Fiscal 2012 Q3 Results
By Scholastic on March 15th, 2012
This morning, Scholastic released our third quarter earnings, which reported higher revenue and significantly improved results for fiscal year 2012. You can read the complete press release here.
An excerpt: “Scholastic’s strong momentum across the Company this fiscal year continued in the third quarter, as we increased profits significantly. We were especially delighted by the success of Suzanne Collins’ The Hunger Games trilogy, yet another Scholastic-published global phenomenon with a large crossover readership by adults. Sales of the series reached a high point in the quarter, ahead of next week’s highly anticipated movie release. In addition, Scholastic’s distribution strengths were evidenced by double-digit sales growth and profit improvement in School Book Fairs last quarter,” commented Richard Robinson, Chairman, President and Chief Executive Officer. “Last week we also moved forward with our plan for distributing children’s digital books. We introduced Storia™, Scholastic’s new children’s ereading app and ebookstore, and began a phased roll-out to teachers, parents and kids through our Book Club and Fair channels.”
Mr. Robinson continues, “Year-to-date sales and profits have also risen both in Educational Technology and Services and in Classroom and Supplemental Materials Publishing, though the third quarter is a seasonally lower revenue period for these businesses. In both segments, expanded selling and service capacity and new products, including READ 180® Next Generation, have strengthened our market positions substantially.” Mr. Robinson concluded, “Based on the robust performance in Trade last quarter, as well as across the Company year-to-date, we have raised the full year outlook for sales, earnings and free cash flow, while we continue investing in key growth opportunities in children’s books and education.”
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