Press Release: Scholastic Reports Fiscal 2015 Third Quarter Results
Media, Licensing and Advertising. Segment revenue in the quarter was $9.5 million, compared to $10.7 million in the prior year period, a decrease of 11%, primarily as a result of lower interactive media sales to Leapster and lower sales of audio books in the quarter, as well as lower revenues in the Company's entertainment programming unit related to the timing of certain programming revenues. Segment operating loss improved to a loss of $2.0 million, from a loss of $2.3 million in the prior period. During the quarter, the Company restructured the media organization to better align its operations with the Company's core businesses, which resulted in one-time severance charges captured in Corporate Overhead. As a result, beginning in March 2015, audio and video book operations will become a part of the trade publishing group.
- Companies:
- Scholastic Inc.