Children's book publisher Scholastic Corporation has reported its first quarter results for fiscal 2010.
The company reported a 14 per cent rise in revenue from continuing operations to $315.6 million for the period ending August 31st 2009.
The stronger results reflected higher sales of educational technology to schools and of children's books in retail channels during the quarter.
Including discontinued operations, the consolidated loss per share in the quarter was $0.63 compared to $1.30 in the prior year period.
"Scholastic's strong first quarter puts the company firmly on plan to achieve significantly higher earnings and free cash flow this fiscal year, and to reah our goal of nine per cent operating margins if we attain the upper end of our guidance," said Richard Robinson, chairman, president and CEO.
"Trade sales of Scholastic's children's books rose by 25 per cent, driven by best selling series including The 39 Clues and Harry Potter."
Indeed, segment revenue for children's book publishing and distribution rose substantially to $76.2 million from $61.1 million in the prior year period.
Scholastic affirmed its outlook for fiscal 2010 earnings per diluted share from continuing operations of $1.80 to $2.30.