Second Quarter Results
Children's Book Publishing and Distribution. Segment revenue in the second quarter was $352.1 million, compared to $347.4 million in the prior year period. In Trade, sales of core backlist titles including The Hunger Games and Harry Potter and the recently released multi-platform SPIRIT ANIMALS drove a 3% increase in revenues. In School Book Fairs, revenue increased by 3%, reflecting higher revenue per fair compared to the prior year period. In School Book Clubs, operating profit improved on a modest revenue decline of approximately 3% as a result of significantly lower selling, general & administrative expenses compared to the prior year period. Overall segment operating income was $68.9 million, which included a pretax impairment charge of $13.4 million relating to goodwill from legacy acquisitions, compared to $69.4 million in the prior year period. Excluding this one-time charge, operating income increased by $12.9 million, or 19%, due to profit improvements in each division that were the result of higher sales in Trade and Fairs and greater efficiency in Clubs marketing.
- Companies:
- Scholastic Inc.
- Places:
- Asia
- New York City