During the second quarter, the Company generated free cash flow (as defined) of $129.4 million, compared to $60.4 million in the prior year period. At quarter-end, cash and cash equivalents exceeded the Company's total debt by $107.6 million, compared to $103.7 million a year ago.
"Scholastic had a very strong second quarter, driven by profit improvement in each part of our children's book business and excellent educational technology program sales. These operating results were offset by a one-time, non-cash charge related to acquisitions made more than 10 years ago," commented Richard Robinson, Chairman, President and Chief Executive Officer. "Scholastic continues to be a critical source for books that support children's independent reading in school and at home. In Trade, excitement for the Catching Fire film sparked an increase in The Hunger Games trilogy book and ebook sales following its release in November. Our multi-platform series, SPIRIT ANIMALSTM, also did very well in the quarter, as did franchise titles such as Harry Potter. The emphasis on reading in the classroom has never been stronger, and demand for books through our school channels remains vigorous in the Common Core era. Our new collaborative marketing efforts in children's book clubs and fairs enable us to provide books to teachers, parents and children through our school channels in a more streamlined, profitable manner."
- Companies:
- Scholastic Inc.
- Places:
- Asia
- New York City