Press Release: Scholastic Reports Fiscal 2015 Third Quarter Results
Real Estate Update
As previously announced, the Company closed its retail store in the SoHo neighborhood of New York City in mid-January 2015 as part of its effort to maximize the value of space suitable for retail at its headquarters location at 557 Broadway.
Year-to-Date Results
For the first nine months of fiscal 2015, revenue was $1,331.5 million, compared to $1,273.0 million in the prior year period, an increase of $58.5 million, or 5%. Earnings per diluted share in the first nine months of the fiscal year were $0.37, compared to $0.50 a year ago, including one-time mostly non-cash charges of $0.24 and $0.09 per diluted share, respectively. The higher revenues are mainly attributable to stronger performance of the Company's book clubs and book fairs, and also in classroom books, all evidence of a greater focus on the impact of independent reading on improved student performance, as well as increased circulation of classroom magazines, whose print and digital offerings are a low-cost supplement to address the Common Core's requirement for non-fiction reading. This was partially offset by lower sales and profits in the Company's Educational Technology and Services operations and the impact of foreign exchange on the Company's international operations. On a year-to-date basis, the Company generated free cash flow of $44.2 million, compared to $18.6 million in the previous year.
- Companies:
- Scholastic Inc.