Scholastic sees growth for children's books

Segment revenue in Q3 rises by two per cent.
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Scholastic Corporation has reported its third quarter results for fiscal 2009.

Q3 revenue from continuing operations stood at $424.9 million, up one per cent from the prior year. On a consolidated basis, the company had a loss of $0.98 per share in the quarter, compared to a loss of $2.06 per share a year ago.

The third quarter is Scholastic's second smallest revenue quarter, when it usually generates a net loss.

Highlights included a modest increase in Children's Books, up by two per cent. The sector benefitted from a strong Trade performance, including multi-platform series The 39 Clues as well as strong sales from JK Rowling's The Tales of Beedle the Bard. Segment revenue was $223.3 million from $218.3 million in the prior year period.

In Media, Licensing and Advertising, segment revenue for the quarter was slightly down - $38.4 million compared to $38.6 million in the previous year.

"Scholastic successfully sustained revenues last quarter in our market leading children's book and educational technology businesses," said president and CEO Richard Robinson. "We are confident about the fourth quarter and are on track to achieve our fiscal 2009 guidance for earnings and free cash flow."

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