Today we reported results for the fiscal 2014 second quarter ended November 30, 2013.
Revenue in the second quarter was $623.2 million, compared to $613.5 million a year ago. We also reported second quarter earnings per diluted share from continuing operations of $1.80, versus $1.91 in the prior year period. Results for the second quarter of the current fiscal year include one-time expenses of $0.35 per diluted share, which include an impairment charge of $13.4 million, related to goodwill from legacy acquisitions previously made in the Children’s Book Publishing and Distribution segment, and $5.5 million of one-time expenses related to cost reduction and restructuring programs. Consolidated earnings per diluted share was $1.80 in the quarter, compared to earnings of $1.89 a year ago.
Second quarter results were largely driven by profit improvement in children’s books; continued robust performance of Scholastic’s new educational technology programs, which were successfully launched over the summer; favorable results in classroom book collections and guided reading initiatives; and growing circulation of the Company’s classroom magazines. These results were partially offset by the performance of the International segment where the impact of fluctuations in foreign currency exchange rates more than offset the effect of double-digit revenue growth in Asia.
