Originally published at www.seclive.com
Scholastic Corporation (NASDAQ:SCHL) announced its third fiscal quarter financial results, posting a net loss that tightened from a year ago. Revenue fell from $378.6M a year ago to $373.5M, with Educational Technology and Services revenue falling the most of all segments, by 14% from $41.8M to $35.8M. The company's largest segment, Children's Book Publishing and Distribution, rose slightly by 1% from $187.5M to $190.0M, with school book fair revenue increasing 3%. Scholastic's net loss shrunk from $20.1M and $0.63 per share to a net loss of $12.1M and $0.38 per share. Chairman, President, and CEO Richard Robinson remarked that the company had a great first half but the second half was impacted by sales forces that are now properly integrated, which will lead to profitability going forward.
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