Scholastic reports fiscal 2015 third quarter results

Scholastic  //  Mar 26, 2015

Scholastic reports fiscal 2015 third quarter results

Today we reported financial results for the Company’s fiscal 2015 third quarter ended February 28, 2015.

Revenue in the third quarter was $382.1 million, compared to $373.5 million a year ago, an increase of 2%. The Company reported a third quarter loss per share of $0.68, versus a loss of $0.38 a year ago, when the Company recorded a one-time tax benefit as a result of a favorable settlement of outstanding federal tax audits. Results for the third quarter of the current fiscal year include one-time expenses of $0.09 per share, which are detailed below. The prior year period included a one-time net benefit of $0.30 per share. Excluding one-time items, third quarter loss per share was $0.59 compared to a loss of $0.68 in the prior year period.

The year-over-year improvement in third quarter operating results was largely driven by stronger sales in children’s books, especially in the Company’s school-based distribution channels, higher circulation of the Company’s classroom magazines, and increased sales of the Company’s classroom books and literacy initiatives. These gains were partially offset by the adverse effect of foreign exchange on the Company’s international business, as well as lower sales in the Company’s educational technology and services business and reduced local currency revenues in the United Kingdom and Canada.

You can view the complete press release about our third quarter results here.