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Scholastic Sees Improvement
-- 4/6/98
Led by increased sales in its book clubs, book fairs and software clubs, Scholastic reported a 13% gain in third-quarter revenues for the period ended February 28, 1998, to $239 million. Net loss in the quarter was narrowed to $3.1 million from $12.5 million. The third period saw Scholastic record a $10-million gain from the sale of its SOHO magazine unit and an $11.4 million pretax write-off of selected publishing assets. Last year's third quarter included a $13-million pretax special charge primarily due to the reserve for trade book returns.
During the quarter, Scholastic said book club sales rose by more than 15% due to increased orders and higher revenue per order, while sales from trade properties - excluding Goosebumps - increased by more than 20%. Other highlights in the period included a 15% gain in book fair sales, and a 18% increase in licensing revenues. Two new television series, Animorphs for Nickelodeon and Dear America for HBO, are currently in pre-production, and Fox renewed Goosebumps for a fourth season.

For the nine months, total sales were up 7%, to $476.5 million, although net income dropped 19%, to $49.7 million.
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