Revenues for the quarter declined 1 percent, primarily due to lower sales of the company's higher-margin educational technology products. Looking ahead, the company reiterated its financial outlook for fiscal 2014.
With more than 20 schools in New York City unable to reopen and dozens of schools in New Jersey still closed in the wake of Hurricane Sandy, Scholastic, the global children’s publishing, education and media company, today announced that it will donate one million books to schools and libraries in the hardest-hit areas of the tri-state region. To help in the recovery efforts with support for the educators, families and students who have suffered losses, Scholastic is accepting book grant requests at www.scholastic.com/bookgrants and will provide new books and resources that will help get tens of thousands of students reading and learning again, despite severely challenging circumstances. Scholastic is grateful to be working with the nonprofit Kids in Distressed Situations, Inc., to help distribute the million books to the schools and libraries that need them the most.
The world's biggest book fair opened here on Tuesday with the spotlight on children's literature, traditionally an "under-recognised" sector but now seen as a driving force in publishing.
More than 7,000 exhibitors are expected from Wednesday at the five-day Frankfurt Book Fair, which this year also puts the literary traditions, arts and culture of New Zealand in the spotlight as its guest of honour.
"Childrens' books have been doing very well around the world," Richard Robinson, president and chief executive of the publisher and distributor of children?s books, Scholastic told a news conference.
Scholastic, the global children’s publishing, education and media company announced today that Catherine Bell, UK sales and marketing head of DK, will be Co-Managing Director and Head of Publishing, Marketing and Trade Sales for Scholastic UK, effective September 10, 2012. Steve Thompson, currently Managing Director of Book Fairs for Scholastic UK, will become Co-Managing Director, Operations.
Scholastic Corp.'s top-line results have been choppy in recent quarters, as revenue from educational publishing declined. The company has been spending heavily to invest in new technology such as e-books. To fund its digital growth, the company said this year it plans to reduce other costs and declared a voluntary retirement program. Chief Executive Richard Robinson said Thursday that the company is on track with its cost-cutting goals. For the quarter ended Nov. 30, Scholastic reported a profit of $82.8 million, or $2.60 a share, up from $74.9 million, or $2.14 a share, a