Press Release: Scholastic Reports Q4 and Fiscal 2014 Results and Fiscal 2015 Outlook
Educational Technology and Services. Segment revenue in the fourth quarter was $57.2 million, up 7% from $53.7 million in the prior period due mainly to stronger sales of MATH 180, READ 180, and iReadTM. Segment operating income was $7.2 million, compared to $2.9 million in the fourth quarter of fiscal 2013, an increase of 148%. For the fiscal year, segment revenue was $248.7 million, up $21.0 million, or 9%, compared to $227.7 million a year ago. Segment operating income was $39.6 million in fiscal 2014, compared to $29.5 million in the prior year, an increase of 34%, due to higher sales, partially offset by the amortization of prepublication expense tied to the newly released programs. Fiscal year results were driven by higher purchases of the Company's new curriculum educational technology products - MATH 180, System 44 Next Generation, iRead and Common Core Code X®, partially offset by lower mid-year sales of READ 180, which were affected by a realignment of the sales force, and lower revenues from professional development and consulting services.
- Companies:
- Scholastic Inc.
- Places:
- New York City
- U.S.