Today, Scholastic Corporation (NASDAQ: SCHL) reported financial results for the Company’s fiscal fourth quarter and full year ended May 31, 2017. Read the press release here.
Some of the highlights from Fiscal 2017 include:
- Revenues grew 4% to $1.74 billion. Excluding the impact of foreign exchange, revenue increased 5% versus the prior year period. Domestic trade publishing revenues were up 45% on the performance of new Harry Potter publishing and other strong titles, including Dav Pilkey’s Captain Underpants and Dog Man series, while children’s trade publishing saw growth across international markets.
- Education revenues increased 4% for the year and 12% in the fourth quarter, driven by continued higher levels of market penetration for the Company’s balanced literacy programs, including core guided reading and summer reading.
- Operating income from continuing operations was $88.9 million, up 32% from $67.6 million in the prior year. Excluding one-time items, operating income from continuing operations was $109.1 million, up 17% from prior year. Operating margins improved in all three segments.
- Earnings per diluted share from continuing operations increased 17% to $1.48. Excluding one-time items, earnings per diluted share was $1.83, an increase of 8% versus the prior year period, exceeding guidance.
“In fiscal 2017, operating income grew by 17% driven by the strong performance in trade in the first half of the year and the strong finish in our Education business in the fourth quarter,” said Richard Robinson, Chairman, President and Chief Executive Officer. “We continue to see an expanding market for our core Pre-K to 6 reading programs as a substitute for basal textbooks, and we are in a strong position to continue to grow market share with our comprehensive literacy curriculum and professional learning services."
Read more at Publishers Weekly.