Fiscal 2012 Q2 Results
By Scholastic on December 15th, 2011
This morning, Scholastic released our second quarter earnings results for fiscal year 2012. You can read the complete press release here.
An excerpt: “In the second quarter, Scholastic remained on track to achieve fiscal 2012 goals for higher profits, significant growth in educational technology and further progress with the digital transition of our children’s book business. We also continued to generate robust free cash flow, allowing us to return capital to shareholders and invest in growth opportunities, including education,” commented Richard Robinson, Chairman, President and Chief Executive Officer. “Both of our education segments performed strongly last quarter. In the Educational Technology and Services segment, revenue rose more than 30% and operating profit grew substantially. Scholastic’s market-leading reading intervention program, READ 180® Next Generation, continues to perform extremely well, benefiting from enhanced features as well as READ 180’s proven effectiveness, which was confirmed again last month by the results of the U.S. Department of Education Striving Readers study.”
Mr. Robinson added, “Children’s Books also performed strongly last quarter. Multiple best-selling Scholastic titles – in print and digital – drove significant growth in Trade sales and higher segment profits. At the same time, we moved forward with key digital initiatives, as we prepare to introduce a Scholastic children’s ereading app and ebookstore in our school channels in March 2012. Further progress with cost reductions in non-digital areas is helping offset continued investment in these initiatives.”
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