured the Hillfolk Kickstarter. This was from a high base in 2011, where turnover had more than doubled from 2010. I dug deep into the past for this overview:


A more recent breakdown of monthly sales.sales from 2010

General reasons for increased sales:

  1. 13th Age starred as the top-selling individual product. However, total sales increased, even excluding 13th Age from 2012 and 2013.
  2. Somehow, don’t ask me how, Cat Tobin managed to release 17 new products last year, and in particular ten of them at GenCon.
  3. The community has grown, and in particular Ash Law’s Organized Play for 13th Age has been extraordinary
  4. Our social media presence, enhanced by Wade Rockett, and marketing by Matt McElroy over and OBS have made a huge difference.

On the expense side:

  1. Our expenses were much higher because of staff costs (Ken, Cat and now Gareth). It’s wonderful that Pelgrane can employ three permanent staff. (I’m a part-timer – most of my time is spent with ProFantasy and The Noteboard.)
  2. Releasing so many books at GenCon was amazing, but mad. It wasn’t intentional – we had issues with the printer on some books, while others came whizzing through. The expense of all those casebound books released at once together with reprints has converted cash to books.
  3. The Hillfolk Kickstarter fulfilment was way, way more expensive than our estimates. So we spent a lot of that money funding various delivery companies. We have learnt from that. However, Hillfolk and the DramaSystem are gorgeous and game-changing.

Sales By Source

Apologies for the variable pie size. What kind of world would it be if all pies were the same size?

First gross sales – simply, the total sales  through each channel. OBS is /

sales gross

And with some guesswork, net margin after all costs.

sales net marginSo what’s the point in doing distribution? The answer goes to the core of what we do. We want as many people to play our games as possible, and we want our games to look at beautiful as we can afford. You see that 48% / 7% for net margin there? In terms of unit sales, it’s very different. For example, we’ve sold equal numbers through distribution and mail order. This enables us to print twice as many books, and get commensurate economies of scale. In the case of Ashen Stars and Night’s Black Agents, makes a full colour casebound book possible.

 Sales by Line

Here are all sales in units, by line for most lines. 13th Age doesn’t look so exciting but…

sales unit

…when you look at sales of just the core book, ever, it looks a little different. 13th Age has quickly moved into the “casebound supplements are worthwhile” category. The Bestiary, our first supplement is casebound full colour, a minor risk at the time of commissioning, but looking worthwhile now.

It’s unlikely we can give all supplements the full-colour treatment – not only are the much more expensive to print, but the layout and art are more than double the cost.

core books


Print versus PDF

Sales through OBS continue to do well, though PDFs remain steady against print as a percentage primarily because of the success of the 13th Age Escalation Edition. Ease-of-use fights with the attractiveness of these physical books. It’s clear that our policy of releasing PDFs after the print version is out continues to bear fruit.

pdf vs print net

PDF vs print gross

Also for the first time last year, we were involved with Pay What You Want through Allen Varney’s Bundle of Holding, and we are repeating this with the Dying Earth Bundle of Holding. Early indications suggest that these bundles don’t affect ongoing sales.

We’ve had a few questions about the 13th Age ebook release. First the facts.

  • The ebook will be made available before the end of the month to anyone buying the Escalation Edition.
  • The ebook will also be included with any order after the release date.
  • For retail customers, the PDF will be available to customers of Bricks and Mortar stores free via the Bits and Mortar program.
  • The ebook will be released as a stand-alone product one to two months after the retail release.


We’ve tried lots of methods with different releases, and the one we are using for 13th Age has worked best in the past.

Each pre-order sale makes us about six times as much as a retail sale, but even so, mail order sales will still be a fraction of retail sales and we think that the buzz amongst alpha gamers builds retail sales in any case. So, the pre-order lets us print high quality books, much higher than we could risk otherwise, and doesn’t impact retailers, or even helps them.

The pre-order includes the PDF and any other ebook version we might ever do, which we hope satisfies the desire to play the game on an electronic device. The mail order release version will also include these elements.

When the retail version is out, retailers who have joined Bits and Mortar will be able to supply the ebook to their customers, too.

Then, when the retailers have had a good bite of the cherry, we release the eBook verison. Now, if we charged the price of the book minus the printing cost for ebooks, we could release now, but I prefer to price them a little lower than that – about half the retail price (though I can’t promise that).

This has the disadvantage of leaving the people who only want an ebook version out in the cold until the ebook is released, but it’s not much of a wait, and on balance it seems a reasonable choice.

Pelgrane Press has appeared on the RPG Countdown podcast a good few times over the years. Now, Ed Healey presents his top 100 for 2011. Pelgrane appears ten times with Ashen Stars at number 30, and Graham three times.  Jason Morningstar’s Fiasco comes in at a well deserved number 1.

Ed gets his data from 126 stores and some manufacturers, so out of interest I compared this order with our total sales, including PDFs. If were to include January 2012, Ashen Stars would storm into the lead.

Pelgrane Podcast Rank Podcast Rank Actual 2011 Sales Rank
(1) 30. Ashen Stars 3
(2) 35. Bookhounds of London 1
(3) 40. The Dead White World 6
(4) 47. Trail of Cthulhu 2
(5) 64. The Book of the Smoke 4
(6) 71. The Rending Box 11
(7) 90. Dead Rock Seven 7
(8) 91. The Big Hoodoo 12
(9) 95. Invasive Procedures 14
(10) 98. The Dance in the Blood 15
NA Out of Time 5
NA Rough Magicks 10
NA Arkham Detective 8
NA Armitage Files 9

Don’t forget Ed’s competition – if you buy any book on the list you can post (snail mail) the receipt to him and you’ll go into a draw to win $2011. This includes sales from your FLGS or direct from the manufacturer. I suspect the odds of winning are pretty good. (For a Pelgrane order, just print out your order page and send it in).


Following on from the previous post, this is how gross $ sales break down by outlet.


The net margin picture (which includes a lot of guess work) looks a little different:



PDF sales declined as a percentage of net margin, because of the mammoth Ashen Stars and Bookhounds pre-orders, but increased overall.

So, after all this, why would I carry on doing distribution sales? Well, in 2011, I sold nearly 5000 games through distribution. By mail order, including a whole bunch of additional PDF products I sold about 4000. One of the purposes of Pelgrane Press is to get as many of our games in to the hands of as many gamers as possible – and we can only do that through retail. Even if we were to make more money by selling direct only, I still wouldn’t do it. Retailers are also the recruitment ground for many new players, and they fulfil a valuable role maintaining and building the hobby. Finally, we sold 75% of our copies of Bookhounds through retail, and it’s only because of that we can justify the print quality that we want using offset printing.

Pelgrane Biz 2011 Part 2

This post covers the relative success of the different lines of lines of products. If you have any questions, post in the comments.

Core Book Sales

This pie chart shows the proportion of sales we’ve had for each of our core lines, since we started. The second, how each fared in 2011.

What I note from this:

  • Ashen Stars has quickly caught up with Fear Itself and Mutant City Blues. It remains to be seen if it has long-term legs. I suspect the print run will last through to March 2013.
  • Night’s Black Agents has only been on sale for a couple of months, so not much to say there other than it’s matching Ashen Stars pre-orders. I am hoping that Night’s Black Agents will be an evergreen product.
  • Trail of Cthulhu is still the dominant force, and that will continue. We sold more Trail in 2011 than 2010.
  • Trail, Esoterrorists, Mutant City Blues and Fear Itself all sold 10% of their total sales in 2011. Dying Earth core book sales were lower, unless I take into account the Loot sale we did, in which case, again, 10%. I think there is something to learn there, but I don’t know what it is.

Supplement Sales

These charts combine supplement and core book sales.

  • Because we’ve sold so many Trail, Trail supplements sell well – enough to do offset print runs in many cases. So, unsurprisingly, we do more of them, and sell more of them.
  • In 2011 Bookhounds sold through its print run, and Arkham Detective Tales with its new lease of life as the Extended Edition, Rough Magics and Armitage Files topping 1000 copies.
  • The Occult Guide was a surprise hit – nearly 1000 copies sold. We’ll be doing another of those, for England / Britain.
  • Releasing DR7 with Ashen Stars was a good move – it’s matched 45% of the print run of Ashen Stars.
  • We released a fantastic number of small supplements for the Dying Earth – love more than money, really, hence the high percentage of unit sales over all. I expect the Revivification Folio to live up to its name on the DERPG line.

Publisher Rules of Thumb

From all this data, and some other, more sensitive stuff, I have some publisher rules of thumb:

  • 3000 copies is the true sweet spot for a core book. If you are producing quality print supplements for such core books, you can be sure to hit 1000 copies of them after about two years.
  • The Print Bundle of PDF products is worthwhile.
  • For an evergreen line, expect to sell 25% of your first year sales each year.
  • Extended editions are definitely worthwhile. On this basis, I’m hoping that second editions are, too.
  • Release your first supplement with your core book. Compare the Fact Book (31% of Esoterrorist customers) with Dead Rock Seven (45% of Ashen Stars customers).


Pelgrane Biz 2011 Part 1

This post compares this year and last. I’ll look at my 2011 predicitions as I go through the figures. Another post will look at a few sales numbers.

The first thing to say is that this has been a great year for Pelgrane. Our turnover more than doubled, and it’s twice the turnover of the previous best year (2008) Pelgrane can support one employee with a little to spare. Our margins are still quite slim, though. I’d like to pay our freelancers more, but that will only be possible if our per-title margins increase – ideally by selling more copies of each book.

General reasons for increased sales:

  1. First, and straightforwardly, we released twice as many products – nineteen in all.
  2. The wide acceptance of GUMSHOE, in particular Trail of Cthulhu, and the resultant player network.
  3. Our much-improved and content-rich website, with regular updates and social media interaction
  4. Finally, a plethora of excellent reviews and a modest haul of awards.
  5. Beth. She is now working full time for Pelgrane and most of this increase is down to her work.

I predicted that distributor sales would increase by 50%. They pretty much exactly doubled. It’s not too hard to see why – in 2010, our big sellers through distribution were Armitage Files and Skulduggery – the only two products we released. By the end of 2011, new release Bookhounds, The Occult Guide, Ashen Stars all outsold the 2010 new releases. But existing games continued to sell well – Trail sales through distribution increased by 20%, as did Esoterrorists, Fear Itself and Mutant City Blues remained about the same. So, I was wrong in a a good way.

I predicted our mail order sales will continue at this higher level, but be lower as a percentage. Wrong and wrong! Our mail order sales more than tripled. It’s better to be wrong optimistic than wrong pessismistic though. So why did this happen?

  1. A much higher proportion of our sales were pre-orders at full retail price. For Ashen Stars and Bookhounds, we need to sell significant quantities at full price to pay for the offset print run and bring you casebound books.
  2. Limited editions, in particular the Bookhounds limited edition, sold through and brought in a lot of revenue, although the margins are pretty tight. Bookhounds limited edition in particular was a labour of love.
  3. we really tightened up and improved our mail order operation in the UK and Europe, and in December in the US and Canada, too. This lead to more repeat sales.
  4. we released a Page XX nearly every month, with a new release.

I predicted OBS ( and will remain unchanged. It increased by about 60%, partly for the general factors mentioned above, partly because we spent our publisher promotion points, and various site-wide promotions including Lovecraft’s birthday.

I predicted no change for IPR. Sales declined a little, but they improved in the last quarter despite the site being hacked and rebuilt from scratch.

Conventions sales tripled, with the usual low margin. So, we had an excellent GenCon, but the margin was eaten up by additional staff costs – but that was well worth while as it enabled Beth to meet the Pelgrane crew of freelancers, customers and friends (there being some overlap).

 I predicted we’d make a modest stipend from non-PDF ebooks. We’ve failed to get any such books released in 2011. I’ll get it done for the new edition of Esoterrorists.

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